Studioware helps you collect tuition payments from students/families. In the previous "Studioware 2.0 Accounting" email tutorial, we considered the scenario where a parent makes a payment in the studio, and you record the "Payment" in the student's financial account. In this email tutorial, we will explore the Invoicing functionality in Studioware. In a future email, we will discuss electronic payments in more detail.
How does Invoicing Work in Studioware?
Studioware allows you to create and email invoices to your students/families. The invoices are really just a reflection of the transactions on a student's financial account. That is, if you create an invoice for the current month, all the transactions prior to the current month will appear on the "Previous Balance" amount. The individual transactions in the current month will be displayed on the invoice. Transactions that appear in the future will not be displayed on the invoice.
Studioware invoices are dynamic, meaning, they are automatically updated if any financial transactions on the student account are added, deleted, or changed. For example, if a new tuition charge is added to a student's financial account after the invoice has been generated, the invoice is automatically updated to include the new transaction.
Invoices can be created for individual students, or for every student in your Studio (Batch Invoices). Typically, invoices are created for a month at a time; that is, you create the invoices near the end of the current month for the transaction in the next month. For example, create the August invoices toward the end of July and set the invoice due date for August 15th.
Studioware also tracks the status of every invoice. The most important status is "PIF" which is Paid-In-Full. When reviewing the unpaid invoices, the "Outstanding Invoice Report" will show you all invoices that have not been paid. You can follow up with an invoice reminder email, phone call/text, or add a late fee to the invoices.
What will students and parents see?
When you send your monthly invoices, students and parents will receive an email indicating they have a new invoice. The email notification will contain the invoice number, invoice amount, a link to view the invoice, and a link to make a payment.
Upon clicking on the "Make a Payment" button, the student/family can make a payment on the invoice. Studioware will automatically capture the payment information, add the "Payment" transaction to the financial account, and set the invoice to "Paid-In-Full".
Advanced Invoice Features:
Studioware invoices include additional functionality:
In tomorrow's email tutorial, you will learn how Studioware helps you communicate with your students, staff, and contacts.
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