Session 6 - Finance

Introduction

This article contains all information and resources required for Session 6 of the Onboarding Education training series. In this session, you will be introduced to some of the options for dealing with finance within the SMS. Generating invoices, payments and refunds will be covered, as well as a thorough introduction to the Smart Fees system. 

Figure 1. Session placement in workflow.

Topics Covered

1. Finance Preferences

2. Finance Overview and Basics

   1. quotes

   2. invoices

   3. payment

   4. refund/credit notes

3. Smart Fees

   1. Overview

   2. Reference Data for Smart Fees

   3. Linking Smart Fee to a Course

4. Finance Hub

Session Recording

Timestamps 

• Introduction - 00:00
• Training Overview -  01:00 
• Party Invoices Overview -  02:46 
• Setting up Party Invoices -  12:51 
• Course Form Payments Overview -  13:42 
• Setting up Course Form Payments -  28:28 
• Bulk Enrolments Payment Options -  34:13 
• Setting up Bulk Enrolments Payments -  37:07 
• Smart Fees Overview -  43:02 
• Creating Smart Fees -  49:42 
• Automatic Smart Fees -  56:12 
• Setting Up Automatic Smart Fees -  59:11 
• Finance Hub -  1:01:21 
• Summary & Action Items -  1:03:53 

Consulting Sessions 

If you wish to complete this session with an education consultant, you can book a paid one on one session here: [not currently available]

Session Resources 

To complete this session, you will require the following resources. Please be mindful that the majority of sessions are more valuable if you have completed the previous sessions in the workflow (see figure 1).

The following diagram displays the processes you will need to set up for different types of payments. This diagram is reproduced from the PowerPoint slides (available for download above). Each process is documented in full in the webinar. 

Session Outcomes/Action Items 

Following the session, we recommend you complete the following action items. This will assist in enabling you to set up your Student Management System correctly, as well as prepare you for the next and future training sessions.

• Create a quote

• Create an invoice

• Create a payment

• Create a refund/credit note

• If using Smart Fees: 

  • Setup a Smart Fees library 

  • Link Smart Fees to a Course

  • Setup Course Form payments

• Take a look at Finance Hub to view what you have created

Additional Resources 

The following resources provide additional support and information relating to this session.

• PowerPoint (download)

• Finance Preferences Overview

• Process: Creating an Invoice for a Party

• Process: Creating a Payment for an Invoice

• Process: Adding a Payment Option for a Course

• Process: Creating a Credit Note and Refund for an Invoice

• Adding a Smart Fee Library

• Process: Using Smart Fees Within a Course

• Create a Pricing Period for a Smart Fee

FAQ

• I am trying to set up smart fees, however, I can’t see the payment options to add this to the course under finance.
  It's possible you have enabled automatic Smart fees for your course. If you have enabled automatic Smart fees you don’t get the option to manually setup a payment option. 
  If you are not wishing to uses automatic smart fees and are yet to take any enrolments you can navigate to the course details and disable this feature.
• Why can’t I disable automatic Smart Fees?
  You are unable to edit the automatic smart fees feature once you have started to take enrolments. 
• Can I take a deposit at time of enrolment through the course from, and then uses SmartFees to charge the rest of the cost at enrolment?
  Yes, this is possible. Note: you will NOT be able to use automatic SmartFees as you will need to set up a payment option. 
• We don’t use quotes, Do you have to quote to create an invoice?
  You don’t have to quote to be able to invoice. Its possible to jump over the quote step and move right onto the invoice step.