For schools that still have a separate bank account for school (private) funds, PFM will manage all aspects of school fund accounting. Setup as many accounts as you like for trips, fundraisers, lockers, productions, prom etc. Choose to record individual payments from pupils, or record money as 'lump sums'. Record money received as cash or cheques, standing orders or direct debits, or automatically read in online banking transactions. Generate invoices receipts, letters and statements. Perform bank reconciliation and create period and Year End accounts.
PFM will alsoi produce a full range of reports from essential financial reports (Income & Expenditure, Balance Sheet, Trial Balance, Audit Trail etc) to account reports, trip reports and individual student reports. All can be viewed, exported to Excel, emailed or sent to teachers smartphones.
For academies or schools who use just one bank account for all school finance, PFM still manages the detail of trips, clubs, school fund donations and and other accounts that need to know which students are involved, who has paid etc., but that information is then provided in summary format for import / input into a central accounts system.