Finance - Simplified Process Overview

Student or Agent requests a new Enrolment with your school.

There are a number of “entry” points into the system, but we are assuming here the Student Account and Enrolment is manually created.

Enrolment and Bookings created

Not yet invoiced while the enrolment may not be fully “confirmed” by the student - they may still be considering which services they would like exactly. The bookings are not financially “committed” to the system so any number of changes can be made with no impact on the finance.

Typically here, a proforma document or documents may be generated and sent to the Student/Agent. Proforma documents display all unposted finance on the Enrolment.

Enrolment invoiced

When the student/agent is happy with the Services they have requested, the enrolment is now typically invoiced.

NB the invoice point can vary by schools - some schools invoice when the enrolment is confirmed, others when flight details or visa confirmation is received, others on course start date and others when first payment is received.

Invoicing commits the bookings financially to the system and from this point on, there is an audit trail for all subsequent changes.

Further changes are made prior to enrolment start

Typically Credit/Reinvoice is ticked on and therefore any invoice raised to this point will be fully credited with a Credit Note and a new invoice for the full amount on the Enrolment generated.

Further changes are made after enrolment start

Typically a difference invoice is generated just to reflect the difference between the original invoice and the new Services required - this could be an invoice if the amount is greater than the original invoice, or a credit if the amount is lower than the original invoice. It’s also possible to credit off the full invoice and generate a new invoice for the full enrolment.

Payment received

Receipt is registered on the Account that is paying (be it Agent, Student or Company) and allocated to the invoice it is paying.

Reports generated

Typically three main reports:

1. All Inv, Cre, Rec, Pay

2. Aged Debt

3. Income spread (deferred income)

These reports can be exported from the system as XLS or CSV files and uploaded to your Accounting package.

Further reporting

There are a range of potential Sales and Income reports that can be created to analyse these figures by different aspects for example, by nationality, by agent, by course type etc.