What's new
We’re excited to introduce our new Accountancy and Tax reporting features in My School Portal, designed to help schools efficiently manage VAT and other local taxes. This initial release focuses on clubs & activities and trips, with new tax functionality, enhanced accountancy tracking, and reporting capabilities.
Key features
Tax Code Management – Complete administrative control over VAT and local tax rates.
Accountancy Code Administration – Streamlined financial code management.
Trip Tax Integration – Tax calculation and management for school trips.
Clubs & Activities Tax Management – Tax handling for extracurricular activities.
Payment Processing – Tax-compliant payment workflows.
Comprehensive Reporting – Complete tax reporting and analytics.
Mobile Optimisation – Enhanced mobile experience for all tax features.
VAT Code Management
Schools can now create and manage VAT codes directly through the admin portal. Administrators have complete control over VAT rates, enabling accurate tax calculations. The system supports multiple VAT rates and provides intuitive interfaces for code creation and maintenance.
Benefit: Ensures compliance with tax regulations while simplifying VAT management for school administrators.
Accountancy Code Administration
We’ve introduced accountancy code management tools that allow schools to organise their financial tracking more effectively across all major accounting categories. Schools can now manage Ledger codes, Cost Centre codes, Fund codes, and Analysis codes through a unified interface, providing complete financial categorisation and improved reporting capabilities.
Benefit: Schools can maintain accurate financial records with comprehensive categorisation, better organisation, and reduced administrative errors, whilst ensuring compliance with accounting standards.
Trip Integration
This provides trip administrators with complete visibility and control over both tax management and financial categorisation, ensuring accurate reporting whilst maintaining transparency for parents.
Features
Automatic VAT calculations based on configured rates.
Clear VAT display for parents during checkout.
VAT-compliant email confirmations.
Administrative controls for VAT exemptions where applicable.
Accountancy code assignment.
Benefit: Ensures trip pricing transparency and regulatory compliance while maintaining the familiar booking experience.
Clubs & Activities update
Clubs & Activities now supports VAT and accountancy codes functionality, from initial setup through to payment processing. Activity coordinators can configure VAT and accountancy code settings appropriate to each type of activity.
Features
VAT rate assignment per activity option.
Integrated payment processing with VAT calculations.
Clear pricing display for parents.
Email notifications with VAT details.
Benefit: Provides consistent VAT handling across all school activities while maintaining operational flexibility.
Reporting
We’ve introduced several improvements to reports to include both VAT and accountancy code details. The following reports have been updated:
Trip Bookings Report.
Club & Activity Bookings Report (Booking Activity).
Purchases Report.
Benefit: Simplifies reconciliation into accountancy systems and provides valuable insights into school finances.
As always, if you have any questions or suggestions, feel free to reach out. Stay tuned for more exciting updates coming soon!
— The My School Portal Team.
How this version will be made available
Your software will be automatically updated.