INTRODUCTION.
Since the students are the benefactors of the educational system, it’s not surprising that integrating student records should be a top priority of educational institution accounting software. Consolidating these records into one centralized database minimizes confusion and allows for improvements in efficiency, avoiding cumbersome duplicates in data entry.
WHAT IS SCHOOL ACCOUNTING SYSTEM?
School accounting system comprises of accounting software which is a computer program that assists bookkeepers and accountants in recording and reporting a firm’s financial transactions. The functionality of accounting software differs from product to product. Larger schools may choose to implement a customized solution that integrates a vast amount of data from many different departments. Small schools often choose an off-the-shelf product. Gone are the days where it used to take a month to complete the entire audit process for your company/school/ institute/college.
School Software Pro is a School Management Software that provides a helpful tool for managing monetary transactions in the most convenient and easy manner. It provides an effective and improved financial management system which will reduce dependency on other sources for managing the Finances & Expenses of your institute.
- It will improve the short- and long-term business performance by channelizing the payment process and bill collection.
- Eliminates human errors in calculating and totaling of accounts.
- Redundancy in maintaining the records is minimized.
- Helps a company or institute to quantify budget planning and offers flexibility and expandability to accommodate change and growth.
- Enables growth of an Institute by increasing profits if all monetary transactions are managed in a proper manner.
- Rights based access to specific functions of Finance Module in our School management system.
- Manage fees, expenses, miscellaneous fees, transfers, deposits all from one place using the School Software Pro Finance Module.
SCHOOL ACCOUNTING SOFTWARE FEATURES.
Accounting and accounting-related activities need specialists to manage and build apps. If we comprehend the needs, then an ideal accounting software needs to have features like accounts receivable, accounts payable, general ledger, inventory management, and other fundamental components. By using an accounting software, the School or Institution can customize expense reports to get a holistic view of how their money is being spent.
The essential factors required for school accounting software and its key features:
- Student records: The crucial and extensive data associated with student records requires a robust solution that integrates that information with the accounting. Grades, extra-curricular activities and class schedule can be managed within the system.
- Online registration & payment: A robust educational software solution will allow students and their payments to register and pay for classes online and then have registration tie directly to the student record.
- Inventory & facility management: Schools deal with many different kinds of inventory—from classroom, supplies and textbooks to desks, computers and sports equipment. In addition to physical assets, school buildings and property also need ongoing repairs and maintenance. Being able to track and manage all of these details helps keep tabs on school assets and prevent loss.
- Fund accounting: Funds are self-balancing accounts designed to record cash, related assets/balances and liabilities. Fund accounting helps educational entities track all expenditures back to specific sources, so that donations and other funds can be used for the designated purpose.
TYPES OF FINANCIAL RECORDS THAT EVERY SCHOOL MUST MAINTAIN.
Financial records usually maintained by a school include the following:
Acquaintance Roll: These show salaries paid to teaching and non-teaching staff, number of working days for which a teacher has been employed if temporary, deductions of provident fund, income tax and any other deductions along with the staff member’s signature and date. It is necessary to mention here that no staff member should sign the acquaintance roll without receiving his\her salary.
The Cash Book: This register records every financial transaction of any sort that takes place in the school. These financial transactions include amounts received in the form of grant-in-aid, donations from Philanthropists, fees, subscriptions, scholarship money from government or Private parties etc. These receipts are entered on the credit side and corresponding expenditures are entered on the debit side. The cash book should be balanced at the end of each month and should be posted daily. Fees and other amounts collected from students should not be kept with teachers or with the principal but should be deposited in the bank. School finances can be meticulously maintained and properly checked if cash book is kept carefully and bank accounts are maintained regularly.
Contingencies Register: This register maintains records of all expenditure on equipment, repairs to buildings, rents for buildings, stationary books purchased for the library, equipments purchased for the laboratory- postage, petty expenses etc. For every item that is entered in the cash book, there should be a corresponding entry in the contingency register.
Fee Collection Register: This register maintains a record of all details concerning fees paid by each student. Teachers or clerks collecting fees should always be very careful to give receipts to pupils and to get a receipt amount handed over to the principal if they do not deposit in the directly. There should be a pre-specified, fixed timing for collecting fees should not be collected during teaching hours. If fines are collected from students, they have to be carefully entered in this register. Beside breakage charges collected from students should also be registered.
A Record of Past Years’ Budgets: These records are necessary at the time of planning for the school as well as inspection of the school.
CONCLUTION:
School accounting software is an invaluable resource for modern schools and institutions, e.g., School software Pro. This Software allows detailed tracking of financial transactions and near-instantaneous reporting and analysis. Before accounting software, these tasks had to be performed by hand, using large transaction journals. School Accounting software such as (SS Pro) automates these tasks, reducing the costs of accounting and allowing better financial decision-making through timely reporting.