Budgets and Finance
Class budgeting and viability calculator
Keep on top of your income and projected expenses. Each class can be allocated a set of costs: fixed, per session, per hour or per enrolment. This allows you to define costs such as room rental per session, tutor fees per hour, materials costs per student and so on. Items can be refundable (eg not incurred if the class is cancelled) or sunk (incurred if the class runs or not). This distinction allows you to calculate the go ahead or cancellation costs of a class that runs with minimal students.
You can also enter your target enrolments, enter funding arrangements (eg. government contributions) calculate minimum break-even, report on target vs actuals over any period and produce annual budgets.
Information about applicable discounts to the class and calculations of discounts applied ensure that your fee income is always showing what you have actually collected to date.
In conjunction with the timetabling functions, class changes like the provision of an extra session, will provide a real time update to your budget. You can also use this data to prepare payroll information about tutors pay rates and time in attendance to pass on to your pay officers.
Image:Budget lines in a class
Integrated book-keeping throughout
By integrating a full double entry general ledger system within ish onCourse, keeping track of your finances is a breeze. Every enrolment, payment, invoice or other transaction within the system automatically creates the right general ledger history for generating comprehensive profit and loss reports, BAS returns and other financial information.
Because key financial data (invoices and enrolments) cannot be deleted in ish onCourse, their comprehensive history gives you an audit trail forever.
Image: General ledger layout showing transactions