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Recording a transaction
One of MyDriveTime's primary purposes, is to help you keep track of your business finances. This is all centred around adding transactions for the income you generate and expenses you incur.
Adding a transaction
- Hover over the Money menu and click/tap Add Transaction.
- The date is defaulted to Today, but may be changed manually or by clicking on the calendar icon.
- The Type field enables you to categorise your transactions. Select the one that best fits.
- If you select a Type that may relate to a particular student, the Student field activates. If you wish to link this transaction with a student, select the student's name from the drop-down list.
- The Lesson Hours field activates if you select a Type of Student Lesson Fees. Enter the number of hours being purchased by, or refunded to the student you've selected above. You can choose how many hours to credit to the student for the transaction amount.
- Select a Payment Method if required. This helps you to track transactions, but it optional.
- Enter the Total amount as a positive value, then user the Received | Paid switch to indicate whether this transaction is a receipt or a payment.
- You may optionally use the Notes field to record an explanation for the transaction.
- The transaction is added when you click/tap the Save & Close button, once you're done updating the lesson record.
Note: Transactions are not linked to the lesson record - the ability to add a transaction during your post-lesson processing is there for convenience only. This means you can add any type of transaction by changing the preset field entries. The transaction is added when the lesson record is closed.
Delivering a lesson free of charge
There are two tasks required to account for a lesson you deliver without payment:
Task 1: Complete the lesson record
This adds the lesson duration to the Hours Delivered total and reduces the Hours Available total for the student. If this was the first hour you had delivered, your student's financial summary would look like this:
Task 2: Credit your student's account
As you can see above, recording the lesson only makes the figures look wrong. It seems like the student owes you for one hour's tuition. To accommodate for this, we need to credit the student's account as follows:
- Click the Add Transaction tab if you're viewing a Lesson Details record. Alternatively, hover on the Money menu and select Add Transaction.
- In the Type field, choose the Student Lesson Fees option.
- Select the Student and enter the number of Lesson Hours you're providing without charge. In this example, it would be a value of 1.
- Leave the Payment Method field empty.
- Enter a value of 0 into the Total field. You may enter some Notes explaining this transaction if you wish.
- Click/tap the Save & Close button to save the transaction.
You have now added time to the student's Hours Credited, which balances up the Hours Available total. The above example would now look like this:
Delivering a pre-paid lesson
If a student has already paid you for their lesson, there is no need to add a further transaction when completing your post-lesson update. Completing the lesson record will add the lesson duration to the Hours Delivered value, which will reduce the number of Hours Available that remain.