Manage Cost Centers, Profit Centers, and Income Accounts
Institutes can set up their chart of accounts including ledgers, subledgers, etc. Accounts can also be classified as cost centers, profit centers, income accounts, expense accounts etc. Account details can be modified by authorized personnel only through Institutional Finance Management software.
The various types of fees set up by the institute can be mapped to their respective accounts from the chart of accounts. Accounting functions are tracked accordingly.
Generate and Maintain Invoices and Receipts
Generate and maintain invoices and receipts for all financial transactions.
Assist the financial staff in the administration of tuition and contracts. Calculate discounts and actual accounts payable, application fees, reapplication fees, exam fees, and faculty salary. You can also set reminders to remind students of renewal fees. Manage contracts and provide public or academic services as contracted.
· All expenses for different periods can be calculated according to the formula setting
· Clearly show the status of receipt and payment
· Set an expiration reminder
· Set up an approval process to standardize your business school’s expense reimbursement process