How To Setup QuickBooks Accounting Software For Schools.
There is no doubt that school’s owners will also want to track all transaction going on the environment especially the financial statement, so we received a call from a school from Abuja pace setter Academy on how to setup QuickBooks accounting software for schools which our experts asked different questions like below.
- What are your student based data or records like?
- Do you have multiple location?
- 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 service 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 schools
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 student’s 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 sub customer as the student name, this setup will show us the name of students in each location of the schools since has 4 different locations and we also setup the class list as the student’s class.
Charts of Account setup:
Charts of account is an index of all financial accounts in the accounts in the general ledger of a business which consist of Income, Expenses, Asset and liabilities. As far 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 business challenges.
We were able to setup Tuition fees, sport wear, uniforms, PTA, school bus and others as an income head on the system so we will able to see at a glance our different income stream and its performance level.
We were 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 overtimes we can track the depreciation value as we all know that for motor vehicles the depreciation rate is 25% which is 4 years and at the end of it, the assets are fully depreciation to get your Net Books Value (NBV). QuickBooks has a feature which is memorized transactions.
Once you calculate your assets depreciation for the first year by Dr. Depreciation Expenses Cr Accumulated Depreciation using journal Entry automatically the values reduce the cost of that assets for that year, subsequently you will setup your memorized menu to help you do that for the test of the depreciation year until the is fully depreciated.
Inventories and services:
In as much as we have school uniform, sport wear, books and other items from the school given to the student once payment has been doesn’t mean we shouldn’t track them as this also form part of our inventory value 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 service, our accounting software assistance team who were able to note all client’s 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 inflows from the school like payment of tuition fees, PTA, books and other source of income hit our bank account and also all expense made to our vendors for purchases of those inventories or expenses payment for utility, repairs, staff salaries and others also comes from the bank account therefore all this transaction needs to vet and reconcile either weekly or monthly depending on how voluminous our transactions looks like. Our transfer from any domiciliary account to any NGN account and the system will provide me with rate box so l can input at what rate am l initiating this transfer and if am buying and selling FX the system records exchange rate gains or loss under my income statement. In conclusion this helps to reconcile all inflows and outflow of our business transaction to ensure that our bank balance is not overstated or understand with the above experience we were able to setup QuickBooks Accounting software for schools.
How can QuickBooks help you organize your financial as a school?
It will help you track all student’s records according to their classes.
- Setup account balance like student & receivables, vendors & payables and maintain database of all student records.
- Setup Multi-Currencies, Banks (local & foreign currencies).
- Setup Inventories like uniforms, books, sport wear and cardigan including cost, quantity on hand and sales price.
- Create quotation and translate to invoice. (progress invoicing)
- Customize professional invoice (summary of transactions)
- Receive payment from student (whole or partial) and record bank deposit.
- Reconcile bank statement with QuickBooks Accounting Software for school,
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