Credits

Credits are financial adjustments applied to invoiced fees, reducing the amount owed for various reasons such as discounts, write-offs, currency fluctuations, bank charges, or agent fee credits. These credits differ from payments, as they adjust the invoiced fees without actual money being received.

Types of Credits

Discount Fees — Applied as a percentage or fixed amount, discounts reduce the due amount for an invoiced fee.

Write-off Fees — A write-off indicates that the fee is no longer expected to be paid and is considered uncollectible. Write-offs are used when it's determined that the outstanding amount will not be recovered.

Currency Fluctuation and Bank Charges — Occasionally, due to currency exchange differences or bank fees, the amount received may be less than the invoiced amount. In such cases, the outstanding balance can be adjusted to reflect these discrepancies, ensuring the balance accurately represents the amount due.

Credit - Agent Fee — When an agent retains their commission from the student's payment (pre-deducted commission), the agent's fee portion needs to be credited. This ensures that the financial records accurately reflect the net payment received and the commission retained by the agent.

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