Fee Plan Launch 🎉
We're thrilled to introduce our latest feature : Fee Plan. With this release, we've merged our old fee templates into the new and improved Fee Plan feature.
Here's what you need to know:
⚠️ Disclaimer:
All existing fee plans and invoices have been seamlessly migrated to the new Fee Plan feature without any impact on functionality. You can continue managing your fees and billing processes as usual.
⛔ Fee Template - Old Feature
Templates were collections of fee items used to bill students on a recurring basis for the lifetime of their enrolment. Here, discounts were applied uniformly to every invoice.
Fee Plan - New Feature
With Fee Plan, you have greater control and flexibility over your fee management process, allowing you to tailor billing to the unique needs of your institution and students.
Fee Plan offers a customisable approach to fee management with several enhancements:
Ad Hoc and Recurring Billing:
With the Fee Plan, you can now create both one-time components for specific charges and configure recurring components for regular fees.
Find an example of one time fee ‘Registration Fee’ below.
Quantity Assignment:
Assign quantities to fee items to accurately reflect the quantity of goods or services being charged, such as multiple books or sessions.
For example, if a student purchased 2 uniform kits, you can now assign quantity 2 ( as shown below) in the invoice.
Flexible Discounting:
New Fee Plan allows you to customise discounts on a per-item basis, allowing you to apply different discount rates to individual fee items as needed.
You can in fact choose to apply discounts on individual fee components or entire invoice amount.
Discount Codes:
Instead of applying discounts directly as a percentage, Fee Plan allows you to create and apply discount codes. This provides flexibility in offering promotions and discounts to students.
You can easily create, manage, and track discount codes within the Fee Plan feature. This allows you to efficiently administer promotions and discounts, monitor their usage, and adjust as needed.
Navigate to Fee Plan → Discount to begin creating discount codes.
Mark fee components as ‘Refundable’
You can now mark a fee component as ‘Refundable’ to track fee items to be refunded later to the students. You can leverage this feature to keep track of fee items such as Security Deposit etc.
Student level Customizations:
You can now customise billing dates and override discounts for individual students. This feature enables personalised billing arrangements to accommodate unique student circumstances or agreements.
Term-wise Billing:
You can choose to generate bills at regular frequency such as - Weekly, Bi-weekly, Monthly, annual as well as define custom terms now.
Term-wise billing enables you to bill students based on specific terms or periods, with the option to select invoice generation date for each period.
Find an example below with custom term period set as 1st Feb ‘24 - 20 th Feb’24 and invoice generation date set as 12th Feb.
Tax Application:
Manage taxes per fee item, ensuring accurate and compliant billing by applying relevant taxes to each invoice as required by local regulations.
We have introduced a setting to allow administration to enable or disable tax application at fee item vs invoice level.
Navigate to ‘Settings’→ ‘Billing’ for this setting. Enable ‘Invoice’ level tax to manage tax applicate at whole invoice level.
Tax rate Management
Fee Plan introduces a new section dedicated to managing tax rates and codes. Access it from Fee Plan → Tax Rate. Here, administrators can create and manage tax codes to categorise different types of taxes, streamlining tax reporting and compliance.
There are a couple of exciting changes made to Invoices as well. Read on below to find out more
Customise Invoice PDF
You can now completely customise the invoice pdf sent to your customers.
Navigate to ‘Fee Plan’ > ‘Customise PDF’ to access this feature. You can select from a number of fields, add extra fields, configure billing details, and styling information anytime. At any time while making changes, you will also be able to preview changes in the right pane.
ℹ️ You can now add ‘Company information’ to the invoice depending on your requirements.
View upcoming Invoices
We have introduced a new section for you to check invoices to be generated in the next few days to ensure smooth billing & processing.
You will be able to view upcoming invoices by student names, fee plans or specific dates.
Each of these features empowers childcare operators to streamline their fee management processes, provide tailored billing experiences for students, and maintain compliance with tax regulations. By offering granular control and customisation options, Fee Plan enhances efficiency and accuracy in fee management while catering to the diverse needs of both institutions and students.