Keeping track of your customers, particularly what they have signed up for, purchased, and paid for, is one of the strengths of YourVirtuoso. For families who sign up and pay online there is virtually nothing you need to do - it is all taken care of for you. For families whom you enroll using the admin capabilities of YourVirtuoso, or who pay you in person, you will need to use the family account management features. This “How To” describes the capabilities you have, and recommends ways to handle special situations such as custom discounts etc.
Family: Is just what you would expect. The important thing to know about families in YourVirtuoso is that each family corresponds to a single account for financial purposes. Enrollments are charged to a family (not the student), and payments are applied to a family (not a class or a student).
AR or Accounts Receivable: When a family enrolls or purchases something it creates (in accounting terms) a receivable i.e. money that you expect to receive from them. When they pay, it reduces that receivable (usually to $0). Accounts receivable is the collection of charges and payments associated with the family. The family list shows AR info. with an AR link for details.
Charge: A charge is a tuition fee, materials fee, miscellaneous purchase etc. which increases the amount the family owes you (Their AR Balance).
Payment: A payment can be cash, check or credit card, and it decreases the amount the family owes you (Their AR Balance). Note, we often call a credit card payment a “charge” because we are using the customer’s viewpoint - charging their card - but as far as your business and YourVirtuoso are concerned, it is a Payment.
Scheduled Payment: A scheduled payment is a payment that has been entered, but not yet taken. It can be the result of an enrollment or sale, or can be manually created while modifying payments.
Enrollments: An enrollment is also called a “registration”. It is good to know what happens in a family’s account when one of their students is enrolled. First, the fees for the class are calculated using your settings for the class and curriculum and any automatic discounts that apply, and up to 3 charges are applied to their account: A registration fee ($0 if it does not apply), a materials fee, and a tuition fee. Secondly, payments are scheduled based on the Pricing/Payment Plan associated with the class. The payments will total to the fees charged to the account.
Balance: The families balance is the amount that they owe your studio. If you have payment plans that allow multiple payments over time, the family may not owe you this balance today, but will eventually have to pay this amount.
30/60/90/Current: When a family fails to make a payment on its scheduled date, it becomes part of their current balance. 30 days later it moves to their 30 day balance etc. until it eventually becomes part of their over 90 day balance. The amount that a family owes you, the amount that is due, is the sum of their Current, 30, 60, & 90 day amounts.
The Family AR Page
This page is the key page used in managing a family’s account, and is referenced in most of the procedures described in this document. Becoming familiar with this page will facilitate many of the tasks you may need to undertake from time to time to keep family AR up to date.
Now refer to these documents for help with specific tasks: