See what financial management changes at your institution
Before vs. after adding financial management to iVake
Where you are today
Holding you back
Fee sheets built by hand
Each student’s demand is worked out from the programme, category, sibling list and scholarship file, and mistakes go out with the notices.
Pain point
Settlements matched line by line
The gateway pays in one lump sum, and somebody spends days matching it to students across two spreadsheets.
Pain point
Every concession means rework
A scholarship changes mid-year, so the demand, the receipt register and the accounts package are each corrected separately.
Pain point
Parents ringing about balances
Families call to ask what they owe, whether a payment arrived and when the next instalment is due.
Pain point
- 3+Sheets behind one fee demand
- 2+Times each payment is keyed
- WeeksBefore collection figures are known
Your institution, transformed
Everything connected
Plans that apply themselves
The fee plan is applied at admission, with instalments, sibling concessions and transport by route resolved before the amount is shown.
Solved
Settlements matched overnight
Each payment posts to the ledger and the gateway settlement file is matched daily, so the office opens to a list of exceptions.
Solved
Concessions changed once
A committee-approved concession or scholarship updates the ledger, with the approval and the previous value on the audit trail.
Solved
Families see it in the app
Parents check dues, pay by UPI, card or net banking, and get the receipt the second the gateway confirms.
Solved
- 1Ledger for every fee head
- 0Payments keyed twice
- DailyGateway reconciliation
Ready to make the switch? See how it works for your institution.
Fee plans that apply themselves at admission
Your accounts team should not work out every student’s fees by hand at the start of the year. Define fee heads by programme and category once, and the plan is applied when a student is admitted.
- Programme and category fee heads, including hostel and transport by route, with a due date per instalment
- Sibling concessions, scholarships and government reimbursement applied before the amount is shown
- Mid-year changes adjust the ledger, and refunds on withdrawal go to committee for approval
Every payment matched to the ledger
When families pay by UPI at night, by card from the app and by cheque at the counter, the accounts office should not be where those streams get stitched together. Payments post to the student’s ledger as they arrive and are checked against the settlement.
- UPI, cards and net banking through Razorpay, PayU, Cashfree or your HDFC or ICICI gateway
- The gateway settlement file matched to the fee ledger every day, with exceptions listed
- Counter payments recorded against the instalment, with a numbered receipt
Collection figures without a spreadsheet
When the principal or the trust asks what has been collected this term, the figure should already be on screen. Totals are read from the ledger, and each one opens the students and instalments behind it.
- Demand, collected, outstanding and overdue by class, programme and campus
- Instalment ageing, with reminders that start gentle, grow firmer and stop when the money arrives
- Each figure links to the records behind it, down to the student and the instalment
Financial management features
Everything you need to bill, collect and reconcile fees
Fee heads & structures
Programme and category fee heads with amounts, terms and due dates.
Instalment plans
Term, monthly or custom instalments per student, each with its own reminders.
Concessions & scholarships
Sibling concessions, scholarships and government reimbursement, approved and logged.
Online payments
UPI, cards and net banking from the app, with the receipt on the spot.
Gateway reconciliation
Settlement files matched to the fee ledger every day.
Refunds on withdrawal
Refunds worked out under your policy and approved by committee.
Collection reports
Demand, collection, dues and ageing, each linked to the records.
Tally & Zoho Books
Day book and ledgers exported in the format your auditor recognises.
Frequently asked questions
Get answers to common questions about financial management
How does a scholarship that covers only tuition work?
A scholarship is applied to the fee heads you choose, so a tuition scholarship reduces tuition and leaves transport, hostel and examination fees as they are. If the award changes mid-year, the ledger is updated and the audit trail keeps the previous amount and who approved the change.
How are sibling concessions worked out?
Siblings are linked through the parent on file, the same link that gives a family one login for every child. You set the concession for each child, and it is applied before the amount is shown. If a sibling joins or leaves, the concessions for the family are worked out again.
Can families pay in instalments?
Yes. Fees can be split by term, by month or on a custom schedule, and each instalment has its own due date and reminders. Reminders start gentle, grow firmer as the date passes and stop the moment that instalment is paid. A late fee follows the rule you set.
We collect by UPI, card, cheque and cash. How does reconciliation work?
Online payments post to the student’s ledger when the gateway confirms, and the settlement file is matched against the ledger every day. Cheques and cash taken at the counter are recorded against the instalment with a receipt. Every payment, however it was made, sits on the same ledger for that student.
What happens when a student withdraws mid-term?
The refund is worked out under your withdrawal policy and sent to the committee for approval. Once approved it is recorded on the ledger, which keeps the original charge, the payments, the approval and the refund together.
Do we have to change our bank or accounting software?
No. Money settles into your accounts exactly as it does today. iVake records each transaction against the student, reconciles the settlement daily, and exports the day book and ledgers to Tally or Zoho Books, along with GST reports.
What happens to the balances we already hold?
Fee structures come across with balances paid and outstanding, alongside students, staff and results. A trial import runs into a test copy first, and you sign off the reconciliation before go-live.
Does iVake handle payroll as well?
Yes. Payroll runs on the same platform, with payslips sent to staff in the app and TDS and payroll filing exports alongside the fee ledgers.
Cloud, hosted in your region
REST API & webhooks
SSO: Google, Microsoft & SAML
Encrypted, backed up daily
Built for the DPDP Act- Full security details
Built for your institution type
See how this feature works for your specific institution
CBSE, ICSE & state-board schoolsTerm or monthly fees, sibling concessions and transport by route
Degree collegesProgramme and category fee heads, with government reimbursement
UniversitiesCentral fee policy, with concession approvals set per campus
ITIs, polytechnics & skill centresInstalments across a short course, part payments and refunds
Residential & international schoolsHostel and mess charges alongside tuition
Coaching institutesInstalments with reminders that stop once the money arrives
Integrations, comparisons & tools
Extend financial management with integrations, see how iVake compares, and run the numbers
Related features
Admission Management
Offers with a payment link, and the first fee collected at admission.
Student Management
One student record from enquiry to alumni, read by every module.
Online Fee Payment
UPI, cards and net banking from the parent app, with the receipt on the spot.
Accounting
Day book and ledgers, exported to Tally or Zoho Books.
Payroll
Salaries and payslips on the same platform as fees.
Transport Management
Route-wise transport billing on the same fee ledger.
Ready to transform your fee management?
See how iVake applies fee plans, collects online and reconciles the gateway overnight, so the accounts office starts the day with exceptions, not spreadsheets.
Try it free for 30 days. No credit card required.