Reconcile to one list, not three
Close the month from the same list the school collected against: fee assignments, instalments and payments. A bank statement, a cash book and a spreadsheet will never agree with each other for long.
Confirm every payment before it changes a balance
Cash and transfers need the school’s approval; online payments need the provider’s confirmation. A payment that is recorded but not confirmed should sit in a pending queue, not reduce a parent’s balance.
Clear unallocated and part payments
A payment that arrived without a reference, or covers only part of an instalment, needs a named owner and a decision: allocate it, hold it, or return it. Unallocated money is the first thing to lose at the end of a busy term.
Watch discounts, waivers and write-offs
Every reduction should name who approved it and why, and appear on the same report as collections. Otherwise the month balances only because someone quietly edited a figure.
Carry forward a trial balance
End the close by carrying each student’s balance into the next month and comparing the total with the bank and cash position. Investigate the difference while the term is still fresh.