The group account - for your class fund

We offer a class fund account that several people can manage together, e.g. several parents and/or teachers together.

  • The digital class fund can be set up within 15 minutes
  • Manage your class fund jointly
  • Class fund contributions can be received by bank transfer or also PayPal
  • Digital and automatic documentation of all transactions and documents

How can the group account help to manage class funds better?

Even though it is a daily practice in our schools, collecting money and keeping cash registers by the teachers or parent has only disadvantages for everyone involved. The person managing the money is privately liable for the money, students can become victims of theft or the money can get lost. Parents need to keep cash on hand at all times and, if large amounts are collected for a school trip or graduation ceremonies the risk becomes accordingly higher. From a legal point of view, the money in a class fund must also be held in trust, which means that it must be separate from private money. Last but not least, proper accounting must be maintained for such an account – with accounting, a filing system, and documentation of all transactions.

Setting up a group account on elinor offers a whole lot of advantages: first of all, no more wasting time collecting loose coins. The elinor software records all outgoing payments in the group account, so that the repository of invoices is automatically handled as well, and everything is in one place. This also makes the handover of the class fund quick and easy. Due to the simple software, a four-eyes or multiple-eyes principle is always guaranteed. In addition, the group account is not a private account and administrators are not required to report it on their personal tax returns.

    How does the group account work?

     

    1. As an initiator you set up a group with a few clicks on elinor
    2. You invite the group members with whom you want to manage your money together and decide on all outgoing payments.
    3. You get your account data from us and the group members and your supportes can directly make an incoming payment
    4. Now any group member can submit a payout request online for voting

    Start now – create a class fund

    We summarized a guide so that you can start immediately. On our blog you can also find the basic information about the group account, such as incoming payments, invitation of other members and outgoing payments. If you have any questions, do not hesitate to contact us. Write a message: info@elinor.network.

    Some tips for your class fund

    Is there always a class fund?

    The class fund is very common, but not a necessity. You can also collect money, when it is necessary. However, collecting small amounts individually takes a lot of time. Paying an amount of 20€ per child into the fund at the beginning of the school year is much less time-consuming for the teachers as well as for the parents.

    How is the class fund organized?

    At the class parent meeting it is best to determine how the class fund should be managed. Here’s what you should determine:

    • When to collect the amounts: regularly, at the beginning of the school year, or whenever the occasion arises?
    • Who is responsible for the class fund?
    • Cash or class fund?
    Is a class fund better than a hand cash box?

    With an account for the class fund, you save yourself the trouble of collecting small amounts of money and have the opportunity to document all transactions transparently. Moreover, the money in the account cannot be stolen or get lost.

    How to set up a class account?

    A parent may open a trust account at a bank. It is important to note that class funds must be kept separate from private money.

    With the elinor group account, several members can easily manage the class fund online.

    Who is responsible for the class fund?

    Usually a teacher or parent is responsible for this.

    With the elinor group account, parents, teachers and students (16 years and older) can become members and manage the digital class fund jointly and democratically.

    How to have a good overview of the class fund?

    A class fund manager must take the trouble to keep a cash book and keep the receipts carefully. For each transaction the date, amount, purpose, payer/recipient must be noted.

    With the elinor group account it is much easier: all members have insight into all transactions and vote democratically on outgoing payments. In addition, the software documents all payout decisions on the class fund and filing of invoices or documents is automatically taken care of as well. So you can forget about a cash book

    Is it possible to run the class fund online?

    Yes! With the elinor group account, your class fund becomes 100% digital. You can register online in a few steps, create a group, invite all members and make an incoming payment via bank account.

    Dealing with money as a competence and learning goal


    We asked ourselves the question: How can we provide students with access and experience in this area?

    With the class fund from elinor, students can become part of the group and thus be involved in the financial decisions of the class trip or the purchase of teaching materials.

    The group account via elinor enables the participation and integration of the students The education and experience in dealing with money is elementary for the students’ lives and beyond.

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