Finances
eBECAS/EDMISS Financials enable colleges to manage and monitor student course and service fee payments. This module also facilitates the scheduling of payments to accommodation providers, insurance companies, airport transfer services, and agents for their commission fees.
eBECAS/EDMISS provides comprehensive financial reporting capabilities, allowing for income calculations over specific periods. All reports can be exported to Excel for future reference or sharing with external service providers.
The financials provide:
Separation of offers and enrolments.
Details in the student account including invoices, receipts, credits, debits and transfers.
The option to calculate revenue by period, course, faculty, agent or country (for each student and fee) and store those calculations as of a day.
The option to schedule payments to agents, homestay providers, airport transfer provider and insurance providers.
Concepts and Terminology
Cash vs Accrual
Financial reports are available within eBECAS/EDMISS that allow colleges to measure financial performance on either a cash or accrual basis.
Cash accounting tracks actual money coming in and going out. For example, if you use cash accounting and send an invoice to a student or agent, you wouldn't record the income until the money is received.
Accrual accounting, on the other hand, records expenses and sales as soon as invoices are issued, recognizing events in financial statements regardless of when the cash transactions occur. This approach helps track what your college owes and what is owed to you, matching revenues to expenses when transactions are due, independent of payment status. Ultimately, accrual accounting provides a clearer view of the college's financial position.
Accrual accounting is generally regarded as the standard practice for organisations that earn fees over time and we suggests that accrual accounting is the most appropriate way to measure revenue.
Offers and Enrolments
In a finance context, an offer is a “maybe” and is completely flexible. An offer has no attached debtor account. An accepted offer, which generates an enrolment, is a “definite” and has financial consequences. An enrolment has invoices with fees for service and the student will be placed in a waiting list for class placement. The enrolment invoices are included in the debtors (accounts receivable) listings.
An offer does not impact financials (there are no actual invoices or have fees due); it is just a means of preparing and negotiating a potential contract, which does not become a contract for service until it is ‘accepted’. Within the system, offers are totally flexible. Any details within an offer can be changed, including fees, discounts, charges, courses, start date and length, until the offer is ‘accepted’.
In contrast, an enrolment is a contract for service. When an offer is accepted, one or multiple enrolments are generated (one per course in the offer), and the respective invoices are raised. Extra invoices can be added but once an invoice is generated, it cannot be deleted. The course date however, can be adjusted.
Every enrolment is a legal contract between the college and the student. All invoices are recorded within the students account and in the receivables ledger. Other financial transactions (payments, receipts, refunds) are also recorded. A complete history of financials are kept – including who, when, where and why. The original contract and transactions are accessible for the student, agent and users. There can be no short cuts when it comes to changes of course, length, agent, discounts, credits and debits of fees. All alterations must have an audit trail and eBECAS/EDMISS have all the features to do so.
Topics
Invoices — Invoices are formal documents issued to request payment for goods or services provided. They include details such as the amount due, payment terms, a payer, and a breakdown of charges. This section provides a clear overview of how invoices work, their purpose in financial transactions, and key elements involved in managing invoices effectively within the system.
- Search Invoices — The Invoice Search is one of the most frequently used and powerful tools within the financial space of the system. It provides a comprehensive search grid that allows you to quickly and easily locate invoices based on a variety of criteria. You can filter invoices by date, amount, enrolment, student, whether the invoices are overdue, and much more, enabling you to find the specific records you need. Additionally, the search results offer options to perform actions on individual or multiple invoices, streamlining your financial management processes.
- Invoice Details — The Invoice Details page offers a comprehensive view of all information related to an invoice. It includes detailed breakdowns of transactions that impact the invoice, such as payments and adjustments. This page is essential for tracking the full financial history of an invoice, ensuring transparency, and allowing for accurate reconciliation of amounts owed and paid.
- Create and Edit Invoices — Understanding how invoices are created and updated is crucial for maintaining accurate financial records, ensuring timely payments, and reducing the risk of errors and disputes.
Receipts — Receipts serve as official records of payments received from students or customers. They confirm that a transaction has been completed and provide a reference for both the payer and the institution.
- Search Receipts — Locating receipts is easy on the Receipts Search page. Search by various criteria and take actions on individual or multiple records.
- Receipt Details — The Receipt Details page provides a complete overview of all information related to a payment receipt. It includes a detailed breakdown of the payment received including the invoices that the payment was allocated.
- Create, Edit and Delete Receipts — Creating and managing receipts is crucial for documenting payments made by students or customers. Receipts serve as the method for recording payments against invoices owed. Effective receipt management ensures accurate transaction records, provides proof of payment, and promotes transparency in financial operations.