New Schools: RM Finance Training

Apr 26, 2022 | Finance Posts

This month, our MD Louise has been training new schools that have moved their finance package to RM Finance. We’ve currently been working with four new schools, one in Lambeth, one in Southwark and two schools in Salford, Manchester. 

During this training we have explored:

● Navigating around the system and menu options

● Logging on & off

● Creating/managing System Users & Passwords

● Allocating user access privileges

● Managing parameters: Bank Details

● Threshold Warnings & Display Warnings

● Stationary Options: Purchase Orders & Cheque Layouts

● VAT Coding Structure

● Record Management

● Defining your financial accounting structure

● Creating/amending Income & Expenditure Analysis (Ledger) Codes

● Defining your Budget Structure through Budget Codes, Headings & Groups

● Importing Budgets

● Using Cost Centres & Funding Streams

● Creating Budget Profiles & Fixing Budgets

● Adding Income Sources & Suppliers, including BACS

● Daily transactional entries: Income & Expenditure

● Applying corrections: Credit Notes, Reversals & Adjustments

● Bank (Journal) Transfers

● Raising Internal charges between budget holders

● Using ‘Virements’

● Daily transactional entries: Purchase Orders (Full) including emailing

● Processing Payments including Cheque Printing and BACs

● Accruals-based accounting

● Reporting – Financial Summaries

● Reports, including exporting to CSV and Excel and emailing

● Searching

● Importing a Supplier Catalogue: procedure & accepted Format

● Performing a Bank Reconciliation

● Submitting a VAT Return: Transaction ‘Marking’

● Final transaction checks

● Recommended Period End Reports

● Advancing to the next period

● Year End process

● Treatment of Accruals

● Recommended Year End Reports

● CFR Mapping and production

We’ve very much enjoyed working with our new schools and being able to offer this training.

More about RM Finance

RM Finance is the school finance software ideal for business managers, senior leaders, governors, school finance officers and administrators who require a powerful but easy-to-use school finance management system.

It enables users to manage accounts, sales invoices, cash, purchase orders, BACS and much more.

One of the huge benefits is that it is cloud based, so accessible from anywhere, at any time.

RM Finance is currently used by over 1,250 schools across the UK.

For more information on RM Finance visit the website here.

To find out more about our support services for schools, click here.