EducationLink can create your commission invoices automatically. In this article, we have all the information about the different ways of doing this.
By default, EducationLink will automatically create your invoices when a student pays an installment (Create payment receipts to students (PDF)). But there are many ways of running your accounting department.
Method 1: Receiving payments from students (in your agency) and then issuing invoices (net invoice)
This method of handling payments and commission is very popular with some agencies in Australia. In this method your agency receives the payment from the student (including tuition fee), you usually take your commission out, then send the - net - provider's (institution) remaining amount.
What do you need to set up first for Education to be able to work this way, easy:
- Set up your agreements, so EduLink knows how much commission you have (Manage your agreements/contracts with colleges, accommodation providers and insurers).
After setting up your agreements, you can just use EduLink normally. As soon as you sell something (a course, insurance, etc), you will need to:
- Add a sale (Selling a course to a student: adding a sale.);
- Tell EducationLink you've received a payment from the student (Create payment receipts to students (PDF));
- Send the payment to the provider (Manage pending student and provider payments and installments).
So, if you've received a payment of the student, we're ready to generate the invoice. But one thing is important, your agreement with the university or college may allow you to withhold commission or not. Therefore, based on your agreement, EducationLink will create the invoice as either:
- Paid: if your agreement allows withholding commission.
- Approved (pending): the invoice needs to be paid because you cannot withhold commission.
Method 1.1: Handling student payments at the institution (gross invoice)
Even if your agency prefers to handle student payments, sometimes the students will pay at the college, which will require you to generate an invoice to the college, and wait for the payment.
The only difference in this method, regarding the first method, is that, when adding the student payment, you can mark it as paid at the provider. Based on that, EducationLink will know that no matter what the invoice will have to be created "Approved", which means pending payment, and that you have to send to the provider.
Method 2: Do not handle student payments, and invoicing in bulk
The simplest process is to make sure the student pays at the college, and once per month (or whatever period you would like) invoice the college with all the commission pending in the period.
Every month you can head to "All payments" and see everything students may have paid in the period you select. You can select all payments and automatically create the invoices for all providers. EducationLink will group all commission that is potentially pending by the provider, and then create one invoice with multiple commission claiming.