What are the steps for creating fee structure?

Having a fee structure defined for students in an organization or institute is important for several reasons:

• Clarity and Transparency: A well-defined fee structure ensures transparency and clarity for students and their families regarding the cost of education. It provides a clear breakdown of the fees charged for various services, such as tuition, accommodation, transportation, or any additional facilities
• Financial Planning: By knowing the exact amount they need to pay and when it is due, they can budget accordingly, seek financial assistance if required, or explore alternative options
• Resource Allocation: A well-defined fee structure ensures a steady and predictable source of revenue, enabling the organization to allocate resources effectively and enhance the overall learning experience
• Equity and Access: A structured fee system ensures fairness and promotes access to education for students from diverse backgrounds. By clearly outlining the fees and associated costs, institutions can design financial aid programs or scholarships to support students who may face financial constraints
• Compliance and Accountability: Defining a fee structure helps institutions adhere to regulatory requirements and maintain accountability. It ensures that the fees charged are reasonable and aligned with the services provided
• Student-Organization Relationship: A transparent fee structure contributes to a positive relationship between the students and the educational organization. Students feel more valued and respected when they understand the costs associated with their education

In your instance, the SuperAdmin or any privileged employee can access and create a fee structure. Let's walk through this procedure using the following example:

• Admission Fee
• Study Kit
• Transportation Fees
• Miscellaneous Fees

Below are the steps to do so:

1. You must first create the fee heads/fee type by going to Finance > Fee Setup > Fee Heads
2. Once the fee type is created, you will then need to navigate to Finance > Fee Setup > Fees Group to group fee heads for a specific course or class
3. Let's say you want to collect the fees for Class 1. So you will create a fee group as Class 1.
4. After you've created the fee groups, you'll assign the fee heads to them by going to Finance > Fee Setup > Fees Master
5. Select the Fee Group you created, select the Fee Head, enter the amount, due date, and fine value (if you want to collect the fine), and click Save on the Fee Master page
6. You will now assign the Fee Master to the students once it has been created. You can do this by clicking the assign button next to the fee master you created
7. Search the students for course or class on the Fee Master Assignment page, checkmark all if you want to assign the fee to all students, and then click Save
8. After saving, go to Finance > Fee Collection > Collect Fee, search for the student(s), and click the Collect Fee button next to the student for whom you want to collect fees
9. To add the fee to the platform, click the + button on the Fee Collection page. To generate a fee receipt prior to fee collection, simply click the print receipt button next to the collected fee

Note: If you collect fees on a monthly basis, you must create a fee head for each month.