Start to finish banking process
- Till Closure
- Process Banking
- End of day summary
Till Closure
To close a till:
1. From Finance module,
2. Select Banking and choose Tills.
3. Select the applicable till to close.
4. Select the User from the dropdown if permitted, otherwise your details will be the default.
5. Select Close Till.
The Batch ID will be created, with the start/end dates and times populated in the summary.
6. The user will be directed with a Close Till screen. This is used to balance the till by:
a. Counting and applying cash denominations to the relevant fields.
b. Counting other payment method values such as cheque, money order and third party payments.
No entry is required for EFTPOS or third party payments, as they are self-balancing.
Note: Where a subsidy has been received, this will appear in the Third Party section for balancing.
7. Where the Total Receipted and Total Counted balance, i.e. there is no discrepancy, select Close Till. The batch status will now be showing as ‘Draft’.
Till Discrepancies
1. Where there is a discrepancy - review the receipted payments for the payment method:
a. Select the payment method Total Receipts amount. This will take you into the Payments Register
b. Review the values to try and work out what has occurred and locate the discrepancy.
As a result of this investigation, you may need to reverse a payment and reprocess the transaction for the correct value.
c. If you have corrected a payment:
o Update the end date and time field for the batch, as this will impact the inclusion of the corrected payment for balancing.
o Select the button next to the End date and time in the Edit Till screen this will refresh the transaction data on the page.
Note: Changing the end date and time till data may also impact other payment method balances, and these may subsequently need rebalancing.
d. Where you are unable to locate a discrepancy, complete the Reason for Discrepancy
e. Select Save. The batch status is now showing as ‘Draft’.
Process Banking
Banking of funds requires the completion of the following:
1. From the Finance module.
2. Select Banking and Bank Deposit.
3. Select Create Bank Deposit.
4. Select the applicable Batch IDs to be banked.
Once selected, the banking batch will default the start and end date/time, and count the No of Batches.
5. Select Save to complete.
Note: Optional reporting to support the bank deposits is available should you wish to print these via the Generate Reports.
If required, the system will produce a number of PDFs including:
o All Report – Produces all the below listed reports.
o Bank Deposit Sheet report – Individual batch report of all payment methods.
o Bank Discrepancy Management report – Individual batch report showing discrepancies identified.
o Cancelled Receipts and Refunds Report – Includes all cancelled receipts and refunds within the time frame of the bank deposit.
End of Day Summary
This process is run as required and collates the existing checked bank batches for online or hard-copy signoff.
To do this:
1. From the Finance module,
2. Select Banking
3. Choose End of Day Summary. View prior End of Day Summary reports Reports completed show Approved.
4. Select Create Report. The system will generate an End of Day Summary report from the last date run to the current date and all checked batches.
The status will show as Draft.
5. Select Save. The EOD Summary is now awaiting review and approval.
Note: Optional reporting to support bank deposits is available should you wish to print these via the Generate Reports.
6. If required to produce hard-copy reports, select Generate Reports, and choose All Reports.
The system will produce a number of PDF reports to support the approval process:
a) End of Day Summary report – Includes all tills and values and is a combined representation of the batches.
b) Cancelled Receipts and Refunds report – Includes all cancelled receipts and refunds transacted within the time frame of the End of Day Summary.
c) Cancelled and Adjusted Fees report – Includes all cancelled and adjusted fees transacted within the time frame of the End of Day Summary.
End of Day Summary Approval - Approval of the End of Day Summary is required by an authorised user, typically the school’s Principal. This detail is held and managed within the Fees & Payment Setup, under Banking Permissions.
To approve the End of Day Summary:
1. From the Finance module
2. Select Banking
3. Choose End of Day Summary.
4. Select Edit from the summary screen to drill down into banking.
a) Review the data, select the various hyperlinks – Bank Deposit ID, Batch ID to view batch deposit data.
b) Within the Batch ID, select the Total Receipted to view further payment data for a payment method. This will take you to the Payments Register.
c) Select Details to view payment data and the Fee No to view the fee. Extra Fee data can be accessed via Details.
d) Once the approver to ready to approve:
- Select Mark as Approved - A popout confirmation window is provided.
- Select Confirm. - The batch status will be updated to Approved.
Watch our video tutorials to learn more about Sentral Finance or view user and admin guides
6. If required to produce hard-copy reports, select Generate Reports, and choose All Reports.
The system will produce a number of PDF reports to support the approval process:
a) End of Day Summary report – Includes all tills and values and is a combined representation of the batches.
b) Cancelled Receipts and Refunds report – Includes all cancelled receipts and refunds transacted within the time frame of the End of Day Summary.
c) Cancelled and Adjusted Fees report – Includes all cancelled and adjusted fees transacted within the time frame of the End of Day Summary.
End of Day Summary Approval - Approval of the End of Day Summary is required by an authorised user, typically the school’s Principal. This detail is held and managed within the Fees & Payment Setup, under Banking Permissions.
To approve the End of Day Summary:
1. From the Finance module
2. Select Banking
3. Choose End of Day Summary.
4. Select Edit from the summary screen to drill down into banking.
a) Review the data, select the various hyperlinks – Bank Deposit ID, Batch ID to view batch deposit data.
b) Within the Batch ID, select the Total Receipted to view further payment data for a payment method. This will take you to the Payments Register.
c) Select Details to view payment data and the Fee No to view the fee. Extra Fee data can be accessed via Details.
d) Once the approver to ready to approve:
- Select Mark as Approved - A popout confirmation window is provided.
- Select Confirm. - The batch status will be updated to Approved.
Watch our video tutorials to learn more about Sentral Finance or view user and admin guides