- You are using Xero as the accounting package for your Before and Afterschool Care Business.
- You are a WINZ approved OSCAR Subsidy provider.
- You want to administrate your OSCAR Subsidies in the best way possible.
This document assumes you know the following.
- The rules, process and theory around administering OSCAR Subsidies.
- General Accounting Principals. Chat with your accountant as necessary.
- How to use XERO.
- Enrolmy Terminology.
- An overview of the way Enrolmy manages OSCAR Payments.
Enrolmy provides a simple process that gives maximum detail in the management and reconciliation of OSCAR payments. For those who use Xero as their accounting platform, Enrolmy enables this detail and clarity to continue into Xero through our Xero Sync Process.
- Enrolmy Uses an Identified Account in Xero to achieve this.
- We call this Account the OSCAR Reconciliation Account.
Below is the instruction for setting up Xero to work in harmony with Enrolmy for the management of OSCAR Subsidies.
The Account in Xero
This OSCAR Reconciliation Account enables the business owner to store information around OSCAR transactions that have been applied to invoices alongside the actual money that has been paid by OSCAR. It's quick and Transparent way to balance OSCAR payments on a week by week basis.
Creating the Account in XERO
Click on Accounting then down to Chart of Accounts
Click on Add Account
- Account Type: Current Asset
- Code: Give it a number alongside you bank accounts
- Name: (BASC Site) OSCAR Reconciliation Account
- Description: A record of OSCAR payments applied to Invoices and the payments from WINZ (BASC Site)
- Tax: No GST (this is just a record of the transactions).
- Show on dashboard watchlist. This will give you a reminder of how OSCAR payments are progressing.
- Enable Payment to this Account. You need to tick this to enable Enrolmy to work its magic.
Running Multiple OSCAR Sites
If you are running Multiple Oscar Sites, whether under one Enrolmy Instance or multiple Enrolmy Instances you will need to set up one of these OSCAR Reconciliation accounts for each site. That way you will be able to audit and Track your OSCAR payments at each site independently.