Skip to main content

Manage Bank Account

Introduction

Managing finances efficiently is crucial for educational institutions, especially when dealing with getting funds in multiple accounts. Collexo makes it easy to organize these payments by allowing you to add multiple bank accounts and route collected fees accordingly. For example, you may choose to distribute funds across different accounts, for instance, admission fees to one account and hostel and mess fees to another. 

If you use Razorpay or Cashfree as a payment gateway, you can add multiple bank accounts and configure them as routes on your institute’s payment gateway portal. This allows you to transfer collected payments to designated bank accounts. This flexibility ensures smooth financial management, reduces manual effort, and helps in Managing funds efficiently.

How to Navigate?

Navigate to Menu → Fee Setup → Manage Bank Account → Add Bank Account

 

How to Add a Bank Account in Collexo ?

In order to add a Bank Account to Collexo, you need to fill up the following fields:

  • Bank Account Title: Add the designated display name for the bank account.
  • Payment Gateway: Choose a previously added payment gateway (from the Manage PG page) or add a new one by clicking on the “Add New Payment Gateway “ button. If using Collexo's payment gateway, select the default gateway to which the bank account has been added.
  • Transfer/Vendor ID: The transfer ID is obtained from the payment gateway for that particular bank account, which is to be added to the institute’s account on Collexo.
  • If you've already created a Vendor/Transfer ID, simply add it. Otherwise, follow these steps to generate a new one.
    • Where can you create a transfer/vendor ID?
      • For Razorpay - In Razorpay's Dashboard, click on Routes under Payment Products in the menu. Go to the Account section, The Account ID is the "Transfer/Vendor ID" against the bank account that you'd like to add. You can refer to this link for more details on the same..
      • For Cashfree - Navigate to the "Vendors" Page from the menu present on Cashfree's Dashboard. It is available under Easy Split, which is located under PG Products in the navigation menu. Look for the entry corresponding to the desired bank account. and its Vendor ID is the "Transfer/Vendor Id" that needs to be input in Collexo. Here is a link you can refer to for more details on Cashfree’s Vendor ID
  • Beneficiary Name: The name of the beneficiary associated with the bank account that is to be added to Collexo.
  • Account Number: Bank Account Number associated with the bank account 
  • IFSC Code: Eleven-digit IFSC code associated with the bank account 
  • Is Default: Toggle to set this bank account as the default one. (Default indicates the primary account for transactions). This means that all the payments corresponding to that payment gateway would get automatically routed to the "Default" bank account.

 After adding bank account(s), you can utilize them in two ways:

  • Route all the payments to a bank account: You can route all the fee collections to a bank account that has been set default. This can be utilized to get payments directly in your institute's bank account.
  • Route payments to different bank accounts: By mapping different bank accounts to different fee heads,  you can get the collected fee amounts against those fee heads routed to their respective mapped bank accounts. For example, if the Transportation Fee is linked to a specific bank account, any amount collected under this fee head will be deposited directly into that account. Similarly, other fee categories (such as Tuition Fees or Hostel Fees) can be mapped to separate bank accounts based on your requirements.

How Payments Get Routed to Bank Accounts?

Transfers refer to the movement of funds to designated accounts based on the configuration of fee heads in each transaction. Once bank accounts are configured and mapped to specific fee heads, Collexo automatically identifies the relevant mapping when the payment is initiated and creates transfers accordingly to ensure accurate fund routing across all mapped accounts.

To view transfer details in Collexo, you can navigate to the Track Payment page and follow the following steps: 

  1. Click on the relevant Order Id to access transaction details or click on the action button and then click on “View details”.
  2. In the Transfers section, you will see a detailed breakdown of how funds were distributed for that particular order
  3. The transfers, once settled, can be viewed in the settlement report. Refer to this article to learn more about the Settlement Report.

This breakdown helps institutions track how collected amounts are being distributed among different fee heads and associated bank accounts.

Was this article helpful?