The MySchoolBucks team recently announced its newest platform, MSB Accounting! This accounting software was made specifically with K12 districts in mind, aiming to simplify how to manage activity funds and increase transparency with reliable audit trails of revenue, expenditures, adjustments, and more.
Take a look at 3 features that will help speed up the process for you and your team:
3 Features MSB Accounting Has to Offer
Accounting Tools
The platform has the ability to make it easy to achieve your school accounting needs. Within the system it’s simple to create purchase orders that need to be sent to vendors, and quickly create invoices so you can batch print checks for payment. You can track these vendor payments through the whole process from purchase order, to payment.
With the ability to streamline these processes within one system, users reduce the amount of paperwork that needs to be done regularly, and save time for staff. For current users of MySchoolBucks, the two systems work seamlessly together so you can import payments from MySchoolBucks right into MSB Accounting.
Monitoring and Reporting
MSB Accounting has reporting capabilities that provide users with a clear picture of school store income, checks paid to vendors, end of year balances, and fund activity tracking. It also reduces human error by creating specific processes for accounting needs, and the ability to monitor users to account for individual tracking accountability.
Within the system users can generate reports based on demand, and customize general ledger (GL) categorization and reporting to ensure transparency and compliance with state reporting requirements. There’s also the capability to generate vendor reports and export data for 1099 tax forms.
Audit Trails
Audit trails in MySchoolBucks Accounting are established by creating entries for revenue, expenditures, transfers, and adjustments within your student activity accounts. Once these entries are reviewed and finalized in journals, they are locked within the system to maintain data integrity and ensure accurate financial reporting. This process helps create a transparent and traceable record of all your financial activity.
With all data centrally stored, oversight is significantly improved, allowing administrators to monitor account activity. The system’s built-in bank reconciliation wizard helps to enhance accountability by aligning financial records with bank statements, ensuring discrepancies can be quickly identified and resolved.
To learn more and get started, contact your account manager or visit the MSB Accounting product page for more information.