In MyKidReports, managing past-due invoices is essential for maintaining accurate financial records and ensuring timely payments from parents. Here’s a detailed overview of how past-due invoices are handled within the platform:
Past Due Invoice
A past-due invoice is an invoice that has not been paid by its due date. In MyKidReports, these invoices are flagged to help schools easily identify outstanding payments.
The system allows schools to track all invoices, including those that are past due. This feature helps in generating reports that can provide insights into outstanding payments and trends in parent payment behavior.
Schools can view a list of past due invoices, including details such as the student’s name, invoice amount, and the date it was due.
Payment Processing
Parents can still pay past-due invoices through MyKidReports. The platform allows for easy payment processing, including options for credit card or ACH transactions.
Schools can manage late fees or payment plans if needed, providing flexibility for parents who may be facing financial difficulties.
Late Fees (Optional)
MyKidReports allows schools to set up late fees for overdue invoices, which can be automatically applied to past-due accounts. This feature encourages timely payment and compensates the school for any delays.
Benefits of Managing Past Due Invoices:
Financial Health: Keeping track of past-due invoices helps schools maintain their financial health and cash flow.
Organized Records: A clear system for managing past-due invoices aids in record-keeping and simplifies auditing processes.
Enhanced Parent Relations: Transparent communication about outstanding payments fosters better relationships with parents and encourages timely payments.