What is trust accounting?

For countries (typically New Zealand) where law requires private training establishments to offer protection for student fees paid and other course-related costs.  As soon as the student’s fees are deposited with a Trust they are protected.  Then as they complete their studies/accommodation etc. the fees are gradually released to the school.

In the unlikely event that the school is unable to provide the booked tuition/accommodation etc.  (due to closure, insolvency or course cancellation) the Trust will have the funds available to either refund the student or pay for tuition etc. at another school.

Within Class there is a Trust Accounting Analysis report that you can produce, however the Class ledger module must be in use.





Tags : ledger, trust accounting

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