Moneyworks for Education
Moneyworks for education business which involves claiming government subsidies.
We met with one client who started to shared with us about their current problem which is common in the education industry.
They are using MYOB (now known as ABSS) for the accounting, however, they have pre-printed receipt booklets for the recording of student payment for course manually by writing down the course fees and also various grants.
After they issue out the receipt and collected the payment, the accounts department will have to re-enter the same information into MYOB accounting software to account for the sales, and also less-out the different type of grants.
Thereafter, they will create the payment tracking on separate Excel for administration department to track on the balance payment, and also another Excel for accounts department to track the government grant disbursement.
Few issues we face having these processes:
- Multiple data entries for 1 simple transaction.
- Manual calculation of grants will give rise to human error.
- Manual tracking of payments, grants outstanding and disbursements will give rise to more human error.
- Time spent on maintaining different Excel files and systems (MYOB accounting file in this case).
This is our proposed solutions:
- Convert to Moneyworks Datacentre accounting solution.
- Create an automation module called “Subsidy” which takes care of multiple grants (in our example 3 types of grants/subsidies from 3 different agencies.
- Create an invoice for a student, it will generate with calculated discount to enter into the invoice.
- Record the invoice, 3 other invoices will be automatically be generated to track receivables of different government grants.
- Receivables will immediately be available realtime on balance sheet of the company as breakdown of agencies.
Please refer to our youtube presentation below:
Below is with some explanation:
We are just passionate about Moneyworks being able to make your business process simple!
Please feel free to contact us with regards to this solution, which we are sure it will help you simplify your operations.