SchoolTime Setup Guide Part 3
The Finance Module lets you create your own Fee Structures. It is very flexible to accommodate any fee type and structure you follow in your Institutions. Creating Fee Categories helps you in building a business intelligence to understand your income sources and take appropriate informed decisions.
Note: Attaching fee does not mean that you have raised an Invoice of fee payment. To raise an invoice or payment requisition, go to the Invoice Menu under Accounts.
Payment Gateways allows your Institution to collect payments from Students/Parents via Credit Cards and Net Banking. SchoolTime is integrated with more than 60 Payment Gateways, check the list here. You need to contact your preferred Payment Gateway Provider and register with them as Merchants. All authentication details are provided by the Gateway which you can just paste here to activate. Learn More on How to Configure Payment Gateways.
Once you have activated a Payment Gateway, every Invoice you send to your Students/Parents will have a "Pay Now" button, which when clicked by the recipient, will take them to the payments page.
Important: Using online fee collection will not only help your Students make timely payment from the convenience of their home, but will also update the Invoice status in your system to "Paid" automatically, avoiding you all the trouble of manual reconciliation.
Invoice: Click the RED + Button to create a new Invoice.
- Select a Class for which you want to generate an Invoice. Remember, you have already created the Fees before.
- So all you need to do here is choose the various fees from the list.
- Add a Due Date, and if you want to add a Late Fee, give the amount. The Late Fee will be automatically appended to the invoice amount post the due date, provided the invoice remains in "Unpaid" status.
- You can even select this Invoice to be generated for all students of the chosen class, or specific students.
- Click "Create Invoice" and at one shot, the Invoices are created for the chosen class.
- Once you have verified the Invoices, you can send them to the recipient via email.
- The invoices will also be visible to the Students/Parents in their respective portal logins.
Outcome Day 3: By the end of Day 3, you have set up your fee structure, activated Payment Gateway, and have been able to create Invoices for Students to pay.