What is the balance system? How does the balance work? What does the balance payment contribute to?

At Teddy Kids we work with the so called Balance System: A system based off the Dutch energy companies where

  • Usage is tracked
  • A term payment is made
  • The final tally is added up and there is a resulting under/overpayment.

We ask for an advance to be paid for the following month i.e February invoice should be paid on the 25th of January. Considering that things may change such as the contracted planning or an extra day here and there, we keep track of these differences as can be seen in the bottom most picture.

Step A - To find the balance overview, you can head over to your child's profile page as seen in the following picture:

Step B - After which you can click on the Invoice tab to see the invoice & balance overview: This table is populated with most of the critical financial information you need to see.

1 - The highlighted area indicates the totals for the pertaining year (as it stands up to today's date)

Total price: The invoices with existing invoice numbers (TKZ18-1001...etc) added up.
Payment: All the payments received attributed to that year.
Balance: The difference between payments received and total price.

2 - Final Invoice

Here we track the total amount owed for the specified month based on the reserved hours x hourly rate. This amount may change as the month progresses and locks at the end of the month.

3 - Prepaid Amount

This is the amount we estimate to be paid at the beginning of the month based off the information we currently have available. This amount could differ from the final invoice amount at the end of the month as:

  • Extra days may be added
  • Swap credits may be applied
  • Contractual changes

4 - Payments Received

All the payments received and attributed to the specified month.

5 - Open Balance

The difference between Final Invoice and Payments Received.

Please note that it is not important if a particular month has an over or under payment - please keep track of the Total Balance.

As we have different payment options (Actual, Average, etc) available, the balance per month may vary.

Once the balance starts to grow past the €500 mark, action should be taken.

  • In the case that we owe you, please request that we transfer the difference to you // the same amount be reduced for the next invoice's payment
  • In the case that you owe Teddy Kids, please make a payment to top up the balance.