SYSTEM OPTIONS | Financial Policies

Financial Policies

The Financial Policies screen allows you to control how your Lumens system tracks and displays accounting and financial information in financial and analysis reports.  This functionality is available to all Lumens Pro and Lumens Workforce customers. The Financial Policies screen also lets you create a set of accounting codes, which are used to display breakdowns of financial data. These accounting codes are used to gather transaction data for the Transaction Journal, Accounting Code and Revenue reports.

 

  1. Click SYSTEM OPTIONS, financial policies.

 

 

  1. After selecting the appropriate options and making the required changes, click Submit.

  2. The screen will display the message Financial Policies have been updated.

Screen Steps

  • Check the boxes in the Accounting codes are used for: section.  Select the levels to track accounting codes: Categories, Subcategories, Courses, Class, Certificates, Program Sections, Program Section Classes, Contracts, Proposals, Locations and Memberships. These check boxes control which add and edit screens accept accounting codes.

  • Select Yes or No for Use a separate accounting code for materials fees?, Use a separate account code for Lab Fee?, Use a separate account code for Insurance Fee?, Use a separate account code for Building Fee?, Use a separate account code for Book Fee?, Use a separate account code for Program Fee?, and Use separate accounting code for service charges?  These items determine if Lumens will track materials fees, lab fees, insurance fees, building fees, book fees, program fees and/or service fees separately from class fees for the levels you selected in step 2.

  • Accounting Code: Membership fees is used to record membership fees paid when purchasing or renewing a membership. This field only appears for programs that have memberships.

  • Accounting Code: Miscellaneous charges is used to track any extra charges generated by the Override amount field in the transfer screen and the Overpayment amount in the 'Payment' screen. Miscellaneous charges are recorded as the Override payment amount minus the suggested payment amount or the overpayment amount.

  • Accounting Code: Miscellaneous credits tracks any additional refund generated by the Override amount field in the transfer or cancel screens and the Underpayment amount in the 'Payment' screen. Miscellaneous credits are recorded as the Override refund amount minus the suggested refund amount or the underpayment amount.

  • Accounting Code: Promotional discounts is used to record promotional discounts in receipt reports. Does not record class fee discounts.

  • Accounting Code: Registration fees is used to record any registration fees assessed in a transaction.

  • Accounting Code: Gift Card is used to record transactions involving gift cards.

  • The Quickbooks account: income offset for receivables: and Quickbooks account: asset offset for receivables payments: fields are used in the Lumens Pro Accounts Receivable Extract. These fields must be named to correspond with your accounts receivable set up in QuickBooks.

  • Click Submit.
 

 

In the Financial Policies screen you can set your financial policies to allow accounting codes at the category level, the subcategory level, the course level, the class level, and the location level (or all five). Once you have entered the Financial Policies settings, an 'Accounting code for class fee' text box displays on each add/edit page for those levels that you have chosen to allow accounting codes, category, subcategory, course, class, or location. All accounting codes must be 25 characters or less. Numbers, letters, and dashes are all acceptable.