No doubt there are lots of schools. With the population growth in this country ever rising, the demand for nursery, primary and secondary education will only get higher. The good news is, lots of private individuals have ventured and are still investing in this sector.
However, they face a common problem. MANAGING SCHOOL OPERATIONS FINANCIALS. What do I mean? Let me explain.
Once a school commences operations they are faced with a huge task of generating revenue while reducing their operating expenses.
I am aware of school management giving several discounts to increase the inflow of students to the school. While this is done in good faith, they get lost in the financial documentation of the process and this is where fraudulent activities raise its ugly head.
So how should a school track student charges?
1. Create Account charge codes
Lets say a school has the following charges; tuition, uniform, ict etc. These charges constitute what the students are being billed for.
2. Create Class Group Charges
Classgroups can be considered as a collection of the same type of classes. E.g JSS 1.
The reason most schools resort to paper is because they get to pass responsibility to the bursar to figure out how much a student owes when payment is made.
By ensuring students fall in a classgroup, school account officers can assign a charge amount to a all students in a classgroup. E.g All Jss1 students pays tuition of 20,000 Naira.
3. Create Class Charges
A class in this context can be all students in Jss1A. An account officer can further determine that students in a particular class must pay special charges . For example, Lab charges may apply only to science students.
4. Specific student charges
A proprietor may have discounted the tuition rate for a particular student for which the account code tuition discount and its value can be appappliedlied to that student. Another case could be that a student is given special charges for destroying school property. This charges is specific only to a particular student.
Once these charges are created and then applied to students based on their class group, class or a special case, it will be easy to evaluate exactly what is owed the school at any particular point.
.Connect Educator software solution is designed to solve operational hardships schools experience in the West African environment.
Contact a solutions expert at +234 803.192.0068 or email educator@etnconnect.com.
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