FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE
They are the best ca final faculties in India. They have produced many toppers & rank holders. Their video classes are available only here -
CHECK VIDEO CLASSES HERE

Procedure for Fee Collection in school

Procedure for Fee Collection in school

With the rapid advent of technology, most of the large institutions prefer to outsource the collection and accounting of the fees through their designated bankers. This results in considerable reduction of risks and documentation on the part of the institution. The collection may be limited to a single branch of the agent. In such a case, generally the bank opens its extension counter within the institution’s premises to provide dedicated services. However, with rapid inroads of the foreign and private banks, a new dimension to banking has been added with constant up gradation of the facilities with use of the latest technology. Now, the concept of ‘anywhere’ banking is the in-thing. This facility has revolutionised the concept of the fees collection through authorised banks. Now institutions of middle to large scale, prefer to appoint collection banks having branches all over the country with the facility of anywhere banking. Under this facility, the students/parents may remit the fees at any of the bank’s branch anywhere in the country or at the designated branches. The fee is credited to the centralized account of the institution instantly or after the realisation of the cheques/demand draft as the mutually agreed terms may be. The information as to the remittance is available to the institution in ‘real time’. The procedure, generally, followed by the institution for outsourcing the fees collection is given hereunder:

Procedure for Fee Collection in school

(a) A collection agent is identified. The choice of the banker to act as a collection agent, generally, depends on a number of factors such as the network of the banker, the service charges (generally, these services are provided free of cost, with a rider that the institution shall maintain a predetermined minimum balance with the bank), the reporting procedure, the scale of the institution, etc.
(b) Designated bank accounts are opened. These accounts may be different for different types of fees receipts. For example, separate bank accounts may be opened for the caution money, tuition fees, hostel fees, miscellaneous fees, etc.
(c) Each student who is granted admission to the institution is allotted enrolment number that is a unique student identification number.

Procedure for Fee Collection in school

(d) The pay-in-slip (which is, generally, customised for the institution) bears this unique student identification number mandatorily and the same is used for remitting the fees into the bank account of the institution.
(e) Generally, the pay-in-slip has three copies, one each for the student, the bank and the institution. The institution’s and the banker’s copy is retained by the bank and it is handed over to the institution after appropriate intervals. However, with the concept of the paper less offices catching the imagination in today’s high-tech world, the pay-in-slip methodology is getting outdated and now the fees can even be remitted through the ATMs of the banks in which no such physical documentation is generated except for acknowledgment to the remitter.
(f) The bank reports the collection on daily basis to the institution through conventional methods or online.

Procedure for Fee Collection in school

cakart

Click here to download FREE CA CS CMA books.

Procedure for Fee Collection in school

Procedure for Fee Collection in school

Leave a comment

Your email address will not be published. Required fields are marked *

//