This guide demystifies everything you need to know about managing your daycare centre, child care, preschool or similar child-centered business with QuickBooks accounting software; from keeping records of child names and outstanding balances, recording fees paid by parents, tracking expenses incurred on necessary play items to generating financial report for decision making.
You can find more ideas on School management accounting software
The setup and implementation processes for an educational institution; private school, nursery school, tutorial centres or university is not different from child day care centre, they all share similar features:
From my consultation with a private school in Nigeria, here is how QuickBooks Pro works for Child Care Business;
Customers’ Centre; The customer’s centre feature in QuickBooks lets you manage all the children details; name, parent’s address, contact information, outstanding balances and payment history; from there you can view all the payments made and transaction date.
School fees: There is an invoice section for generating school fees bill which will be sent to all guardians and at the same time help you build a report showing all the children in your care and payment due for a specific period. You can also generate parent receipts on actual amount paid and send it to them via mail.
Deposits: All cheque payment into your child care business account can also be tracked via the ‘Record Deposit‘ feature in QuickBooks which will be matched against the amount due as part or final settlement. At the end of the month, you can reconcile your actual bank balances with QuickBooks’ to avoid making decisions with wrong figures
Inventory; A good day care centre has necessary play items and toys and as such would love to have a proper record of their inventories, though it’s not meant for resale but for in-house use which would also be charged for the school fees payment, QuickBooks has a flexible inventory feature called ‘Non-Inventory Part‘ built to track all items purchased for internal uses.
Report; QuickBooks has a flexible reporting system that shows you over 50 customised reports on how your daycare centre is performance, including, but are not limited to:
- Family Account Balance
- Account Activity Reports
- Customer Statements & Receipts
- Aging Reports / Accounts Receivable
- Total Revenue & Income Reports
- Bank Deposit Reports
- Year End Tax Statements
- Receivable Journal Summary
While these are some of the deliverables of an accounting software designed to help daycare managers run their business effectively, you can connect with us at info@accountingsoftware.com.ng for more discussion on how can set you up faster.