Financials Overview

Table of Contents

Video Overview

Understanding the Financials Dashboard

Starting Balances

Assigning Costs

• Assigning Cost
• Adjusting a Cost
• Adding Custom Costs
• Discounting Costs and Waiving Fees
• Removing a Member From a Cost

Payments

• Adding Manual Payments
• Adding a Payment from the Membership Details Page
  • Applying Payments to a Specific Cost
• Deleting and Editing Manual Payments
  • Editing the Cost a manual Payment is Applied to
• "Refunding" Payments

Understanding the Financials Dashboard

Financials Tabs

Overview - This tab will give you some basic calculations related to your program's financials. This includes your Program Balance and Payment Methods.

Costs/Pledges - See your program's various Costs or Pledges (named depending on your settings) assigned to your Members. Click through on Costs to see more details, including extracts of this data.

• To adjust the wording on Costs, please send in a request to support@gocuttime.com and our team will change your wording from "Costs" to "Pledges".

Payments - This tab will list all payments made so far. Click through on Payment Allocations to see more details, including extracts of this data.

Member Balances - Check your Members current balances. Click through on Member Balances to see more details, including extracts of this data.

Quick Actions

These buttons allow you to quickly add a cost or payment, and to setup a payment processor for online payment collection or edit your payment processor that you currently have connected.

Angel Fund

This is the money allocated to the Angel Fund. More details on the angel fund can be found here: Angel Fund and Credit Transfers

Starting Balances

Goal: often, newly created/imported students have a balance or credit from the previous year. Here's how to set their starting balance.

Navigate to the Program Settings page, scroll down to Onboarding, where you'll discover two features related to Starting Balances:

1. Add Starting Balances: For students with outstanding balances from the prior year, input a cost and label it something like "Carry Forward Balance."
   1. See the "Adding Custom Cost" video below for more details.
2. Add Payments If a student has a credit carried over from the previous year, select the "Add Payments" button on the Financials page to reflect this credit.
   1. Find the student who you're adding the credit to, fill in the MEMO, AMOUNT, and TYPE. For type, program credit is usually the most applicable.
   2. Once completed with all the students, press the "Add Payments" button at the bottom of the screen.

Assigning Costs

Assigning Costs

1. Navigate to the Financials page, and click the "Add Cost" button. Or click "Add Cost" on the Costs tab page of Financials.
2. Choose whether to assign the cost to
   1. All students in your program,
   2. All students in a group, or
   3. A custom selection of students that you hand-pick from a list off all students in your program. There are many filters in this option to help you find those students quickly, as well as a "select all" option for when you've set the filters to your satisfaction.
3. Give your cost a Title, an Amount, Due Date, and (optionally) a Description. Choose whether you want to send a text notification about the new cost that has been assigned.
   1. If you select "Send SMS Notice to Guardians?" The parent will receive a text message or email with a notification and a unique link that will log them into their dashboard.
4. Clink on the green "Save" button.

Adjusting a Cost

If you need to adjust anything about a cost you've created, navigate to the Financials page, then the Costs Tab, and click on the name of the Cost you want to adjust.

You can:

1. "Add Members" to this cost.
2. Use the 3 dots in the top right corner to:
   1. "Edit", where any changes will be applied to all members who are assigned to this cost. Or
   2. "Delete", deletes the cost from all members who are assigned this cost.
3. "Edit individual", where any changes only apply to that member.

Once you have made you selection above, Click the "Save" button where applicable.

Adding Custom Costs

Custom Costs are costs where each student owes a unique amount, as opposed to Costs where each student owes the same amount. This is especially useful for creating starting student account balances.

Discounting Costs and Waiving Fees

Goal: Because of a scholarship or volunteer contract, you need to partially or completely reduce a student's fee on a particular cost (this can also be known as "prorating" a cost).

Navigate to the Financials page. After you create a cost for the full amount, navigate to Costs Tab and select the Cost to be changed.

1. Find the student whose cost needs to be discounted or removed and click "Edit Individual."
2. Adjust the "Amount" to the discounted cost you need and add a reason for your records.
3. Click "Save."

Now your student has the correct amount of that cost applied to them! You should be able to see them at the bottom of that cost's details under "Students with customized cost."

Removing a Member From a Cost

Goal: To remove a member that was incorrectly added or should no longer have this Cost assigned.

Navigate to the Financials page > Costs Tab. Click through on the name of the Cost that you need to remove the Member from.

1. Find the student whose cost needs to be discounted or removed and click "Edit Individual."
2. Adjust the "Amount" to $0 and add a reason for this change for your records.
3. Click "Save."

Payments

As payments are entered/paid online, those payments will auto-apply to the next Cost available by order of Due Date.

NOTE: If a payment is allocated to a Cost, that payment will not auto-adjust to be applied to another Cost added later, despite due date.

For Example:

• I create two Costs; "Program Fee" due on June 8th ($50) and "Uniform Fee" due on July 8th ($60).
• An online payment is made for $100 and it was applied to those two Costs - paying off the first and partially paying the second Cost.
• Later, a User sets up a new Cost; "Instrument Rental Fee" due June 26th ($25).
• The payment that was made previously would still be applied to "Uniform Fee" due on July 8th, and would not move over to the "Instrument Rental Fee" with a due date earlier of June 26th.

In order to adjust this, you would need to edit the Cost's due date that the payments applied to another date, then edit it back the the original due date. This will re-allocate payments to the Costs by order of due date.

Users can also opt to select the specific Cost they are entering a Payment for. (See more info here) And for manual Payments that were previously entered, you can also Edit them to adjust which Cost they apply to. (See more info here)

Adding Manual Payments

1. Navigate to the Financials page and click "Add Payments"
2. Find the student's name on this page who you'd like to add the payment to.

3. Add a memo, amount, and type of payment to the row for that student. The NEW column will show you what their fees will be after adding this payment to their account.

4. Repeat step 2 & 3 for as many students as you need.
5. Scroll down to the bottom of this page and click "Add Payments"

Logging a Payment from the Membership Details Page:

1. Go to the Members Page and select the student
2. Scroll down to the Transaction History section
3. Click "Add Payment" and enter the payment details
   1. This is also how you can designate or allocate a payment towards a specific Cost for that Member.

Payment Allocations

Deleting and Editing Manual Payments

1. Go to the Members page and find the member you'd like to edit or delete a payment from
2. Click on their name - this will take you to their Program Membership Details page.
3. Scroll to the bottom of this page to find the "Payments" section

3. On the right side of the row showing the payment, click the three dots to open the menu to either delete or edit the payment.

Refunds:

Currently, CutTime does not have a dedicated function to refund your members/guardians. But if there have a manual payment that was added incorrectly or that needs to be refunded, you can remove that payment from their details page.

1. Go to the Members page and click on the name of the student.
2. Scroll down to the Payments section table and find the payment you need to remove/adjust to log a refund.
3. Click the 3 dots next to that payment to either "Delete" the payment or "Edit" it.
   1. If you need to give them a partial refund, then choose "Edit" and adjust the amount to subtract what you are refunding and add a note.

If the payment you are trying to remove is from an online payment, you won't see the Edit or Delete options. Instead, you will need to add a custom cost to help off-set the refund in their balance.

List the cost as a refund for the same amount that you will be refunding them for with a note, and then refund them outside of CutTime (by check, etc.).

Best Practices

Links to various help documents that you might find helpful to review related to Financials in CutTime.

• 4 Lessons Teachers Can Learn from Accountants
• 5 Reasons to Use Cost Sharing for Your Students
• Stolen Dreams: A Cautionary Booster Club Tale