It becomes really simple to keep a record of the entire fine collected and the pending amount as well.
Now that we have everything systematically set in the school management system ERP, we can get automated slip generation facility as well. The collection against each late book can be mentioned and thereafter a generated bill stating the penalty is exported.
Since the date of book being issued and accordingly return date is already mentioned, the due date and fine calculation can be done accordingly and the receipt generation can be fixed respectively for each book as per the current count of late days.
This reduces a lot of manual and paper work. Also the calculation errors reduce to zero because no human error is expected with this smart school management software.