Set up a financial entity

TABLE OF CONTENTS

• Introduction
• Set up financial entity details

Introduction

An entity is a financial operation where all finance activity is recorded and stored.

The entity allows you to manage the school’s charges, receipts, reports, and other finance processes.

The Zunia onboarding team first creates the finance entity for your school. You need to then set it up with all the details.

Set up financial entity details

To set up, go to your finance entity and select Finance settings > Entity configuration. 

Entity 

In Company information, the code and description are by default pre-set for you.

1. Select Edit and enter the details: 

   Field	Description
   ABN	This is a unique 11-digit number.
   GST branch	This is 3 digits long.
   Entity name	Name of person or company.

The address and contact details display for this entity. 

2. When done, select Save. 

You’ve now updated the entity. 

Sequences 

Next, select Sequences.

Sequences represent a number assigned to the record that is unique within a financial entity. For example, the receipt number of a new cash receipt, etc.

By default, the sequence for all types is pre-set to 1. 

1. To edit a sequence, select a sequence type first and then select the 3 dots to select Edit.

2. In Edit next value, enter the Next value (amended) and enter SEQUENCE to proceed, then select Save. 

 You’ve now updated the sequence. 

Currency 

Next, select Currency. To customise currency settings, select Edit and enter: 

• Currency decimal places 

• Decimal separator

• Grouping separator 

• Currency symbol

When done, select Save.

You’ve now updated the currency. 

Arrangement types 

Next, select Arrangement types.
An arrangement type is a special agreement with a single debtor account when they need to pay the school outside of their payment plan options. For example, bad debt, hardship, etc.

1. To add a new arrangement type, select Add. 

2. In Add arrangement type, enter a code, description, and the sort order.

3. When done, select Save.
   
   You’ve now added a new arrangement type.
   
   You can use the 3 dots if you want to edit, delete, or set an arrangement type as inactive.

Arrangement frequencies 

Next, select Arrangement frequencies.
Arrangement frequencies represent the recurrence of payments agreed for an arrangement type. 

1. To add a new arrangement frequency, select Add.

2. In Add arrangement frequency, enter a code, description, and the sort order.

3. When done, select Save.
   
   You’ve now added a new arrangement frequency.
   
   You can use the 3 dots if you want to edit, delete, or set an arrangement frequency as inactive.

Billing settings 

Next, select Billing settings. This is where you select if the financial entity uses invoices, statements or both.

Select Edit when you want to update this. 

You’ve now set up the financial entity.