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Product Details    

The modules of FINACS are:

  • Student Billing
  • Accounts Receivable
  • Purchase
  • Accounts Payable
  • General Ledger
  • Fixed Assets
  • Inventory
  • Budget
  • Payroll
  • Utilities
  • Regulatory Reporting & Compliance

  • Student Billing

    Current day schools need to cater to and manage a wider variety of students’ needs than ever before. Finacs fulfills the needs of such schools in all respects. The Student Billing module encapsulates a robust billing functionality with a flexible functionality of receivables.

    Main features:
    • Powerful billing functionality

    • Dual currency capability. For example, ability to bill in Dollars and receive in Dollars as well as Pesos

    • Multiple guardians or sponsors for a student

    • Flexible definition of 'Tuition Charges'

    • Bulk processing of invoices, credits and payments through batch mode

    • Dispatch Invoices - bulk printing and emailing of invoices to guardians or sponsors

    • Cash and Bank receipts

    • Credit/refund memos

    • Accounts Receivables based on charge date

    • Aging reports with provision for user definable aging buckets

    • Interface with Administrator’s Plus for students information

    • Extensive reporting

    Accounts Receivable

    The Accounts Receivable function of customers other than sponsors/families of students is covered in this module.

    Main features:
    • Provision to create 'Customers' other than 'Student Sponsors'


    • Facility to import customers from excel


    • Invoices, Credit Memos and Refund Memos


    • Cash and Bank receipts


    • Dual Currency Calculator for international schools


    • Aging reports with provision for user definable aging buckets


    • Customer Balance
    Accounts Payable

    This module handles the accounting transactions related to the vendors/suppliers of the school. In this module, the school can book supplier bills and make supplier payments for goods and services rendered.

    Main features:
    • Creation of 'Vendor Invoices'


    • Integrated with 'Fixed Asset' module for asset purchases


    • Vendor Payments and Vendor Debits


    • 'Individual' and 'Multiple' payment option


    • Check Designing and Printing


    • Aging reports with provision for user definable aging buckets


    • Reports of purchases by items/ vendors


    • Vendor Balance
    Purchase

    In this module the school can create items and vendors; purchase requisitions and purchase orders.

    Main features:
    • Creation of 'Vendors'


    • Creation of 'Items' and 'Assets'


    • Facility to import items and vendors from excel


    • Purchase Orders and Purchase Requisitions


    • User definable terms of purchase


    • Item level discounts


    • Integrated with 'Budgets' to display encumbrance


    • Approval workflow for purchase orders and requisitions


    • Purchase Order Listing with Status – Fully Invoiced, Partially Invoiced and Not Invoiced
    General Ledger

    This module maintains all transactional data and organizes the financial information of the school.

    Main features:
    • hart of Accounts structure – ‘n’ levels


    • Facility to import chart of accounts from excel


    • Funds and Cost Centers


    • Journal Entries


    • Recurring Journal Voucher Template


    • Petty Cash transactions


    • Facility to receive money in multiple currencies in a single transaction


    • Printing and Depositing Checks


    • Bank and Credit Card reconciliation


    • Integrated with 'Budgets' and 'Fixed Assets' functionality


    • All Books of Accounts
    Fixed Assets

    This module records the transactions related to 'Fixed Assets' including depreciation processing.

    Main features:
    • Asset groups and types


    • Seamlessly interfaced with other modules


    • Depreciation by 'Straight Line' and 'Declining Balance' methods


    • Monthly / Yearly depreciation options available


    • Automatic journal entry generation of depreciation


    • Asset register and asset history
    Inventory

    The movement of material or goods is handled in this module. The available stock can also be obtained here.

    Main features:
    • Receipts into stock


    • Issue from stock


    • Valuation based on average cost method


    • 'Physical Stock Adjustment' entry


    • Stock position and item transaction history
    Budget

    This module allows creation and monitoring of the budget of your school to keep track of effective utilization of its financial resources.

    Main features:
    • Budget based on any combination of Account, Fund and Cost Centre


    • Different flexible options to create the budget


    • Validation conditions to warn, prevent or to override the budgeted amount


    • Integrated with all modules of FINACS


    • Comparisons between actuals, budgeted and encumbered; current year and past year
    Payroll

    This module maintains all the information about the employees of the school. Their salary/wages calculation is also covered in this module.

    Main Features:
    • Personal records of employees


    • Any number of user definable payment and deduction heads


    • User manageable formula for calculations


    • Tax table imports


    • Payroll Processing


    • Pay checks generation


    • Extensive reporting
    Utilities

    Different tools and utilities that enhance the usability of the software are made available to the users from this module.

    Main features:
    • Setting of the language of the application


    • Setting of the colors for every screen


    • Setting up of reminders


    • Definition of the interface between Admin Plus ® and FINACS


    • Report writer


    • Definition of layouts for check printing


    • Exchange rate entry and Currency calculator
    Regulatory Reporting & Compliance

    The FINACS Reporting & Compliance module enables regulatory authorities to view, review and supervise new programs and products so that they comply with the relevant regulations pertaining to a particular geography and industry. This module also enables the timely and efficient reporting of data on new programs and products on a periodic basis to ensure that members continue to comply with these regulations. Enterprises can get an integrated view of the processes involved in regulatory reporting and compliance across a variety of industries.

    Main features:
    • Approval of licensed activities


    • Business Rules Governance


    • Managing corporate profiles


    • Regulatory Reporting on periodic basis


    • Inspection of licensee’s onsite processes


    • Alerts and Warnings on suspicious activity


    • Profiling licensee risk and rating industry risk


    • Industry Benchmarked Stats


    • Address Consumer grievance


    • Penalty Management


    • License Revocation

     
     


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