Enrolment Finance - Terminology

Below is a list of key terms and their definitions.

General Terms	Definition
Account	The person or company that has a financial relationship with the Enrolment - typically paying the fees, but also possibly receiving commission. There are three types of Accounts to consider here: Student, Agency or Company.
Enrolment	The visit to the School by the Student (containing Bookings) - there may be more than one if a Student visits your school more than once.
Booking	The individual services that are required by the Student e.g. Course Booking, Accommodation Booking.
Placement	The delivery of the booking e.g. Class Placement, Accommodation Placement.
Service	Contains the details of the type of product, such as the Service Name, Service Dates, Service Restrictions.
PriceItem	Contains the financial settings of the Service, such as the prices, any pricing rules, tax status, nominal coding.
Finance Terms	Definition
Account Balance	The amount owed in total by the Account considering all invoices, credits, receipts across all Enrolments.
Enrolment Balance	The amount owed by the Account on the particular Enrolment only - Note: there could be an Enrolment Student Balance, Enrolment Agent Balance & Enrolment Company Balance.
Unposted finance	Any finance that has not yet been invoiced. For more info, click here.
Posted finance	Any finance that has been invoiced. For more info, click here.
Discount	Any deduction to the gross fees offered to the Student and visible to the Student.
Agent Discount	Any deduction to the gross fees offered to the Agent when paying net (sometimes considered as agent commission) - this is not visible to the Student.
Commission	Any commission amount owed to the Agent when Student pays the gross fees.
Invoice	A legal transaction to request payment from an Account.
Credit	A legal transaction to show a deduction on an Account for reasons such as curtailment or cancellation, often “reversing” or reducing an invoice transaction.
Receipt	Amount received by the School from an Account. Think “Receipt = Received In”.
Payment	Amount paid out by the School to an Account, such as commission or accommodation provider fees. Think “Payment = Pay Out”.
Debtor Account	Any amount owed by the Account to the School (such as the enrolment fees) is put on the debtor account.
Creditor Account	Any amount the school owes to the Account (such as commission) is put on the creditor account.
Invoice document	Document showing the posted (invoiced) transactions addressed to the Account including “How to pay” details. Note: the finance details on the document should never be edited. Adjust the enrolment and generate a new document.
Proforma document	Document showing the unposted (uninvoiced) transactions on the Enrolment - often used as an illustration of potential costs for the Account. Note: the finance details on the document should never be edited. Adjust the enrolment and generate a new document.
Commission Credit Note	Document showing the amount of Commission owed to the Agent; with the Agent typically then invoicing the School for the amount. Note: the finance details on the document should never be edited. Adjust the enrolment and generate a new document.
Invoice Methods (see here)	Definition
Student Direct	Student is paying gross fees; no Agent involved.
Agent Net	Agent is paying net fees, after any agent discounts (commission) deducted.
Agent Gross	Agent is paying gross fees, before any agent discounts (commission) deducted.
Student Gross	Student is paying gross fees, before any agent discounts (commission) deducted.
Company Gross	Company is paying gross fees, before any agent discounts (commission) deducted.
Company Direct	Company is paying gross fees; no Agent involved.