In the Account Setup, you can modify changes to the general setup of the school, monitor previous and present accounts, and set plans for Basic and Higher education depending on your school in the preparation for a new academic year. It consists of three categories depending on your school namely: System, BED(Basic Education), and/or College.
The System consists of 3 subcategories, these are:
- Chart of Accounts
- Cost Center
- Fiscal Year
Chart of Accounts - The Chart of accounts is the location of files where you can monitor your school Assets, Liabilities, Equity, Income, and Expenses.
Cost Center - A cost center is a function within an organization/company/school that does not directly add to profit but still costs money to operate. Examples of cost centers are Accounting, HR, and IT departments. You might also include the Academic Departments, School Organizations/Clubs, Student Councils, and ROTC/NSTP.
Fiscal Year - A fiscal year is a 12-month accounting period that a business uses for financial and tax reporting purposes. It is a selection where you can enable and disable your school/organization's fiscal year based on your financial planning requirements.
Basic Education has a single selection in setup. It should have fixed school fees depending on student's level as a standards-based sequence of planned experiences where students practice and achieve proficiency in content and applied learning skills to discover their talents.
The college has a unique setup different and complicated from basic education wherein subjects and laboratory fees are separated from planned school fees.
There are schools where college students are offered freedom in choosing their subjects. This complicated setup is also applicable when a particular student has an incomplete subjects from previous year, a transferee, or a course shifter.