MySchool Finance

Customisable, configurable, and adapted to the education marketplace. MySchool finance (v2) is a comprehensive system designed to integrate your finances seamlessly within your system.

• Multiple organisations - We understand that you may have different billing organisations or entities in your set-up. No problems, you can add and configure as many as you need.
• Chart of accounts - Build as many receivable accounts as you need. 
• Configure payment methods - Set up the payment methods for cash, cheques, or Pay Simple/Stripe. 
• Build fees - Create fee tables with conditional pricing, and staff and sibling discounts.
• Customise your templates - Build templates for your invoices, credit notes, and receipts. Attach announcement templates to each.
• Add tax - Configure which fees require VAT or other taxes. Automatic calculation and inclusion in the invoice.
• Build invoices and track transactions - Create your bill runs and publish invoices to the payees via their portals. Collect payments and issue receipts.
• Synchronise with external software - Synchronise your accounts with Xero.
• Determine payment amounts between guardians - You can customise each account to split payments between guardians.

Building your institutes finance

In order to start with the finance module, you will need to configure a few items beforehand. Let's take a look at the first steps;

Step 1: Configure the organisation (Billing entity)

You can build as many billing organisations as you need to manage your institute's finances. If you have separate entities for school levels or activities then you can configure each independently.

• Choose how to show invoice, credit and VAT numbers
• Choose a logo for your invoices and set up the billing entity address and contact details
• Set payment terms in days.

Step 2: Build receivable accounts

• Set up your accounts to receive payments and issue invoices. 
• Configure type, code, and tax rates if applicable
• Attach payments to the accounts

Step 3: Payment methods

• Classic payment methods, where schools can manually receive payments and track them via the transactions page.
• New to MySchool - Integrated online payment options are available via the parent portal. Options available are Pay simple, and Stripe.

Step 4: Build fees

• Build fees per bracketing level: School, school level, class level, student or family.
• Use custom fields to determine conditional pricing (international or boarding students for example)
• Apply discounts for staff and siblings
• Create ad hoc fees for one-off payments

Step 5: Design your templates

• Invoices, credit notes, and receipts can be designed per organisation. Use rich text and formatting to brand them to your institute. 
• Create email notifications such as new invoice reminders, and overdue payments. 
• Create bulk email templates to use when contacting your payers in bulk.

Step 6: Create taxes and determine whether fees should include them or not

• Add a tax rate to a fee, or issue with no tax.

All configured?

So if you have configured your organisation, you now need to determine who is responsible for the invoice when issued against a student. Open a student profile, and will see a new tab 'Finance'.

Choose the main contributor from the list of contacts added to the students. You can invoice to a household or individuals. A great feature is the ability to split payments between two payers. Each time an invoice is raised, the system will calculate how much to assign to each depending on the ratio entered.

Parent Portal and payment options

Guardians have a comprehensive menu item with billing details and a quick access dashlet, which lists their invoices, payments, and credit notes. If you have enabled online payments, then they can also pay directly from either view.

Please note that payment provider charges are not covered by MySchool. Please ensure you have checked with the provider before activating. 

Invoices are published to the Guardian portal only. The users will not receive these via email. Guardians must have access to the portal for them to download the PDF.