Financial Overview
Order - An order represents an agreement/request to be made, supplied or served between two entities. An entity can be either a person or a company. Each order can contain one or more line items. Each line item has a unique price, quantity and description that it stores. The order total is generated by the collection of line items making up that order.
Order Uses/Applications
An order can be used for a multitude of processes in the system. It can serve as the basis for assessment between a company or organization and a person. It can be used as a means of assessing fees for a student who is enrolling in one or more classes. The order can also represent a solicitation to request that a current association member renew their dues for a subsequent year. There are many applications. The order itself is essentially what happens in a retail environment when you purchase items from the store. An invoice or receipt is simply the printed version of the order showing its current status and current amount due.
Payment - A payment represents a tangible amount money that is received or disbursed to/from the organization.
Payment Basics
A payment can come in many forms, including but not limited to: Cash, check, Credit Card, Credit Card Swipe, Money Order, etc. In general, after a payment is received three things can happen.
- It can be applied in part or in whole to one or many orders
- It can be placed as a form of personal credit on the person or company that made the payment.
- It can remain in an unallocated state against the person or company that made the payment.
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