FINANCIAL MODULE


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EduAdmin incorporates a full accounting module which is simple to use but empowered with all the functionality of accounting suites that are designed to meet the needs of medium to large size businesses. The module has all the common elements of other financial programs including accounts payable, accounts receivable, cash book, general ledger, receipting and reconciliations.

Features

  • Complies with GAAP.

  • Support for Multiple Ledgers.

  • Functionality to email Financial statements in PDF format.

  • General Ledger.

  • Accounts Payable and Accounts Receivable.

  • Cash Book (receipting and reconciliation).

  • Budget functionality.

  • Global generation of batches.

  • Inventory and Point of Sale.

  • Fixed Assets.

  • Reports include Trial Balance, Budgets with Variances, Detailed Ledgers, Cash Book, Financial Statement and Age Analyses.

 


HIGHLIGHTS

Development

  • Weekly builds deployed to meet the exacting demands and functionality required by our clients.

  • Complete independence of any third party resulting in total control of the inclusion of functionality requested by our clients.

Multi-user

  • Simultaneous access for as many users as required.

  • Password security to different levels allows assignment of access to sensitive accounting information or tasks.

Customizable

  • Custom reports are easy to design with the EduAdmin Report Designer.

  • Management accounts are set up with the General Ledger Report Builder.

Web-Enabled

  • Direct access to emailing of correspondence and statements to caregivers.

  • Allows for transaction processing across the Internet.

  • Simple parameter setup to enable the submission of transactions (payments and receipts) to the bank of your choice.

  • Viewing by caregivers of account details with full security control.

  • Viewing of General Ledger accounts by staff responsible for budget control with full security control.

Multicurrency Support

  • Multicurrency system supports an unlimited number of currencies.

  • Bill caregivers in any currency and produce statements in that currency but run your ledgers in your native currency.

  • Convert any management account into the currency of your choice at the point of printing or consolidating financials.

ADDITIONAL FEATURES

  • Generates full audit trail in all ledgers with unique batch number for each transaction.

  • Lets you apply transactions to prior and future periods.

  • Print, displays and exports reports as current as your last posted entry.

  • Stores and recalls recurring entries.

  • Data mining made easy with the Query Wizard.

  • Offers accrual or cash-basis accounting functionality.

  • If you prefer to refine your management accounts in Excel simply export the General Ledger values or export your full management accounts.

  • True batch processing with unlimited number of batches open at once and full tracking (view or print) of each batch after posting.

REPORTING CAPABILITIES

In addition to the many standard reports EduAdmin has a powerful Report Designer that allows you to customise layouts to suit your particular schoolís needs. Together with the General Ledger Report Builder there is virtually no report that you cannot extract from the financial records.

EduAdmin allows the user to display financial information and relationships (e.g. management accounts) in a variety of formats including graphs.

ACCOUNTING FEATURES

General Ledger

  • Full double entry accounting.

  • Multiple general ledgers (e.g. school, boarding, trusts, property holding, alumni associations).

  • Simple consolidation of ledger information in management accounts.

  • Two years of transactions retained.

  • Posting to the prior year after processing the year end.

  • Budgets for this year, previous year and next year.

  • Numerous standard reports such as Trial Balance and Detailed Ledger.

  • Report Builder for customised management accounts.

  • View details, balances and batches posted from any ledger.

  • Export of management accounts into Excel and pre-set templates.

  • Export of specific components to CSV, Excel, Dbase or HTML for enhanced publication of data.

  • Extract cash movement for use in cash flow statements and forecasting.

  • Recurring batch facility for processing of standard journals such as depreciation and realisation of finance charges.

  • Support for full departmental accounting and multiple trial balances within the same ledger.

  • Full support of activity based costing assisting the bursar with identifying unprofitable sectors of the school activities that may need to be dealt with.

Accounts Payable

  • Processes invoices and maintains vendor details.

  • Aged report by period.

  • Integrates with the Student module to create accruals (e.g. deposits held).

  • Calculate VAT if required.

Accounts Receivable

  • Full integration with all applicable modules including Admissions, Staff and Student.

  • Comprehensive billing system that supports an unlimited number of fee types and charges that may invoked automatically.

