Latest News from Enrollsy
New feature

Deposits Functionality

Ty avatar
Shared by Ty • October 21, 2022

Hi there,

Today I released Enrollsy's new Deposits feature. This feature applies fine grained control to how a Charge Item functioning as a deposit works.

What is a Deposit?

While people use the word Deposit in different ways, we've noticed the majority of our clients use Deposits to collect a payment at enrollment as a payment against a future balance due.

Deposits - The Old Way

  1. Create a Charge Item called Deposit
  2. Add the Deposit and its cost to a Program or Class
  3. Subtract the Deposit from the cost of the Tuition Charge Item (or Class Fee or whatever you call your primary cost)

The downside to this old system is that the Deposit wasn't actually applying to Tution. Often, clients were required to reduce their final Tuition payment to take account for the Deposit on each Payment Plan.

This was problematic for accounting and a variety of other reasons.

Deposits - The New Way

  1. Create a Charge Item called Deposit or Tuition Deposit or whatever you want
  2. Make sure that you select the option "Due at enrollment" in the Charge Item settings
  3. Decide which Charge Item the Deposit is going to be applied to
  4. Decide how you want the Deposit to apply to Payment Plans (your options are first payment event, last payment event, or distribute evenly)