Statements and Invoices are both itemized financial documents that list transactions from the family's account towards a specific enrollment year.
The main difference between both documents is the purpose they serve.
- Statements provide a yearly summary of the family's financials. These documents include all transactions on the family's account for a specific enrollment year. All transactions are summed together to indicate the family's "current balance" for that year.
- Invoices are used as a solicitation of payment for the balance due on a payment schedule. An invoice is generated for each date on the payment schedule and the corresponding date is displayed at the top of the invoice. The invoice will include all transactions associated with the corresponding payment schedule**, which are summed together to indicate the "current balance" for the entire schedule. A separate line will then indicate the "Total due now" for the particular invoice, which depends on the total balance and the number of payments on the schedule.
**If a transaction on the family's account is not associated to the payment schedule, the transaction will appear on the statement but not on the invoice. To associate a transaction to a payment schedule, edit the transaction details. Click here to learn more.