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Overview

Parents make a contribution that eventually is refunded back to the school at some point in time.

Set Up Procedure

General Ledger Account

If you are receiving a payment and refunding it back then you need to firstly set up a General Ledger account in the Liability section

1. Log onto readysell>financials>general ledger>accounts>list view
2. In the current liabilities section set up a General ledger account eg 31085 School Contribution to be Refunded. To do this copy one of the existing general ledger accounts in this area of the chart and change the Accountid and Name.
   
   

Product Category

A non stock product category needs to be set up to stand for the School Contribution

1. Log onto readysell>administration>product categories
2. Click on Non Stock Product
3. Click on New

4. Enter a Name>Description and change the category type to be Non Stock Products

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5. Now assign the General Ledger account that you just set up in this eg 31085 to the fields of Cost of Goods Sold; Sales; Sold Stock

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6. Click on the Tab of General

7. Ensure that the non stock costing method is NONE
8. Click on Save

Updating the Product

1. Go to each product that stands for the school contribution/levy
2. Assign the non stock product category to each product
3. Ensure that both tax codes are set correctly to NTE (not to show on the BAS) or Exempt. Consult your accountant
4. Click on Save

Refunding the Contributuion

When you are ready to refund the contribution back to the school, you can do this by creating a bank payment and dissecting it against the General Ledger account of 31085 with the same tax code. So if the product is set up with a taxcode of NTE use that taxcode when creating the payment.

1. Log onto readysell>cashbook>bank payments
2. Click on New
3. Date the payment (if working off a bank statement date it the date on the bank statement)
4. Enter a description 
5. Select tender and bank that the money is coming out of
6. Enter a Payment Reference
7. In the detail area select general ledger account that you set up to stand for the School Contribution (31085) and enter the value to be refunded and taxcode of NTE
8. Click on Save.

9. Log onto your physical bank account and upload the transaction

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