22 May

Account Reconciliation – What Cambridge Schools Need to Know

Account reconciliation is the period when Cambridge Network and individual member schools settle financial accounts. It occurs at the conclusion of each admission season and usually consists of one or two phases, depending on the number of students in the program and the timing of the payments received by Cambridge Network and/or the school.

In general fall reconciliation begins in May and continues until student arrival while spring reconciliation begins in November, also until student arrival.

The process begins when we close a school for admissions and verify all of the students’ payments. The verification process includes authenticating wire receipts and confirming that the amount fully matches the amount on the student’s enrollment contract. Often if a student has made a payment to the school directly, we will need to verify with that school’s business office prior to issuing any payment.

Afterward, our accounting team will create an invoice or a credit statement. Depending on how the student payments were made and to whom, the school may need to remunerate Cambridge Network for fees due; in that case, we will issue the school an invoice. If we need to compensate the school, we will issue a credit statement and ask the school to produce an invoice.

In situations where we need to pay a school, we can process payments in as soon as 15 days of receiving the school’s invoice. If we provide an invoice to the school, we ask that the payment be made within 15 days.

 

Payment Timeline Synopsis

  1. Cambridge closes school’s recruitment plan for current season
  2. Invoice/Credit Statement issued by the school or Cambridge
  3. Invoice approved within 15 days of receipt
  4. Payment issued within 15 days of confirmation, and no later than August 31

 

How can the timeline be shortened for future seasons?

The fewer parties there are in the payment collection, the easier it is to confirm tuition receipt. Our team is committed to the above process and encourage all member schools to encourage students to directly pay Cambridge total deposits and tuition remainders.

 

Questions from Cambridge Member Schools?

For any questions on your school’s account reconciliation process and student payments, please reach out to your Student Support Associate (SSA) or Program Manager (PM).