What is Fee Linking and Why Does it Matter?
The process of linking payments and credits to fees is the foundation of Jackrabbit's revenue reporting.
What does this mean?
Let's break it down:
- Jackrabbit uses Category 1 to organize your revenue (payments). Think of Category 1s as buckets that payments are dropped into for classification. Learn more about Class Categories - Category 1, 2, and 3.
- The Category 1 value is assigned to, i.e., lives on, the fee transaction.
- When a payment is made, you'll decide what fee the payment is for and apply it to that fee; this is called linking. When you link a payment to a fee, it's as if you've dropped the payment into that fee's Category 1 bucket, and the payment takes on that Category 1 for the purposes of revenue reporting.
Why does it matter?
Ensuring that all payments and credits are applied to fees, with the exception of prepayments, keeps your revenue reports and customer statements accurate and dependable.
Benefits of accurate revenue reports:
- Forecast future income with confidence using your revenue reports.
- Analyze revenue reports to show the growth of your business.
- Collect unpaid fees with ease when your families can easily see which fees are unpaid through the Parent Portal.
Now that you understand what fee linking is and why it's so important, you may want to dive a little deeper.