  • Support for all billing models including multiple students to one caregiver, multiple caregivers to one student and multiple caregivers to multiple students.

  • Supports Next Year fiscal periods for billing next year fees.

  • Generates and prints invoices.

  • Generates statements and interest charged or earned based on user parameters and caregiver sensitivity.

  • Prints aged reports by period or term with caregiver sensitivity as queried in the reporting process.

  • Calculates VAT if required.

Cash Book

  • Unlimited number of cash books supported.

  • Unlimited number of recurring batches to cater for standard transactions (e.g.: electronic payments, monthly debit orders).

  • Receipting utility to accommodate receipting from multiple points around the campus with workstation sensitivity and full audit control before submitting to a cash book batch for processing to the ledgers.

  • Trapping of exact nature of receipts facilitating easier reporting of cash as opposed to accrual values.

  • Comprehensive bank reconciliation with full control including group and individual reconciliation, loading of previously reconciled items, viewing of details as to how each bank reconciliation item has been made up and debit/credit sensitivity.

  • Prints cheques.

Inventory Control

  • Maintains current stock levels and values and highlights items to reorder.

  • Point-of-sale.

Fixed Assets

  • Multiple groups and departments.

  • Support for most depreciation methods and rates.

  • Wide range of standard reports.

COST

EduAdmin software is comprised of 16 Modules, one of which is the Financial module, and various Add-Onís, one of which is a receipting add-on. All modules and add-on's are included in ONE annual licence fee. The annual licence fee includes:

  • Use of all modules on an unlimited number of workstations across ONE network.

  • Weekly upgrades.

  • Email and telephone support.

If your school is already running EduAdmin for its administration or student databases, including Assessment, Attendance, Boarding, Timetabler and Library, there are no additional software costs to commence using the Financial module. The only additional cost would be Financial module training.

It is important to note that only an annual licence is paid to EduAdmin. This means that your school does not pay for upgrades, or for support level agreements.

INTEGRATION

The modules are fully integrated thereby reducing duplication of work. This assists the finance office because the list of current and left students, their Forms, Residence, Position In Family, and other administration detail required for billing purposes, is maintained by the administration department, and accessed by the Financial Module. Therefore the bookkeepers do not need to type out the studentís and caregiverís information and addresses again.

SECURITY

The Financial Module is password protected to prevent access by other users on the network. Various access levels are available within the FMS module to limit financial users to certain ledgers only.

DOUBLE ENTRY SYSTEM COMPLIES WITH GAAP

EduAdmin is a double entry account system that complies with GAAP. This means EduAdmin works on the Accrual System (which means that when you raise an invoice it becomes due and payable on that date). EduAdmin is comprised of true subsidiary ledgers. EduAdmin Financial consists of a General Ledger, Accounts Payable, Accounts Receivable, Cash Book (multiple cash books supported), Inventory, Fixed Asset Register and Budgets for Last Year, This Year and Next Year.

SUBSIDIARY LEDGERS

Because EduAdmin Financial is comprised of subsidiary ledgers, this enables the following:

Multiple Control Accounts For Subsidiary Ledgers on the General Ledger

This is particularly useful where school accepts caregiver deposits. To keep track of deposits paid and refunded, caregivers are automatically created as creditors in the Accounts Payable Ledger, using a separate Control Account to other normal supplier creditors held in the Accounts Payable module.

The Accounts Receivable ledger may be comprised of different type of debtors, normal school caregiver debtors, staff debtors, other debtors (individuals who owe money to the school and make payments to reduce the debt, for example, the sale of a school vehicle to a private person). These different types of debtors are all set up in the Accounts Receivable module, but use separate Control Accounts on the General Ledger to identify the total of each group of debtor type.

Audit Searches

EduAdmin reports on and agrees subsidiary ledgers to general ledger accounts.

You can search for a transaction by simply entering whatever information you have available, for example, debit or credit value, fiscal period, source code, batch number, or ledger code.

Batches

EduAdmin Accounts Receivable supports posting to Last Year, This Year and Next Year. This allows you to raise next yearís fees in November and post those fees to January next year.

