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Money management

Money management

Academy LMS offers multi-instructor options for your eLearning website. This means it enables a single person or group of professionals to manage a single educational platform or run an entire educational institute. 

A unique collaboration is established between instructors like a real-life educational institution with the multi-instructor platform. When numerous parties or organizations are involved,  it poses issues such as sharing commissions, money management, and continuous distribution among all the channels. 

In this documentation, we will guide you on the money management of Academy LMS and make the overall process as smooth as possible. So, let’s get started. 

Prerequisite #

First of all, go to the plugin section and search WooCommerce in the search bar located on the right side. When WooCommmerce appears on your screen, click the install now button & activate it after the installation. 

install woocommerce plugin

Now head back to the dashboard and click Academy LMS > Settings. In settings, you will see get the Earnings and Withdrawal options. We will work with these two options to handle money management.

setting earning withdrawal

Keep in mind that you will require the money management option for the following reasons: 

  • If you are allowing instructors to manage (Publish and sell) their courses through your site
  • To distribute the money or earnings properly between the instructors while managing a multi-instructor site 

The end result is simple where you will be getting a commission by selling their courses through your site. On the other hand, you have to share the income with the instructors and authors since it’s you are selling their courses. 

Earning #

Now, let’s explore and learn the money management options on the Earning tab.

enable earning

Enable Earning   #

In the Earning tab, the first option is Enable Earning. This option allows you to share the earnings from the course that you are selling or maintaining with the Academy LMS plugin. 

If you don’t put any checkmark, then your earnings will not be shared, and the Admin will get 100% of the earrings. Therefore, you should always put a tick mark in this option to get the earnings. 

 Admin Commission Percentage    #

This option indicates the amount percentage that you are going to share with the Admin. As you can see, The Admin commission percentage is set to 20. Therefore the admin will get 20% from each sale after deducting the fee.

commission percentage

Note: This amount is set according to the deal between Admin and Author(instructor). 

Instructor Commission Percentage  #

Similarly, the Instructor Commission Percentage can also be defined, and in our example, it is set to 80. This means the instructor will get 80% from each sale after deducting any additional fees. 

instructor commission percentage

Note: This amount is set according to the deal between Admin and Author(instructor). 

Enable Fee Deduction  #

You can enable Fee Deduction by putting a checkmark in the box beside the option. These fees will be charged from the entire sales amount. The remaining amount of earnings will be distributed among the admin and instructors. 

By enabling this option, you will get three more options:

  • Fee Deduction Name 
  • Fee Deduction Amount 
  • Fee Deduction Type
enable fee deduction

Fee Deduction Name  #

The purpose of deducting the fee should be defined in this section. You can define or name the reason for deducting the fee in the box beside the option.

Let’s say you are deducting the Service fee from the total amount of earnings. So, put the Fee Deduction Name as Service Fee and then save the settings. This option is essential since you have to make it clear why you are deducting a fee. 

Fee Deduction Amount  #

Previously we’ve set the Fee Deduction Name, and now it’s time to set the Fee deduction amount. In this section, you can enter the amount of the fee that you want to deduct from the total sales amount. 

fee deduction amount

Fee Deduction Type    #

After providing the Fee Deduction Name and Fee Deduction Amount, it’s time to set the Fee Deduction Type.  Click the dropdown menu  of the Fee Deduction Type and select it according to your 

deduction type

Note: After setting up all the options, Please click Save Settings to apply the changes. 

Withdrawal  #

From Settings, go to the Withdrawal tab to explore the options in this section. You will get the following options in this tab: 

  • Minimum Withdrawal Amount 
  • Enable / Disable (PayPal)
  • Enable / Disable (E-check)
  • Enable / Disable (Enable Bank Transfer)

Minimum Withdrawal Amount  #

For this option, you can set the minimum withdrawal amount. Instructors must earn equal to or above the mentioned amount to withdraw their earned money.

 In the following example, the minimum withdrawal amount is set to 80. So, this amount must be earned, and then the instructor will be eligible to withdraw the specified amount. 

withdrawal amount

In academy LMS, we are providing several withdrawal options for users’ convenience. So, you can withdraw money using PayPal, E-check, or Bank Transfer. You simply need to place a checkmark beside the payment option that you prefer. Moreover, you can place a checkmark in all the payment options if you have all those options available at your end.    

Note: Before sending a withdrawal request, at least one withdrawal method must be selected. After setting up all the options, don’t forget to click Save Settings to apply the changes. 

Withdrawal Via Front End Dashboard  #

Now we will show you how instructors can withdraw their payments from the front-end dashboard. First of all, Click on your site name from the dashboard and then click Instructor Dashboard. When your dashboard appears, click the Withdrawals option.  

instructor dashboard

After entering the Withdrawal section, you can see your Current balance, Withdrawal Method, Request On, Amount, and Status.

withdrawal preference

In the Current Balance section, there is a Withdrawal Request. But before requesting money withdrawal, you need to set the withdrawal methods. Just below the Current Balance, there is an option: Withdrawal Preference that will take you to the Withdrawal methods. So, let’s click the withdrawal preference. 

withdraw method

As you can see there are three withdrawal methods, including Paypal, E-check, and Bank Transfer. You can simply click one of your preferred methods as your withdrawal method.

withdraw method paypal

If you click on Paypal as your withdrawal method, you will have to provide the PayPal E-Mail Address and click Save.

But if you want the E-Check as your withdrawal method, click the E-check option. For the E-check withdrawal method, you have to fill in the physical address and then save it as your withdrawal method.  

withdraw method e-check

Click the Bank Transfer as your withdrawal method if you prefer it. After clicking, you will have to provide your account information such as Account Name, Account Number, Bank Name, IBAN, etc. 

withdraw method bank transfer

Lastly, click Save to select the Bank Transfer as your withdrawal method. 

withdrawal request

When you are done setting up your preferred withdrawal method, get back to the Withdrawals option and click on Withdrawal Request. After clicking the withdrawal request, you will be prompted with a window showing your Current balance and Selected Payment Method. Also, In this window, you can mention the amount you want to withdraw.   

withdrawal requesting

You can withdraw money only if the amount is greater than the minimum withdrawal amount. So, let’s see where you can set the minimum amount. 

minimum amount setting

Go to the Settings > Withdraw and set the Minimum Withdraw amount. You can also enable/ disable a payment method here. In this example, the minimum withdrawal amount is set to 2$. This means if your current balance is less than 2$, you cannot withdraw the money from your account.  

withdrawal submit

Now, get back to the Withdrawal Request window, set the withdrawal amount, and click Submit. After clicking the submit button, the status on the Withdrawal History will be updated, where you can see every detail related to the latest withdrawal request. 

withdrawal status

As you can see, the status of the latest withdrawal request is pending. So, when the admin approves the request, the amount will be transferred to the account. 

status pending

Admins can go to the Withdraw Request option and view all the withdrawal requests in one window. Admins have to select a payment withdrawal request, select Approved from the   dropdown menu (located on the image below), and click Apply. 

status approved

There you go! Now the requested payment is approved. Go back to the Withdrawal option from the dashboard, where you can see that your payment status is changed to Approved.  

withdrawal approved

This is how the money management process is done on Academy LMS. If you still have any confusion or question about the Money Management Process, feel free to knock us on our support by placing a ticket or chatting with us at Academy LMS.

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