The modules of FINACS are:

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:

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:

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:

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