New accounting features in Billing

Our Billing and Financial Aid users have probably noticed by now that we've re-jiggered Populi Billing a little bit. Here's a rundown of the new features.

  1. The new Chart of Accounts lets you define and manage all of your accounts directly, improving on our previous use of "external accounts" which reconciled Populi with your main accounting package.
  2. Piggybacking on that, by entering all your bank accounts as Asset accounts, you can record exactly where each student payment should be deposited.
  3. For deposit reconciliation, Populi's new General Ledger report lets you choose a custom timeframe and see the total debits and credits for that period. Assuming that payments have been recorded in the appropriate accounts, you can verify the amount of tuition/fees you're taking to the bank.
  4. Financial Aid awards are now linked to Liability accounts, allowing you to more accurately trace the flow of Financial Aid money from the source to the student.

Other, numerous improvements to Billing mean that Populi, used in concert with a good fund-based accounting package, will more fully manage your General Fund—in particular, your Accounts Receivable. And with the automation between Academics and Billing going even further, hopefully your day will be that much easier.