Rise School Management Blog

[A new development]: Treatment of Debit Opening Balances

Rise School Management is a one-stop cloud system for schools that saves them time and resources. It empowers schools to avoid duplication and make a workflow easier for school staff.

This is to inform all our schools regarding a change in the way that one allocates the debit opening balances payment. It now has to be linked to the Bad Debts Received Income Account in order to reflect in the 043-report and in the Income Statement Cash Basis.

In light of the above, an Income statement cash basis will no longer have the "Unapplied Cash Payments Section". All the previous receipts have been fixed by our developer and applied to the bad debts recovered account. Just pull an Income statement cash basis and check if you have any opening balances receipts under the Unapplied cash payments part. If you do, please let me know.

Please watch the video that explains how to deal with debit opening balance payments in both the bank stream and in the payment receipts. 

Would you like to learn more how the RSM system can assist your school? Feel free to reach out to book a live demo by clicking on this link. 

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