A payment item is everything a student pays for(E.g tuition, transportation, books, inter-house sport, lunch e.t.c).
Payment items are needed so as to let guardians know what they are paying for.
This page shows a list of all payment items students in your school are pay for.

To add new payment item, you will need to do the following:
1. Go to setup >> Payment setup >> Payment items 
2. Give a name to the item you wish to add (e.g. health care).
3. Add a description(this is optional).
4. Select what terms the items are applicable.
5. Enter the amount attached to the item.
6. Select the bank account you want to receive payments for the item into (note: if a bank account is not selected your primary account will be used).