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Reconcile Student Accounts

Save staff time with automated account reconciliation that offers granular control and visibility. Provide students with a view of their financial obligations through a unified dashboard on the learner portal. To reduce administrative inquiries, students can access invoices, running balances, and full payment histories in one place. Students can also initiate payments and track their financials.

Required Editions

Available in: Lightning Experience
Available in: Enterprise, Performance, Unlimited, and Developer Editions with Education Cloud, Revenue Cloud Advanced, and the Revenue Cloud Billing licenses.
User Permissions Needed
To reconcile accounts: Education Cloud Full Access

Here are the key stages to reconcile student accounts:

  1. Order to Invoice: The revenue recognition phase.
    1. Define billing policies, treatments, and treatment items to generate invoices that suit your financial model. See Create Billing Policies, Treatments, and Treatment Items.
    2. Define payment terms to set a due date for payments and collect payments in a timely manner.See Create Payment Terms.
    3. Create tax policies and their treatments to define the tax calculation for your invoices. See Create Tax Policies and Treatments.
    4. Commit the product, which posts the debt to the student's account. See Generate Invoices.
  2. Credit Memo Handling: You have two paths:
    1. Create a credit memo record (useful for general adjustments). See Create and Apply Standalone Credit Memos.
    2. Apply credit memo by using the Invoice related list. See Create and Apply Credit Memos to Invoice Lines.
  3. Payment: The student verifies the generated invoice and makes the payment through the learner portal.
  4. Billing or Invoice Settlement: Verification makes sure that every time money moves (or is reduced by a credit), the Invoice Settlement Information updates to reflect the new balance.