30 May, 2024
SCHOOLWRITE: Bank Reconciliation Facilities
We almost eliminated manual bank reconciliation. Reconciliation between the school and the bank on fees payments is automatic.
This development eliminated forged bank slips that were found in some schools. All fees transaction entries that entered into the bank account will be imported from the bank’s system to the school system, and un-authentic "payments" will be eliminated. That is how it started. Today, there are various payment processors like SchoolPay, etc. SchoolWrite has an interface that helps the business office (Bursar) to extract payment records that were made on particular days and push them into SchoolWrite without entering one-by-one. The system will update all the associated ledgers and all the statements will reflect their payments.
It helps the Bursar's Office to have a process that captures school fees payments made, automatically, to eliminate the workload especially at start of term, as well as making fees defaulters’ lists readily available for decision support.
There used to be a problem of un paid bank charges. Experience showed that the schools’ cash flow was being affected by unpaid bank charges because usually, parents would sometimes pay the actual fees without including bank charges. This system reports only what entered into the account and unpaid bank charges will easily be spotted and school software will still show the parent/student as a debtor by the amount of the total bank charges unpaid depending on the installments they have paid. However, with the mobile payment processors, this is not a factor because the charges are automatically deducted from the transacting line.
Parents/students do not need to carry bank slips when making payments in the bank, but to have their codes as used at school. Some use numbers as allocated by the payment processors while others use codes as they have them at school. The solution operator does that for the school. Similarly, they do not need to return the receipts to school.
info@schoolwrite.co.ug