Dynamic Invoices

Studioware allows you to create invoices, track invoice statuses, and easily find outstanding/unpaid invoices.  The invoices created in Studioware can be configure to allow students, families, or payees to pay the invoices online.

How do invoices become "obsolete" or "outdated"?

Assume you create an invoice for the current month.  After the invoice has been created, a student comes into your business and buys merchandise from your store.  You record the transaction as a "purchase" on the student's account (you may have also recorded a partial payment for the purchase).  However, the previously created invoice is now outdated because it does not include the purchase transaction that was made after the invoice was created.  Here's another example: Assume that you want to adjust a student's monthly tuition to offer the student a discount.  You open the student's account and add a "tuition refund" transaction.  Again, the problem is that the invoice has already been created but the new "tuition refund" transaction should be included on the current invoice.

Dynamic Invoices to the Rescue!

Dynamic invoices is the newest feature in Studioware.  Dynamic invoices mean the invoices are automatically recalculated when a change occurs in the student's financial account.  If the tuition changes, the invoice is automatically recalculated.  If a student buys merchandise, the invoices is automatically recalculated.  With the implementation of the dynamic invoice, you can now edit (or delete) any student financial transaction without have to recreate the current invoice.  Adding, editing, or deleting payments also causes the invoices to recalculate.  The invoices will even change statuses.  For example, if an invoice is paid-in-full (PIF) and later the payment transaction is changed, the invoice will automatically become an outstanding invoice.

With the new dynamic invoices, only one invoice can be active at a time for any payee.  That means that the older existing invoices are set to "archive" when a new invoice is created.  The new dynamic invoices also contain the previous account balances.