Finance Settings

Last updated: January 2025

This feature allows you to manage the different settings for Finance.

To access this module, go to Planning > Finance Setup > Finance Settings to view all available settings for Finance.

If you cannot view the link from the list, check the privilege assigned to your user account or role.

Contact your school’s system administrator to request view or edit access if you cannot access the rights management screen.

Overdue penalty amount computation

This enables/disables the accumulation of the penalties inputted in Payment Schemes. Toggle it ON or OFF, and the setting will be saved automatically.

How to Enable/Disable Accumulation of Overdue Penalties (please refer to the image below):

1st Payment - Student/Guardian is due with 25% of the total amount and must be paid by 07/04/2019. No payment was made by the due date.
2nd Payment - Student/Guardian is due with 50% of the total amount AND 2000 penalty from the 1st Payment and must pay by 09/15/2019. No payment was made by the due date.
3rd Payment - Student/Guardian is due with 75% of the total amount AND 2000 penalty from the 1st Payment AND 4000 penalty from the 2nd Payment and must pay by 09/15/2019. No payment was made by the due date.

Penalty will apply immediately after DUE DATE. See Payment mode for more information.

Sample Payment Scheme:

Minimum Reservation Payment

This feature sets the default minimum reservation payment.

You can still record an amount lower than the set value; this only establishes the default when entering a reservation payment.

Daily AR Code

You must set the AR Code to record a payment using Accounts Receivable (AR).

This code resets daily. Please ensure it is updated to accurately reflect in financial reports.

Fold In Additional Charges

Schools can choose to either include additional charges from the payment scheme in the total payment due or list them as separate entries in the assessment.