This report is provided by EDConnect and is part of the suite of EDConnect operational reports available via Scout.
The Banking Effectiveness report shows the patterns of banking practices followed by schools to identify potential opportunities for improvement.
Principals are able to view the banks practices in their school. Executive Directors and Directors, Educational Leadership can view all schools within their Principal Network.
How will this report benefit me?
- The report provides the school with a summary view of how effective their banking practices are.
- The report also shows trends in banking effectiveness; Auto Clearance rates, profile of receipts made through various payment methods and profile of open items.
- The trend analysis shows how school’s banking practices are followed and indicates areas of improvement and increasing efficiencies in the selected school.
- It enables prompt and accurate revenue allocation.
- It identifies various Payment Methods used by parents who make voluntary contributions.
- The report can be used to determine the effectiveness of a school’s banking practices.
- It gives users specific figures for key banking areas.
What does the report provide?
The single page report provides:
- ABSTUDY items not yet receipted against students.
- Total number of Open items across all payment methods with $ value outstanding as of date.The report provides the view of different payment methods over the last 12 months. The supporting graph titled Receipts by Payment Method indicates the trends over a rolling 12 month period. The report also provides:
- The total number and $ value of transactions moved to the Banking Discrepancy GL 528698 via the Discrepancy Management Process this calendar year, with line item details also shown.
- Banking Discrepancy with the number of items and its corresponding $ value, representing the figure that is appearing in GL528698 via the Discrepancy Management Process.
- A representation of the net value of impairment of banking discrepancies that are appearing in GL527866 this calendar year with line item details also shown.
- An indicator of the different banking and merchant facilities that the school is using.
- An indicator of the Auto Clearance Rate for different payment methods against the benchmark over a rolling 12 month period.
How can I use the report to support my school?
- This report can be used to identify the gaps in the current banking practices and potential opportunities for improvements.
- It helps to monitor the impact of open items on the selected school’s available funds to minimise loss of funds.
- It helps to identify if SASS require additional coaching/support.
- It will help to identify if a particular payment method has a consistently low clearance rate - which indicates that correct processes are not followed.
What should I look for?
- The number and value of Open items provides an indication of the selected school’s efficiency of banking practices
- Banking Discrepancy Expense – Item details provide users with indication of the number & value of open items that have moved to GL 528698 – Banking Discrepancy.
- Impaired Bank Discrepancy Expense – Item Details provide users with indication of the number and value of items that have moved to GL 527866 - Impaired Bank Discrepancy.
- Auto Clearance Rate indicates performance of the selected school over the past 12 months by payment method as compared to the standard benchmark of 80%
- The trend in cash/cheque as a Payment Method and ways to reduce this to minimise the risk for the selected school.
Where does this data come from?
How frequently is data updated?
For more information about some of these reports you can follow the below links: