Classe365's credit balance feature is a useful tool in the Fees and Invoicing module that allows administrators, students, or parents to easily manage and apply credit balances to student invoices. This feature is designed to make the process of managing credit balances more efficient and convenient for students.
What is a Credit Balance?
A credit balance is an amount of money that is available to be used towards future fees or invoices. This balance can be applied to any outstanding fees or invoices, reducing the amount that needs to be paid.
Enabling Credit Balance
By default, the fee module's "Credit Balance" feature is enabled, in case you don't find the credit balance feature, go to Fee & Invoicing Module > Settings > Payment Methods.
Enable "Credit Balance", this will enable the credit balance feature.
STEP-1: Enabling Credit Balance in Fee Category
To access the credit balance feature, simply log in to your Classe365 account and navigate to the Fees and Invoicing module. From there, add/edit the fee category.
Enable "Credit Balance", by enabling students/parents or administrators will be able to pay invoices via available credits.
STEP-2: Raise Invoices
Via Fee & Invoicing Module
Click on the "➕ Add Invoice" button in the "Fee Category" listing to create invoices for students.
Go to Payers, and add the students/select students from a specific class/section.
Via Student Module
Go to Modules > Students > Filter/Select Student Records > Create Invoice
Admins can raise invoice here in bulk by applying advanced filter using student custom attributes.
Managing Credit Balances
To manage credit balances for individual students, head over to the "Student Profile", and go to "Fee & Invoices" tab and click on "Adjust Credit Balance".
Add Credit Balance
To add a credit balance for a student, click on "Adjust Credit Balance" button, and add currency as "Credit".
Deduct Credit Balance
To deduct the credit balance, simply use the "Debit" as "Adjustment Type" and enter the amount.
View Credit Balance Logs
To view credit balance logs, click on "Credit Balance Log".
Admins Applying Credit Balances
To apply a credit balance to an outstanding fee or invoice, simply select the fee or invoice and click on the "Make Payment" button.
In the next window, enable "Credit Balance", and apply the credits to make the payment.
The credit balance will automatically be deducted from the total amount due.
FAQs
1) Can I enable "Credit Balance" feature for Recurring Invoices?
1) Can I enable "Credit Balance" feature for Recurring Invoices?
No, credit balance feature can't be enabled for recurring invoices. Classe365 uses Stripe to process the recurring invoices, and credit balance can't be enabled in this case.
2) How can student/parent apply credit balance for invoice?
2) How can student/parent apply credit balance for invoice?
While making payment for invoices via student/parent portal, select "Credit Balance" payment method to redeem the credits for invoice.
3) Why can't I see "Credit Balance" feature in my "Fee & Invoicing" module?
3) Why can't I see "Credit Balance" feature in my "Fee & Invoicing" module?
Admins will need to enable "Credit Balance" payment method in the Fee module settings.
Conclusion
The credit balance feature in Classe365's Fees and Invoicing module is a valuable tool for managing and applying credit balances. It offers a simple and efficient way to keep track of credit balances and apply them towards outstanding fees and invoices.
If you have any further questions, please don't hesitate to reach out to our support team via in-app chat tool, or write to [email protected]