Loan Payments
If the studio uses third party financing on enrollments, there are additional unit payment options. If a student has had any loan enrollments entered (see Entering an Enrollment), three new columns will show on the payments table.
Student Paid Date Column
This is the date that the student gave the studio money. The “Paid Date” column, on the other hand, designates when the studio got the money from the loan company. The paid date is used for calculations of how many units the student has paid for, and is used in all franchise report calculations. The “Student Paid Date” is only used to determine when “Payment Due” notices appear on the lesson sheet and lesson slip.
Loan Fees
The loan fees column displays the dollar amount of the loan fees portion of the payment. This amount added to the “Amount” column and any taxes comprises the “Total” value. In the case of a loan, the “Amount” column represents the amount of the payment that is going directly to paying off the cost of the enrollment.
Total
This is the total amount of the payment, including all taxes and fees. This is the exact amount that the student should pay, and is the default on the Post Unit Payment form.
Marking loan payments paid is a slightly different process than with non-loan unit payments. When the money is received from the loan company, click the “Pay” link within the “Date Paid” column. This will take you to the loan payment form, where you can enter the date that the payment was received from the loan company. This defaults to the current date and time. This will mark all loan payments on that enrollment as paid. The “Student Paid Date” will remain unchanged.
When the student gives the studio his/her payment for the loan company, click the pay link inside the “Date Student Paid” column. Then follow the same steps as paying off a standard unit payment to mark the payment as paid by the student.
