Finance Module Introduction

The Finance Module in Acharya ERP is a comprehensive suite designed to manage all aspects of institutional financial operations. It streamlines and automates processes related to accounts, banking, fee collection, payments, refunds, vouchers, settlements, and reporting, ensuring transparency, compliance, and efficiency.

Key Capabilities

• Account Management: Define and manage account groups, ledgers, tally heads, voucher heads, and opening balances for a robust financial structure.
• Bank & Cash Management: Maintain all bank and cash accounts, update balances, manage bank groups, and track all transactions.
• Bank Import: Import and reconcile bank transactions in bulk via CSV, and manage bank groups for streamlined integration.
• Fee Collection & Receipts: Generate, manage, and report on student fee receipts, including support for multiple payment modes (cash, online, DD, RTGS, USD).
• Payment Windows: Configure and manage payment windows for fee collection, including QR code and payment link generation for external payments and user assignment for collection responsibility.
• Currency Conversion: Maintain and update Dollar to INR conversion rates for accurate foreign currency transactions.
• Collection Summary: Analyze collections by user (accountant) and by school, with breakdowns by payment mode and date range.
• Vouchers: Draft, verify, approve, and manage payment and journal vouchers, including attachments, audit trails, and status tracking.
• Refunds & Paid Fee Updates: Process student fee refunds, update paid fee records, and handle fee waivers.
• Reports: Access detailed reports for receipts, vouchers, DD details, payment gateway settlements, and more, with advanced search, filter, export, and audit trail features.

Workflow Overview

1. Account Setup: Configure account masters, bank/cash accounts, and opening balances.
2. Fee Collection: Collect fees via various payment windows and modes, generate receipts, and manage refunds.
3. Bank Reconciliation: Import and reconcile bank transactions, manage settlements, and track DDs.
4. Voucher Management: Draft, verify, approve, and track payment and journal vouchers.
5. Reporting & Compliance: Generate comprehensive reports for collections, receipts, vouchers, settlements, and more, ensuring auditability and compliance.

Integration & Security

• Audit Trail: Every action is logged for transparency and compliance.
• User Roles: Assign responsibilities for payment collection, voucher approval, and financial operations.
• External Integrations: Seamless integration with payment gateways (e.g., Razorpay) and support for external payment links and QR codes.