In EDUBase's Finance module you build the chart of accounts from your own account heads, grouped into GL groups and typed as asset, liability, equity, income or expense. Fee receipts and salaries then post to these accounts automatically.
What is a chart of accounts in a school?
A chart of accounts is the list of account heads your school uses to record money. Every fee received, salary paid or expense booked is placed against one of these heads, so the trial balance, profit and loss and balance sheet can be read later.
In EDUBase Finance & Accounting, the chart of accounts and GL groups are your own. You decide the heads and how they are grouped; the system does not force a fixed list on you.
How do I set up the chart of accounts in EDUBase?
The Finance module lets you define account heads, group them under GL groups, and give each one a type. The steps below describe the order that works for most schools.
- Decide your groups first, such as current assets, fee income, staff costs and administrative expenses.
- Create the GL groups, then add the account heads under them.
- Type every account as asset, liability, equity, income or expense, because the statements depend on this type.
- Add heads for the places money lands, such as cash and each bank account the school uses.
- Add income heads that match your fee particulars, and expense heads that match how your office spends.
- Review the list with your accountant before posting any entry.
Which accounts should a school create first?
Start with the accounts that automatic postings need. Fee payments, refunds and salaries post to the ledger without re-entry, so cash, bank, fee income and salary expense heads should exist before the first collection or payroll run.
Other income and expenses are entered later on the Add Other Income and Add Expense screens, or through journal entries, so heads for those can be added as the need appears.
What should I check before posting transactions?
Once posting begins, corrections work differently. In the new ledger a posted entry is never edited or deleted; it is reversed, and both entries are kept. Getting the account types and groups right at the start therefore saves effort.
If you are moving from an older ledger, EDUBase lets you run the new ledger alongside the old one and compare account by account before switching.
- Account types are correct for every head.
- Bank and cash heads match the school's real accounts.
- Accounting periods are planned, since closed periods accept no postings.
- Partner or shareholder accounts are added if the school has owners with capital.
How do I confirm the setup works?
Use General ledger and GL inquiry to drill into any account for a date range and print it. Then check the trial balance, which has separate debit and credit columns, and the profit and loss and balance sheet statements.
The Cash report and daily snapshot show what came in and went out today. If these agree with the counter and bank, the setup is sound. Year-end closing then uses proper closing entries.
Who can change the chart of accounts?
Access is controlled through Users, Privileges & Activity Log. Rights are given per user, per screen and per action, so you can let one accountant edit finance screens while others only view. User Logging records who created, changed or deleted a record.
Account types in a school chart of accounts and typical examples
| Account type | What it holds | Typical school example |
|---|---|---|
| Asset | What the school owns or is owed | Cash, bank accounts, fees receivable |
| Liability | What the school owes | Salaries payable, staff security deposits |
| Equity | Owners' capital and retained surplus | Partner or shareholder capital |
| Income | Money earned | Tuition fee income, admission fee income, other income |
| Expense | Money spent | Salaries, utilities, maintenance, stationery |
Related modules
- Finance & Accounting — Chart of accounts, journals, ledgers, trial balance, P&L and balance sheet, fed by fees and payroll.
- Fee Management & Challans — Fee plans, monthly challans, discounts, family payments and receipts, without spreadsheets.
- Payroll & Salaries — Salary plans, allowances, deductions, approvals, payslips and salary sheets, posted to the ledger.
- Users, Privileges & Activity Log — Give each staff member exactly the screens and actions they need, and see who changed what.
- Purchase Requisitions — Ask, approve, pay and settle school purchases, with every rupee traceable to a person.