Financial Reporting FAQs

What is the difference in the Deposit Date and Transaction Date reports?

For each report in FeePay Admin, you have a Report Date Range Option. There are two different methods for running reports: Transaction Date or Deposit Date. There is a normal processing lag time of a few business days between when the parent makes a payment into the student’s account and when the district receives those funds in their bank account. The Transaction Date is the day that the person actually made a payment through FeePay. The Deposit Date is the date that the funds are estimated to be deposited into your district/school bank account.

If you are looking for information based on the Transaction Date (for instance, all payments made by parents through FeePay in a certain date range) you should run reports under the heading Transaction Date Reports for the date range you are querying. Note: Although the Net Deposit by Payment Type report is under the Deposit Date heading, it is based on Transaction Date.

If you are looking for information based on the Deposit Date (for instance, all estimated deposits you will be receiving in your bank account in a specified date range) you should run reports under the heading Deposit Date Reports for the date range you are querying. For these reports (with the exception of Net Deposit by Payment Type), the queried date range reflects deposit dates, and not transaction dates.

 

How long does it take for funds to be deposited into our district bank account?

Each day, parents are going online to make payments. At the end of each day, batches of payments will be settled. If your district/school accepts ACH (echeck), then a batch of these payments will close at the end of the day. A separate batch of all credit card payments will close at the end of the day. These batches are then processed and deposited directly to your bank account. Generally, it takes approximately 2 days for the credit card batch to be deposited into your bank account and  ACH batch approximately 3 days. If you need to know what deposits your district/school will be receiving in your bank account each day, we recommend running the Estimated Deposit Date, By Institution report. Any of the Deposit Date reports will provide you detailed information regarding the Deposits you will be receiving in your bank account each day.

 

How do I determine deposits in transit at the end of a calendar month?

Many districts will reconcile based on Transaction date. For instance, they will want to see reports that show how much money parents deposited into FeePay during a calendar month. They also want to know when those deposits, made during a particular month, will be deposited into their bank account. We recommend using the Net Deposit Date, by Payment Type report. Although this report is in the Deposit Date section, run this report using the calendar month of transactions you are interested in. For instance, if you want to know when all transactions made by parents from 11/1 – 11/30 will be deposited into your bank account, run the Net Deposit Date, by Payment Type report for 11/1- 11/30. Please be reminded, there is a short lag time between when the parent makes a deposit and when it hits your bank account. Because of this, there will be some November transactions that will be deposited in December (same for every other month). The Net Deposit Date, by Payment Type report will help you determine which deposits are still in transit at the end of the month.

 

For additional tips on bank reconciliation, please see this article. For a full description of all FeePay Admin reports, please see this article

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