Mastering Fee Schedule Creation for Efficient Payment Tracking

Guides & Tutorials
1

Introduction

Introduction

Welcome to the guide on the Fee Schedule feature in Empress. This remarkable tool is designed to help you establish a timeline for student fee payments, tailored to specific Student Groups. It streamlines the financial process, ensuring payments are tracked and managed efficiently, saving you valuable time and resources.

Prerequisites

Before you dive into creating a Fee Schedule, there are two key prerequisites:

  1. Fee Structure: You’ll need to have an established Fee Structure for the academic year.
  2. Student Group: You’ll also need to have defined Student Groups available.

Creating a New Fee Schedule

Creating a new Fee Schedule is straightforward. Here’s the step-by-step process:

  1. Navigate to the Fee Schedule list and click on “New.”
  2. Add the appropriate Fee Structure. Once you do this, the Fee Break Up for Each Student will automatically populate.
  3. Specify the Academic Year and the Academic Term.
  4. Add the Due Date for the fees.
  5. Choose the relevant Student Group.
  6. Click on “Save” and then “Submit.”

It’s that simple!

Utilizing Fee Schedule Features

The Fee Schedule feature in Empress is packed with numerous functionalities designed to enhance your financial management. Let’s explore them:

Customizing Print Settings

You can add a personal touch to your Fee Receipts by customizing the:

  • Letter Head: Choose the Letter Head to be used for printing the Fee Receipt.
  • Print Heading: Select the Print Heading for the Fee Receipt.

Integrating Accounting

One of the standout features of the Fee Schedule tool is its integration with accounting. Whenever a student submits their fees, the payment is automatically recorded in the system, and your Accounts get updated simultaneously.

To facilitate this, you can add your Accounts details in the Fee Structure:

  • Receivable Account: Enter the name of the Receivable Account for your institution.
  • Income Account: Select and add the Income Account for your institution.
  • Company: Select and add the Company under which all the payments are made. This is especially useful if there are multiple institutions in your Empress account or if the Accounts are handled by a Sister Company.

Setting Accounting Dimensions

  • Cost Center: Select and add the name of the Cost Center of your institute for Accounting Dimensions.

Conclusion

In conclusion, the Fee Schedule feature in Empress provides a comprehensive solution for managing student fee payments. It not only simplifies the financial process but also ensures seamless integration with your accounting system. For further assistance or resources, feel free to visit our support page.