There is no doubt that school owners will also want to track all transactions going on in the environment especially the finance or account department. So we received a call from a school in Abuja Pace setter Academy on how to setup QuickBooks accounting software for schools which our experts asked different questions below:
- What are your student based data or records like?
- Do you have multiple locations?
- Do you want to track your inventories like uniforms, sports wears and other items?
- Do you want to see student receivables by class or general?
- Do you want to use the re order level for your inventories to measure stocks valuations?
- Do you want a cloud based system or a local area network(LAN)
- How many users do you want to access your company data files?
- Do you want to track income heads according to your services or just in one account called sales or revenue?
All this questions were answered by the clients so we have an insight on how to setup QuickBooks accounting software for the school.
Installation and Implementation process:
After all questions and answer by the client with our expert team, the client was satisfied and we commence project. We were able to conclude to use the QuickBooks Online Plus version which can be accessible anywhere with an internet service provider and with any device available. We exported 2,750 students’ records from the previous school portal software to excel and imported the same numbers of records into QuickBooks Online Plus with ease and we use the customer section on QuickBooks as the location of each school and use the sub customer as the student names, this setup will shows us the names of students in each location of the schools since the school has 4 different location and we also setup the class list as the students class.
This setup process will display student’s owing’s in any location and the class of the student. In our report we can also check student’s receivables by locations after customization.
Charts of Account Setup:
Charts of account is an index of all financial accounts in the general ledger of a business which consist of Income, Expenses, Asset and Liabilities. As far as any accounting software is concern, chart of account is the bedrock or foundation of the business setup if not the purpose of your system will be defeated as your reporting format will not show the true and fair position of your business or financials. Therefore always consult an expert before buying or seeking accounting software solutions to your business challenges.
We were able to setup Tuition fees, sport wears, uniforms, books, PTA, school bus and others as an income head on the system so we will be able to see at a glance our different income stream and its performance level .
We were also able to setup different expense heads like repairs and maintenance for different school buses so we can track all expenses that has been incurred by each of the buses.
We also setup the buses as a fixed asset so overtime we can track the depreciation value and as we all know that for motor vehicles the depreciation rate is 25% which is 4years and at the end of it, the asset is fully depreciated to get your Net Books Value (NBV). QuickBooks has a feature which is memorized transactions.
Once you calculate your asset depreciation for the first year by Dr Depreciation Expenses Cr Accumulated Depreciation using Journal Entry automatically the values reduces the cost of that asset for that year, subsequently you will setup your memorized menu to help you do that for the rest of the depreciation year until the asset is fully depreciated.
Inventories and Services:
In as much as we have school uniforms, sport wears, books and other items from the school given to the student once payment has been made doesn’t mean we shouldn’t track them as this also form part of our inventory values as a current asset to the business. Don’t also forget the facts that uniforms and sport wears has sizes and we were able to use the items and sub items features to defeat that issue which was also a challenging aspect of the school portal before now but thanks to our expert in Fintech software services, our accounting software assistance team who were able to note all clients challenges and resolve them with the use of QuickBooks Online Plus.
Banking and Fund Transfers:
This is another interesting features in the QuickBooks online plus that helps us to reconcile our bank account either in NGN or other currencies created. As we all know that all inflows from the school like payment of tuition fees, PTA, books and other source of income hits our bank account and also all expenses made to our vendors for purchases of those inventories or expense payment for utility, repairs, staff salaries and others also comes from the bank account, therefore all this transactions needs to be vet and reconcile either weekly or monthly depending on how voluminous our transactions looks like. Our transfer window also helps us to do bank transfer from one bank to the other even with different currencies approach, the difference is the exchange rate at that point in time. Example I can initiate a transfer from my domiciliary account to my NGN account and the system will provide me with the rate box so I can input at what rate am I initiating this transfer and if am buying and selling FX the system records exchange rate gain or loss under my income statement. In conclusion this window helps to reconcile all inflows and outflow of our business transaction to ensure that our bank balance is not overstated or understated. with the above experience, we were able to Setup QuickBooks Accounting Software for Schools.
How Can QuickBooks help you organize your financials as a schools.
It will help you track all students’ records according to their classes.
- Setup account balances like Students & receivables, vendors & payables and maintain database of all Students records.
- Setup Multi-Currencies, Banks (local & foreign currencies).
- Setup Inventories like Uniforms, books, sport wears and Cardigan including cost, quantity on hand and sales prices.
- Create quotation and translate to invoice. (Progress Invoicing)
- Customize professional invoice (summary of transactions)
- Receive payment from Students (Whole or Partial) and record bank deposit.
- Reconcile bank statement with QuickBooks balances
- Assign expense transaction.
- Record petty cash.
- Generate reports: Students and receivables, Vendors and payables, Income statement by class or location, Statement of financial position, cash flow analysis and lots more.
You can also export all report to PDF format or Excel Sheet for further interpretation.
User’s roles can be assigned for each user to maintain security level and ensure users don’t interface with other windows.
Audit trail is also an important menu for the account admin to test the integrity or compliance level of the users to avoid misrepresentation of figures or fraudulent activities.
For further enquires on how to setup QuickBooks Accounting Software for schools,
Call us on +2347012193226 or send us a mail via [email protected]