Finance Models are used to efficiently apply different tuition fee structures to enrolments within Qualifications. A model can define the total tuition fee and can be calculated per qualification, subject or nominal hour, and distributed between multiple parties. Finance Models are very common when managing State Funding.
Finance
Add a Finance Model
- Click Add New Finance Model
- Enter the Finance Model Name
- Select the Qualification the Finance Model applies to
- Select the State the Finance Model applies to
- Select Percentage (%) or Value ($) Cost Distribution
- Select Student, Employer and/or Other Funded
- Enter the Tuition Fee
- Select the Type of Funding
- Click Submit
Tip: A Finance Model can be Student and Employer Funded to distribute the tuition fee.
Notes: A Finance Model is linked to only one Qualification.
Update a Finance Model
- Search for the Finance Model you wish to update
- Click the Update icon
- Make changes to the Finance Model as required
- Click Submit
Note: Making a change to a Finance Model will allow you to invoice for the difference when an enrolment has this model applied and/or invoiced.
Add an Item to a Finance Model
- Create or update a Finance Model
- Select the type of funding you wish to add the Item to
- Select the Item from the drop-down list
- Click on the Add Button
- Specify the Type the Item is to be charged, e.g. Flat Rate, Per Unit or Per Hour
- Specify the Quantity
- Enter Min and Max - used for hourly or unit type only
- Add additional Items as required
- Click Submit
Tip: Min$ and Max$ values can be added for hourly or unit rate item types. This is useful when a student withdraws with minimal hours, however, they are charged the Min$ rate.
Deactivate and activate a Finance Model
- Search for the Finance Model you wish to deactivate
- Select the Deactivate icon next to the Finance Model
- View deactivated Finance Model by selecting the Inactive tab above the list of codes
- Select the Activate icon next to the deactivated Finance Model you wish to reactivate
Tip: This feature allows you to put the Finance Model on hold but not completely delete it from your system.
Duplicate a Finance Model
Duplicating a Finance Model is useful when you have multiple tuition fee structures for one qualification.
- Locate a Finance Model you wish to duplicate
- Select the Duplicate Button
- Make relevant changes to the new Finance Model
- Click Submit
Tip: Only duplicate when creating different Finance Models for the same Qualification.
Note: The Qualification cannot be changed when duplicating a Finance Model