iFinance is a fully integrated fee billing and online accounting solution.
The iFinance solution has been developed specifically with the Bursary in mind to bring together the academic, pastoral, administrative and fee billing elements to help eliminate unnecessary duplication of work and reduce costly mistakes. It seamlessly synchronises with our existing Fee Billing module to offer your school a complete accounting solution. The Fee Billing module handles the complicated billing structures and generates the invoices, whilst iFinance manages the accounts and balances.
The iFinance fee billing feature allows account departments to generate bills and add charges in several different ways for specific applications, current students and alumni. The feature enables the bursary to amend invoices and synchronise this data with a sales and nominal ledger. The flexible deferred income functionality removes the need for monthly journals to be calculated and posted. Featuring a comprehensive suite of interactive reports for pre and post invoice, historic invoices and ad-hoc reports.
The iFinance accounting, consolidation and business intelligence features offer the bursary the capability to generate predefined and custom reports profiled by user. The fully-interactive reporting allows the user to drill down to transaction level and produce customised analysis, which can then be exported to Word, PDF or Excel. The Bank Reconciliation feature allows the user to allocate funds received against outstanding balances, with the balances being fed back to the Fee Billing feature. The approval workflow process enables you to adopt a paperless purchase order and invoice environment.