School fund software for the administration of school income and expenditure accounts
Managing school funds is a time consuming and often frustrating exercise. Historically, schools used either a manual ledger book or a simple excel spreadsheet to account for tens of thousands of pounds worth of income and expenditure.
FundsMaster can import data from ParentMail.
FundsMaster enables the appropriate member of staff to record all income and expenditure and maintain bank reconciliation records. A comprehensive suite of management reports and full audit trail are standard.
Import Historical Data & Reports
At the end of each financial year FundsMaster’s End of Year Routine is designed to remove all the reconciled transactions, delete any inactive funds, move monies to/from the School Fund and closing balances become opening balances.
Before completing the End of Year Routine, you are prompted to Backup your data, should you need to review it in the future. FundsMaster also has the ability to Import Historical Data using your Backup files. This allows you to review previous years reports much more easily.
Furthermore there is a new option within the Reports Menu for viewing Historical Reports. After Importing Historical Data you are able to look at reports relating to previous financial years.
Auto Backup Facility in FundsMaster
We recommend you backup your data onto a USB memory stick and store it offsite. Should you forget to backup your data, FundsMaster is now designed to automatically backup your data (creating 5 backup folders – time and date stamped) when you exit from FundsMaster.
It is important that you still have an offsite backup of your FundsMaster data in case your computer breaks down
Payments, Receipts & Transfers
FundsMaster provides an accessible interface for the daily administration of your school fund account. Easily add payments, receipts and transfers to keep an electronic ledger book.
When you make a fund inactive FundsMaster automatically hides it from fund option boxes (you can override this option) and when viewing Fund Reports, the text colour is lightened.
Bank Reconciliation is optimised to make it smooth data entry against your bank statement. This includes a ‘quick tick’ option, which will reconcile all transactions. This option is particularly useful for reconciling Petty Cash account where a bank statement isn’t available.
This is a brief overview of the functionality of FundsMaster, which has been used in schools UK wide since 1996. Please contact us with any questions on 0845 345 1002.