Using Fee Group Type

Annual

If you want the fee created in Masters -  Fee to be collected annual. Then create a Fee group  by enabling Annual.

Monthly

If you want the fee created in Masters -  Fee to be collected monthly. Then create a Fee group  by enabling Monthly.

Term

If you want the fee created in Masters -  Fee to be collected term. Then create a Fee group  by enabling Term.

Custom

If you want the fee created in Masters -  Fee to be collected custom means you can collect any time. Then create a Fee group  by enabling Custom.

Daily

If you want the fee created in Masters -  Fee to be collected on the count of number of days example mess fee. Then create a Fee group  by enabling Daily.

Custom + SCFLM Flag

If you want the fee created in Masters -  Fee to be collected only for the last month. Then create a Fee group  by enabling Custom + SCFLM Flag. The custom fee added to this fee group in Fee payment will be added for last month.

Note If the Fee Amount  is common to all the students, then you need not select slab for the respective fee group. If the Fee Amount is different for students, then you need to select the slab for the respective fee group. This will help you to get the fee group pertaing to the student when you make fee payment in Admin master.