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What is the Finance Onboarding Wizard?
When you first set up your Famly account you will be taken through a step-by-step guide to setting up your invoicing. Here you'll carry out similar actions to what you can usually do under Get Started, but with additional structure to guide you. This article talks through what this looks like and contains extra tips for the correct setup.
You can save and exit at any step in the setup process, so if you prefer doing it in smaller chunks feel free to do that.
1. Invoicing Schedule
The first step to setting up your invoicing profiles is to create attendance schedules. These will communicate to the system which days children attend. Be sure to highlight the term dates in purple and leave the other dates white.
You will come back to this schedule at the end of each year to add new dates. It's important to add future dates to an existing attendance schedule rather than creating new ones to avoid any extra manual effort. This article discusses some common troubleshooting for attendance schedules.
Next, you will select the type of invoicing you use. We recommend Actuals since managers have shared that they think this makes invoices easy for parents to understand. It is also adaptable to last-minute changes in care, increasing flexibility for you.
Annualised invoicing can be used if you'd like the invoices to average out over the year, thereby making charges for parents the same every month. This consistency can be beneficial for parents but do keep in mind that mid-month changes to annualised plans can lead to variation anyway.
*Note: Closure days must be subtracted from the number of weeks that you'll invoice for. Closure days cannot be added as one-offs later on!
Once you finish setting these up you'll see a screen that looks something like the below, with a summary of your work so far:
2. Pricing Age Bands
Now you'll set up your pricing groups. These are generally based on children's ages. For example:
Babies 0-12 months
Toddlers 12-36 months
Preschool 36+ months
Since children need to move rooms as they age, you can set up room move rules to do this automatically. This can either be on their birthday or at the beginning of the next month, etc. Read more about room moves here.
After setting these up, you can refer back to them under Get Started → Rooms→ Upcoming room moves.
3. Sessions and Packages
The last step is to enter pricing for all care and extras that you offer. The finance wizard will show you some example session types, but if you have a different setup just select the custom option. If you're setting up sessions from Get Started, check out this article for guidance.
For maximum flexibility, it's useful to create at least one standard session that is charged hourly, particularly if you offer funding. These will have a standard booking time but can be expanded or shortened if needed.
You will also need to enter details about when you charge for your sessions. If you don't charge for closure days at all, leave all the boxes unticked. It's important that this information is entered correctly as it will impact invoices when you send them out.
You can come back to these sessions or make amendments by going to Get Started → Pricing. Read more about making changes here.
4. Extra Charges
Finally, it's time to add the extra charges that you have in place your setting. These can be for ad-hoc purchases such as meals or uniform items, or for late collection fees.
Note that funding needs to be added separately. You can enter funding grant amounts by going to Get Started → Invoicing Profiles → Funding Grants. Read more about how to set up funding here, and how to apply it to children's profiles here. If you're looking to change your funding rate you can find how to do that here.
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