March 13 2023

Five departments Standardize the financial management of off-campus training institutions: It is strictly prohibited to recognize income in advance or delay

The Ministry of Education, together with the Ministry of Finance and other departments, issued interim measures on financial management of off-campus training institutions, which will take effect on March 14, 2023, according to the Ministry's website on March 24.

The Measures shall apply to the financial management activities of out-of-school training institutions that provide out-of-school training to preschool children and primary and middle school students aged 3 to 6, including the financial management system, fund operation, financial supervision and other nine chapters and 34 articles.

In terms of fund supervision, the Measures require that institutions shall issue invoices in accordance with regulations when collecting training service fees, and shall not fill out contents inconsistent with the actual transaction, shall not issue payment vouchers by the organizer or other names, and shall not replace payment vouchers with receipt receipts and other "ious". The training service fee collected in advance by the institution shall be managed as liabilities according to regulations, and subsequently recognized as income according to regulations. It is strictly prohibited to recognize income in advance or delay.