Billing 101

Question 1

Pending Charge

Answer 1

• Can edit until 11:59 pm before post date

- Pending charge posts (Sends) at 12:00 AM on selected date parent should receive statement

Question 2

Billing Transactions Report

Answer 2

Ledger of payment & charges that occur within Brightwheel and any offline payments

Question 3

Terms of Sale

Answer 3

Payment terms admin and the customer have agreed upon

Question 4

.csv file

Answer 4

You can open these as excel files or google sheets

Question 5

Profit-Loss Statement (P&L Statement)

Answer 5

• This is the summary report through brightwheel.
• This shows the center’s revenues and expenses that occurred through the brightwheel billing platform during a particular period of time.
• This is also known as an income statement, or statement of revenue and expense

Question 6

Delinquent Account

Answer 6

Overdue account

Question 7

Billing Period

Answer 7

Time at which a bill covers

Question 8

Posted Transactions

Answer 8

-In BW charges in this category have been sent to parents

Question 9

Accounts Payable

Answer 9

• Money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit.
• This is often covered via outside tracking systems like QB

Question 10

Accounts Recievable

Answer 10

• The money owed to a business, typically by its customers (parents), for goods or serviced delivered.
• This is covered in BW

Question 11

Accounting Period

Answer 11

• The span of time in which a set of financial statements are released.
• Businesses and investors analyze financial performance over time by comparing different account periods.
• These remain consistent over time

Question 12

Cash Basis Accounting

Answer 12

-This type of accounting focuses more on immediate expenses and revenues and does not document transactions until the company pays or receives cash.

Question 13

Assets

Answer 13

• These are resources with economic value which companies expect to provide future benefits.
• These can reduce expenses, generate cash flow, or improve sales for business
• Examples: buildings and equipment

Question 14

Capital

Answer 14

This refers to a persons/organizations’s financial assets.

Question 15

Cash Flow

Answer 15

• The total amount of money that comes into and goes out of a business.
• Only accounts receivable cash flow is able to be viewed in BW

Question 16

Certified Public Accountant (CPA)

Answer 16

Accounting professionals certified to practice public accounting by the American Institute of Certified Public Accountants. State requirements for CPA exam vary.

Question 17

Expenses

Answer 17

Costs of conducting business.

Examples: fixed, variable, accrued, and operational

Question 18

Fixed Costs

Answer 18

• A type of expense that does not change from month to month.
• Examples: Payroll, rent, insurance payments.
• This is currently not covered in BW

Question 19

Gross Profit

Answer 19

• Also called gross income or sales profit
• This is what businesses make after subtracting the costs related to supplying their services or making and selling their products.

Question 20

Journal Entry

Answer 20

• Refers to a business transaction recorded in a business’s general ledger.
• This may include the journal entry date and number, account name and number, debit and credit.
• The recorder may also include a description of misc. info. about the entry.

Question 21

Overhead

Answer 21

Ongoing costs of doing business

Question 22

Payroll

Answer 22

the total compensation a company pays its employees for a specific time period.

Question 23

Revenue

Answer 23

the gross income a business makes through normal business operations

Question 24

Variable Costs

Answer 24

expenses that change depending on the level of business production