Total Balances, Current Balance, and Month-to-Date Balances
The Studioware accounts show 3 balances for each account. The 3 different balances are all related and provide different perspectives on the outstanding balances on the account. The 3 balances are:
- Total Balance:
The Total Balance is the summation of all transactions in the student's account. It is important to note that total balance includes transactions that occur in the future. For example, if a student enrolls in a class that meets once a week for 3 months, the total balance will include all of the tuition transactions for the class that occurs in the future.
- Current Balance:
The Current Balance is the summation of all the transactions in a student's account where the transaction date is less than or equal to today's date. You can think of this amount as "How much does the student owe the business right now if the student was to quit and drop all classes". As each date passes, the current balance is recalculated.
- Month-to-Date Balance:
The Month-to-Date Balance is the summation of all the transactions in a student's account where the transaction date is less than or equal to the last date in the current month. This balance gives you a monthly "snapshot" of each account. If you business expects each account to have a zero balance at the end of a month, the Month-to-Date balance will help you track these monthly balances.