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
1. Manage Enquiries
- Sales+: Publish course offerings online without requiring IT development. Prospective and current learners can apply directly through the website.
2. Issue Quotes
- Send quotes to sales contacts (Learners/Workplaces) and allow them to accept or decline online.
3. Generate Invoices
- Automated or Manual Invoicing: Generate invoices from accepted quotes or use a predefined fee schedule based on a course or unit. Send invoices immediately or schedule them for future delivery.
4. Collect Payments
- Integrated Payment Gateway: By connecting applications such as Stripe, debtors can pay invoices online. Payments are automatically allocated to the corresponding invoice, with reports available for bank reconciliation.
5. Manage Debtors
- 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
- Wisenet Finance ensures the accuracy of financial data 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: Export financial records using Data Exports and analyze data through the Business Intelligence (BI) Connector.
Wisenet Finance sections
Finance Settings
Before using any finance features, it is essential to set up your Finance Settings. This ensures that all financial operations are configured correctly from the start.
Invoices
Use Wisenet Invoicing to efficiently process and issue invoices for learners during Course or Unit enrolment.
Learners can view and pay invoices online and download PDF copies for their records.
Export selected invoice records using the Data Export feature for reporting, analysis, and external financial management.
Credit Notes
Use Wisenet Credit Notes to issue credit notes for canceling incorrect invoices or reflecting learner withdrawals. Create standalone credit notes as discount coupons for future invoices.
Learners can receive credit notes via email, view them online, and download PDF copies through the provided link.
Export credit note records using Data Exports for reporting and analysis.
Quotes
Create, issue, and invoice quotes seamlessly using the Quotes feature.
Email quotes to customers, allowing them to view and instantly accept or decline online. Convert accepted quotes into invoices for streamlined processing.
Export selected quote records using Data Exports for reporting and record-keeping.
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.
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.
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.
Getting Started with Xero Journal Data Import
Fee Schedules
Create multiple Finance Item groups for Courses or Units with Fee Schedules. Tailor Fee Schedules for various Learner groups, such as domestic or international, and funding categories such as partially funded learners. Use custom invoice-by-date logic to align with your organisation’s financial processes.
Fee Schedules are saved against Courses and Units. Create Fee Schedules at the Course/Unit level, then assign one or more default Fee Schedules against Course Offers and Unit Offers.
Each Fee Schedule has its own (optional) invoicing date logic.
Learner Finance Account
The Learner Finance Account feature helps organisations create a link between enrolments and invoices to perform a reconciliation and ensure all active enrolments have been invoiced.
Once a learner is enrolled in a Course, Unit, or Qualification via the Sales+ Online enrolment pathway, the Account Items will automatically appear on the Learner Account for review. Additional Account Items can be added to the Learner Finance Account list to be reviewed, modified, and then trigger the invoice creation event.