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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

    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

    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

    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

    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

    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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