School Fees Receivable Journal Entry

 

School fees includes tuition fees and other dues necessary to prepare the academic programs.

School fees receivable is a fees receivable from students studying different academic programs in different classes. It is a current asset for the schools or colleges or universities which had already conducted different academic programs for students but still the fees is not received from students during the accounting period.

 

The adjusting entry to record school fees receivable in the Books of Accounts is shown below:

 

                       School Fees Receivable a/c  XXX

 

                                                                     School Fees Received a/c  XXX

                                               (School Fees Receivable for the Period)

School Fees Receivable is shown on balance sheet on assets side under current assets until it is fully received from students or students’ parents.

The accounting treatment for school fees receivables is also the same as for college fees receivables or university fees receivables.