There are a number of things that must be in your school’s account before you can start using the Finance Module. They are:
- Numberings – this tells the system what type of documents you wish to create and the numbering format for them.
- Cash Register – you will need to create a cash box(es) to be able to receive cash payments.
- Issuer Details – the details about your school that will appear on your financial documents.
- Payment Types – when creating transactions you will need to tell the system what type: cash, invoice, deferred it is.
Two other items can be added but are not essential:
- Payment Schemes – if your students can pay by instalments you can create these and add them to the students automatically when they join a course.
- Discounts – if your students are offered discounts to standard prices you will need to create them first.
Creating a Debt:
Before you can add a payment for a course the student or company must have a debt. Other tutorials show how to add a debt:
Payment for non course items such as books, exam fees etc., can be added directly to an invoice. These are created in Goods and Services.
For the purposes of showing how the different payment types work and what happens when you add a payment we will use these three basic types:
There are basically two types of payments: cash and non-cash.
- Cash payments are credited to a cash register.
There are two types of non-cash payments:
- Non-deferred these are considered paid immediately i.e a credit card payment so effectively they are as good as cash.
- Deferred this is where, for example, you issue an invoice and expect payment in the future.
There are two tutorials on adding payments:
- Student Settlement per Hour.
- Student Settlement for All Classes.
- Student Settlement Hourly Payment in Advance.