EduAdmin FMS provides batch printing before posting of batches, as well as after posting of batches. EduAdmin provides a look-up which enables you to scroll through this year and last year batches posted in the ledgers. This is invaluable for supplying information to auditors.

Pastel does not allow you to print a batch after posting the batch.

EduAdmin FMS allows you to work with an unlimited number of open batches in each ledger. For control purposes, batches are limited only in that one fiscal period is allowed for each batch. So, for example, in the Account Receivable subsidiary ledger, you may have three batches open whilst you are processing schools fees for January and February in two batches, and Charges for January in the third. You may process both debit and credit items in a batch.

Pastel limits you to one batch open at a time for each entry type, on processing debit or credit items in each batch, but cross posting of fiscal periods is allowed. This is not advisable because balancing or agreeing ledgers and accounts is only possible where individual items that comprise the transaction (for example when raising a new asset to accounts such as Fixed Asset Motor Vehicles, Depreciation, Interest, Stationery, Long Term Liability) is posted to the same fiscal period.

Recurring Batches are supported in the General Ledger, Accounts Payable and Cash Book. The Accounts Receivable ledger has an advanced form of Recurring batches that provide detailed audit control.

FAST PROCESSING

Accounts Receivable

The Accounts Receivable module is specifically designed for school financial processing. This means that various quick processing aids are supplied:

  • Automatically generate debtors transactions, (fees, discounts, charges) querying by Form, or Campus or the entire school in one batch.

  • Audit reports to confirm that all students in the Student Module are in the Accounts Receivable module and will not be left out when running the automatic billing procedure.

  • Audit reports to group debtors/students by Fee Type to enable quick forecasting of how much money will be received from each grade, and the debtors/student comprising that amount.

  • Quick View of Debtor transactions, correspondence and notes all on one screen Ė and notes can be entered about that debtor whilst viewing the debtor on that screen.

  • Statements may be produced and emailed direct to caregivers.

  • Mail Merge letters to debtors queried by "Balance is Greater Than", for example, may be printed or emailed.

  • SMS functionality for example, to remind debtors to pay before certain date is available.

Cash Book

  • The Cash Book supports a Reconciliation Function that allows you to unreconcile without having to process reversing journals.

  • Transactions to be reconciled are entered by amount or reference.

  • Transaction entered by amount must be identified as either a debit or credit.

  • If you enter an amount to be reconciled, and there is more than one such amount in the cash book, EduAdmin stops at the first amount and present a message requesting you to decide which duplicate amount to reconcile.

  • Full details of the transaction(s) comprising the amount are displayed when reconciling.

General Ledger

  • The General Ledger supports quick querying and search facilities for audit purposes.

  • The General Ledger Management Accounts are designed by you to your requirements, may be exported to Excel if required, and can be emailed direct to you Board Of Governors.

INTEGRATION WITH OTHER INDEPENDENT SOFTWARE

EduAdmin does not integrate with other software programs. It is industry standard that integration between different software platforms is not reliable. Further complications are that if one software house upgrades or adds functionality to their software, the other companyís interests are not considered and clients may be forced to additional costs for additional software upgrades.

EduAdmin does not integrate with Banks and their Internet banking facilities because of the Banks software security which disallows such direct links from other software companies. We suggest usage of EduAdminís recurring batches to compensate for direct links into Banks software. While EduAdmin is investigating some link at the moment, the reliability and consistency on the banking side remains questionable.

AUDITORS

EduAdmin has had extensive experience with auditors and the accounting profession, both as having practiced as accountants and assisting of clients with their annual audits. EduAdmin is quite comfortable with issuing your auditor or accountant with a copy of the software so that they can read the data electronically. We will also provide a brief overview of the module (all that is required) so that they can extract data from, and post to, the databases as required. In this day and age, especially when dealing with mission-critical systems, it is preferable for auditors and accountants to take an electronic format of the transactions for viewing and printing purposes. All adjustments will be processed on the live site. We suggest the following system to be implemented for auditors:

  • Print all ledgers to PDF format (functionality for this is included in EduAdmin).

  • Export the trial balance(s) to be audited to a spreadsheet such as Excel.

  • Audit the trial balance(s) against the detailed ledgers making the necessary adjustments.

  • Record all adjustments required.

  • Post the adjustments on the live site.