School Fees Accounting Entries
This section outlines the accounting entries recorded by the Finance team for school fee collections, refund of student security deposit and, where applicable, subsidy waivers.
Authored by Shu Ling (05 Jun 2025)
School Fees GIRO Collection
School fees are collected on the 1st monthly (Giro Collection). For failed GIRO collections, 2nd collection is done on the 10th monthly. Here are the accounting entries :
Recognise School Fees Receivable on 1st Monthly:
Dr Other Receivables
Dr Other Receivables (ECDA) [ * Subsidies - BS, AS etc]
Cr School Fees
Cr Registration Fees
Cr GST output tax [^ for GST registered schools]
Upon successfully Giro Collection on 1st Monthly and 2nd Giro collection on 10th Monthly:
Dr Bank
Cr Other Receivables
Late Fees Imposition for Failed Giro Collection on 1st Monthly:
Dr Other Receivables
Cr Late Fees [*no GST]
Upon Receipt of Subsidies (AGD email):
Dr Bank
Cr Other Receivables (ECDA)
Write off
In cases where parents are experiencing proven financial hardship, and upon obtaining internal approval from the CEO, the following write-off entries are recorded:
Dr Write off (Bad Debts) / Impairment of Debts or Provision for doubtful debts
Cr Other Receivables
Subsidies Error
In cases where system errors occur and parents are not at fault, and upon receiving internal approval from the CEO, the following accounting entries are recorded:
Subsidies would have been recorded in 1). Hence the entry to be recorded shall be as follows:
Dr Misc Expense
Cr Other Receivables (ECDA) [ * Subsidies - BS, AS etc]
In Taidii system, please indicate Remarks: Subsidy borne by Company due to system error."
Refund of Security Deposit Upon Student Withdrawal
Dr Security Deposit
Cr Misc Income ^
Cr Bank/ Vendor [Student]
^ Optional - In cases where there is a forfeiture of 50% or 100% of the Security Deposit due to a breach of guidelines outlined in the Parent Handbook, the line entry will be included.
In Taidii system, please indicate "Remarks: Security Deposit forfeited" and please select Forfeiture in Refund module (in Taidii).
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