In the dynamic landscape of educational services, managing finances effectively is crucial for institutions to sustain and thrive. Intrinsiq, a leading school management system, has revolutionised the way educational institutions handle deferred payments, especially when courses overlap multiple accounting years. This article delves into the accounts-based intricacies of Intrinsiq's approach, shedding light on how income is earned and accounted for, even when students pay their course fees in full upfront.

Criteria One: Securing Paid Charges Within the School's Pockets

To ensure that the system accurately reflects when a paid charge is secured within the school's financial framework, Intrinsiq introduces the concept of Non-Refundable charges with flexible options. Administrators can set up each charge type within the system with the following criteria:

Non-Refundable – Upon Paid: This option ensures that the charge is considered non-refundable immediately upon payment, providing financial security to the institution.

Non-Refundable – Once Course Starts: For charges associated with course-related services, this option ensures that the funds become non-refundable once the course officially commences.

Non-Refundable – During Delivery: In cases where the charge is linked to ongoing services or resources delivered during the course, this option allows the institution to mark the charge as non-refundable as the services are being provided.

By providing these options, Intrinsiq enables institutions to customise their approach to payment security based on the nature of the charge and the corresponding services.

Criteria Two: Determining When Each Cost Is Earned by the School

Intrinsiq recognises the importance of accurately tracking and accounting for income, especially when courses extend over multiple accounting years. To address this, each charge type comes with a dropdown menu that specifies how the charge is earned. The two primary options are:

On Course Start: This option is suitable for one-off fees, such as administration or booking fees, which are earned at the commencement of the course. By selecting this option, institutions can recognize and account for these charges immediately.

During Delivery: For charges associated with ongoing services or resources delivered throughout the course duration, Intrinsiq allows institutions to split the total cost over the number of working days or days of the week that cover the booked services. This ensures a more accurate reflection of when income is earned, especially in cases of overlapping courses.

Intrinsiq's innovative approach to deferred payments addresses the unique challenges faced by educational institutions with courses extending over multiple accounting years. By providing flexible options for securing paid charges and accurately determining when each cost is earned, Intrinsiq empowers institutions to manage their finances with precision and transparency. This not only enhances financial stability but also contributes to a more efficient and sustainable educational ecosystem.