Question

1. What is the role of school accountant/financial officer.
2. What is the objective of school accountant/financial officer
3. What strategy can school accountant/financial officer use in obtaining school fees.

Answer 1

Role of School Accountant/financial Officer

The main role of a school accountant is to assist in the management with establishing the budgets, its analysis, planning, and organising procedures throough which they will be received.

They control payroll for the staff and fees of the students as well.

Help in preparation for the annual school audits, annual budgets and review them. They also help in making school's income and expenditure statement as per the budget.

They manage and negotiate all the contracts and leases with external parties.

Essentially involved in all financial transactions including banking, fundraising, security and disbursements.

Maintains records of trade payables, receivables and school bookkeeping

Operational cost includng schools running cost, salaries of non- teaching staff, maintainace cost of classrooms, purchase of furniture,stationery, leases and rentals have to be recorded for cost purposes.

Objectives of school Accountant

The main objective of a school accountant is to keep systematic record of all the financial, fiscal, and accounting transactions of a school. It helps in ascertaining the profit/loss for the school and thus the its financial position during a particular period.

Strategy in Obtaining Fees

Either the school can provide a financial manangement software package or the accountant can use data entry process wherein all the necessary reports can be generated. All the fees will be done digitally with receipts to avoid any future problems. According to school'sbank account and the revenue generated, data will be collected of how many students have paid their fees in full/half payments till now. Students/Parents after transferring the money will be required to fill a from regarding the account details from which the transfer of the fees has been done. IIFC code will be mandatory. After the deadline, the accounatnt should have details as how many students are yet to pay their fees or if any reconciliation is required.