Prepaid Account

Overview

A prepaid account allows individuals and businesses to deposit funds to be used for future financial transactions. An individual or business will deposit funds to the agency, and the funds will be recorded by agency staff in the prepaid account. The funds can be used to pay invoices. If the prepaid account is no longer needed, the agency can refund the remaining funds to the individual or business and close the account.

Creating a new prepaid account

1. From the Register Module, open a profile record or a business record.
2. Select Prepaid Account from the left navigation panel under the connections section.

3. Create New prepaid account record by clicking the Add New record (plus) button and enter the following information:

Individual:

• Account Name
• Account Description: This is an internal field that can be used to describe the purpose of the prepaid account

Business:

• Business

• Account Number

   

• The following fields are system fields (for both): Account Number and Account Balance
  • Account Number: This field is automatically generated by the system.
  • Account Balance: This field shows the total balance of the prepaid account. 

NOTE: Licensees are able to have both types of PrePaid accounts if required.

Depositing funds to a prepaid account

1. From the Register Module, find the appropriate Licensee, open the prepaid account record.
2. Click on Transaction from the left navigation panel.
3. Create new transaction record and populate the following fields:
   • Transaction Type: Deposit
   • Amount: Amount that need to be deposited to the prepaid account.
   • Payment Method: How the payment is received.
   • Transaction Note: Any note related to the deposit transaction. For example: cheque number.
4. Upon completion of the transaction, the account balance on the prepaid account record is updated.

Processing an invoice payment with a prepaid account as a payment method

1. Open the appropriate Invoice that has outstanding balance from the Finance Module.
2. Click on the Pay Invoice button and populate the following:
   1. Action: Process Payment
   2. Select all relevant Fee Items.
   3. Payment Method: Prepaid Account and select the relevant prepaid account. 
      Note: Only prepaid accounts that have balance equal to or more than invoice outstanding balance can be selected.
3. Click on the Process button.

Refunding the remaining balance of a prepaid account

1. From the Register Module, open the required Profile and access the prepaid account record from the left hand navigation menu.
2. Click on Transaction from the left navigation panel.
3. Create new transaction record and populate the following fields:
   1. Transaction Type: Refund
   2. Amount: Amount that need to be Refunded from the prepaid account.
   3. Transaction Note: Any note related to the refund transaction
   4. Click Save.
4. Upon completion of the transaction, the account balance on the prepaid account record is updated.

Viewing prepaid account transaction history

• From the Register Module, find the appropriate Licensee and open the prepaid account record.
• Click on Transactions under Connections section. There are four different transaction types:
  1. Deposit: A debit transaction when funds are received from a business or a profile to top up a prepaid account.
  2. Payment: A credit transaction when a fund is allocated to pay outstanding invoices.
  3. Payment Reversal: A debit transaction when funds are allocated back to a prepaid account because there is credit on an invoice.
  4. Refund: A credit transaction when fund is taken out from a prepaid account.