Overview
The Posting Subsidy Payment Receipts to Alternate Cash Accounts is a new addition to our platform designed to enhance your financial tracking and reporting accuracy. Located in the Billing > Configuration > Settings > Payers section, this feature allows you to map the receipt of funds to a separate General Ledger code.
This feature is particularly useful for centers with multiple cash accounts for distinct revenue sources or those offering scholarships that are pre-funded.
Using the Feature
1. Navigate to Billing > Configuration > Settings > Discounts and Payers > Payers “Manage Payers”.
2. When configuring a payer, you will notice an extra field called "Cash/Posting Ledger Account". Here, you can enter a ledger code.
When you receive a subsidy payment with the payer’s “Cash/Posting Ledger Account” field defined, the platform will map the receipt of funds to the GL code entered in the "Cash/Posting Ledger Account" field, rather than the “Manual Cash and Payment Deposits” account.
If "Undeposited Funds" is mapped, deposits from the payer will still be mapped to the Cash/Posting Ledger Account GL code when payments are batched. If a credit memo is created by logging the credit, the overpayment will be mapped to the Cash/Posting Ledger Account instead of the "Manual Cash and Payment Deposits".
Note: If a Cash/Posting Ledger Account is not defined, the receipt of funds will be mapped to the “Manual Cash and Payment Deposits” mapping, as per the platform's existing behavior.
The Posting Subsidy Payment Receipts to Alternate Cash Accounts feature provides an effective way of accurately tracking different income streams. Its flexibility makes it a valuable tool for financial reporting in centers with diverse revenue sources. By using this feature, you can streamline your financial management and improve your organization's overall efficiency and transparency.
If you have any further questions, or if anything isn't clear, don't hesitate to reach out to our amazing customer support team. We're here to help you make the most out of all the features our platform offers!