Introducing Finances
Wisenet Finance provides an integrated solution designed specifically for educational organisations to manage the accounts receivable lifecycle effectively. Importantly, it complements rather than replaces your existing financial management system for reporting purposes.
This feature centralises the data-capturing process. Depending on the specific functionalities utilised, all relevant data can be captured within a single system, thereby enhancing productivity by minimising the need for data duplication and reducing the likelihood of entry errors.
Wisenet Accounts Receivable Lifecycle
Below is a summary of the key components of the accounts receivable lifecycle, highlighting how each feature contributes to streamlining processes:
1. Enquiry Management
- Sales+ Feature: Organisations can publish course offerings online without requiring IT development. Prospective and current learners can apply directly through the website.
2. Quotation Issuance
- Sales Module: Enables electronic provision of quotations to sales contacts (learners/workplaces). Contacts can easily accept or decline quotes online.
3. Invoice Generation
- Automated or Manual Invoicing: Invoices can be generated automatically from accepted quotes or manually based on the enrolled course/unit, referencing a predefined fee schedule. Invoices are sent to the debtor immediately or can be pre-scheduled for future delivery.
4. Payment Collection
- Integrated Payment Gateway: By connecting applications such as Stripe or PayGate, debtors can pay invoices online by clicking on the link emailed. Payments are automatically allocated and reconciled to the corresponding invoice, with reports available for bank reconciliation.
5. Debtor Management
- Centralised Communication Records: All communication history is stored in one system, providing access to aged receivable reports and debtor account statements. This assists in effectively managing debtors and provides valuable insights into their status.
6. Journal Reporting
- Streamlined Reporting: With just a few clicks, files can be generated in a format compatible with your financial system. This reduces the need to duplicate debtor records and streamlines reconciliation between Wisenet and your existing finance system.
Data Integrity and Compliance
- The finance feature ensures the accuracy of financial data reported for government compliance. Built-in controls help mitigate risks associated with incorrect invoicing and minimise errors when transferring financial data for reporting.
Additional Benefits
- Data Export Capabilities: Financial records can be exported using the Data Export feature, and organisations can analyse data through the Business Intelligence (BI) Connector.
Finance Settings
Finance Settings is a crucial, one-time setup that needs to be completed before utilising any related finance features. Though it may occasionally require updates, this step is essential for ensuring smooth operations.
In this section, you define key organisational details that external personnel will use to identify your company, such as your company logo and trading account information. Additionally, you can customise important system defaults, including the default invoice due date, quote expiration date, and how your financial features appear (e.g., your Quote Email Template). Other settings, such as default currency, terms and conditions, can also be configured to match your specific business needs.
These customisations ensure that your financial processes are consistent, accurate, and aligned with your organisation’s branding and policies.
LEARN MORE: Finance Settings
Invoices
The Invoices feature in Wisenet enables you to efficiently process and issue online invoices for learners during their Course or Unit enrolment directly within the Wisenet application.
When a learner receives an invoice, they can easily view and pay it online, providing a seamless payment experience. Additionally, they can download a PDF version of the invoice for their records.
For reporting and analysis, you can export selected invoice records using the Data Export feature, allowing you to manage and review financial transactions outside of the system as needed.
LEARN MORE: Online Invoices
Credit Notes
The Credit Notes feature in Wisenet operates similarly to the Invoices feature, allowing users with the “Owner” access role to issue credit notes. These can be used to cancel an incorrectly issued invoice or to reflect a learner’s withdrawal. Credit notes can also be created as standalone documents, functioning as discount coupons that can be applied to future invoices.
When a learner receives a credit note via email, they can view it online and download a PDF copy by clicking the provided link.
For reporting purposes, credit note records can be exported using the Data Export feature.
LEARN MORE: Online Credit Notes
Quotes
Wisenet’s Quotes feature allows you to seamlessly create, issue, and invoice quotes.
When a quote is issued, it is emailed to the customer, who can view and instantly accept or decline it online. Accepted quotes can be quickly converted into invoices for streamlined processing.
For reporting or record-keeping, selected quote records can be exported using the Data Export feature.
LEARN MORE: Quotes
Payments
A log of payments made against an invoice is accessible in Wisenet under the Finance > Payments section.
To locate specific payment details, you can use the filter and quick search functionalities on the Payments page.
For reporting or external processing, selected payment records can be exported using the Data Export feature.
LEARN MORE: Introducing Payments
Refunds
A log of refunds issued against credit notes is available in Wisenet under the Finance > Refunds section.
To view specific refund details, use the filter and quick search functionalities on the Refunds page.
For reporting, refund records can be exported using the Data Export feature.
LEARN MORE: Introducing Refunds
Journal Reporting
Wisenet’s Journal Reporting in Wisenet Finance allows easy export of financial data compatible with systems like Xero and MYOB AccountRight. This feature provides a T-account format (Debit and Credit) report of transactions, covering Invoices, Credit Notes, Payments, and Refunds, with tax details shown under the Tax Type column for clarity.
Journal exports are accessible via the Data Export feature, ensuring consistent integration with your finance system.
LEARN MORE: Journal Reporting
Fee Schedules
The Fee Schedules feature in Wisenet helps organisations introduce internal controls by creating a predefined set of Finance Items associated with Courses, Units or Qualifications.
Once the fee schedules are created for a Course, Unit or Qualification, they will appear as selectable items during the Course, Unit or Qualification enrolment to streamline the enrolment invoice creation process as well as reduce the processing time.
LEARN MORE: Fee Schedules