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ctcLink Accounting Manual | 50.30 Student Financials Processes

50.30 Student Financials Processes

2022-06-30

While many aspects of ctcLink student financials activity is automated based upon the configuration (as described in 50.20), other aspects require additional steps either completed through customizations or user actions.

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Due to state laws and governmental accounting guidance, colleges are required to separate tuition charges into multiple funds and classes:

  1. Operating Fees (Tuition) – Split three (3) ways:
    1.  Institutional Financial Assistance (3.5%) locally retained in Fund 860 - Class 279.
    2.  Technology Innovation funds recorded in Fund 561 - Appropriation Index Z61 - Class 288 and remitted to the State Treasurer.  By state law the maximum portion is 3% of the Operating Fee.
    3. Balance of Operating Fees locally retained must be recorded in Fund 149 - Class 509.
  2. Building Fees (Tuition) - Split two (2) ways:
    1. Institutional Financial Assistance (3.5%) locally retained in Fund 860 - Class 279.
    2. Balance of Building Fee (96.5%) funds should be recorded in Fund 060 - Appropriation Index Z60 - Class 289 and remitted to the State Treasurer.  Building fee amount is established by the legislature.
  3. Services and Activities (Tuition) - Split two (2) ways:
    1. Institutional Financial Assistance (3.5%) locally retained in Fund 860 - Class 279.
    2. Services and Activities (S&A) Fee (96.5%) funds retained locally and recorded in Fund 522 – Class 264.  Maximum amount is established by the legislature.

In addition, student fee charges (both mandatory and miscellaneous) are generally recorded in Fund 148 and 528 and may be split in several chartstrings.

State and GASB accounting rules require the payment to be recorded in the same chartstring as the original charge. In ctcLink, this is accomplished through several processes.

  1. Tuition and Fee charges are split into multiple item types (operating, building and S&A) for each type of student (resident, non-resident, international, non-resident with operating differential, baccalaureate resident, baccalaureate non-resident, etc.) as described above.
  2. Payment, financial aid and waiver item types have a design function to pick up the receivable chartstring from the original charge to the student account (See section 50.30.20 below).
  3. This functionality does not allow the payment itself to pick up the chartstring from the original charge for the cash entry.  Therefore, a custom Fund Balancing process has been developed to ensure cash is recorded in the same chartstring as the receivable. (See section 50.30.30 below).

As noted in the Item Types section (CLAM 50.20), certain item types have the Pick Up Receivable From Charge (PURC) box checked.  Each payment/financial aid/waiver item type should have the PURC box checked. When the box is checked, the item type does not use the chartstring in the item type configuration. Instead it uses the full chartstring from the original charge (receivable) and reduces the receivable account associated with the original charge.

Pick up receivable from charge

Peoplesoft is not designed to split payments (cash payments/financial aid/waivers) into multiple chartstrings. A customization unique to ctcLink was created which:

a.    Reverses the single line “WAxxx*LOCAL*7xxx*1000070 or 1000199*790**285*98009****N****”
or for waivers
“WAxxx*LOCAL*7xxx*40001xx*846**275*98299****N****” debit line with an equal credit amount.

b.    Creates new cash/waiver debit lines using the original account and the remaining chartstring from the receivable line created by PURC.

Fund balancing lines can be identified in the SF Accounting Line table begin with “10” inserted before the original line number. For example, if the original payment line number is ‘37385’ the related fund balancing line will be ‘10037385’.

Due to the use of PURC and Fund Balancing payment item types should be configured as shown below.

All cash/credit payment item types (7*) (cash/check/eCheck/credit card/EFT/wire) should be configured:

Dr/Cr Bus Unit Ledger Oper Unit Account Fund Class Code Dept State Purpose
Dr WAxxx LOCAL 7xxx 1000070 790 285 98009 N
Cr WAxxx LOCAL 7xxx 2000030 790 285 98009 N

Where the debit account is determined by the bank account (1000070-1000160) used for deposit.

All financial aid item types (9*) should be configured:

Dr/Cr Bus Unit Ledger Oper Unit Account Fund Class Code Dept State Purpose
Dr WAxxx LOCAL 7xxx 1000199 790 285 98009 N
Cr WAxxx LOCAL 7xxx 2000030 790 285 98009 N

All waiver item types (60*) should be configured:

Dr/Cr Bus Unit Ledger Oper Unit Account Fund Class Code Dept State Purpose
Dr WAxxx LOCAL 7xxx 40001xx 846 275 98299 N
Cr WAxxx LOCAL 7xxx 4000199 790 285 98299 N

Where the debit account (4000100-4000190) is determined by the waiver type.

All payment plan item types (68*) be configured:

Dr/Cr Bus Unit Ledger Oper Unit Account Fund Class Code Dept State Purpose
Dr WAxxx LOCAL 7xxx 1000199 790 285 98009 N
Cr WAxxx LOCAL 7xxx 1011105 790 285 98009 N

All third-party payment item types (62*) should be configured:

Dr/Cr Bus Unit Ledger Oper Unit Account Fund Class Code Dept State Purpose
Dr WAxxx LOCAL 7xxx 1000199 790 285 98009 N
Cr WAxxx LOCAL 7xxx 1010220 790 285 98009 N

This example demonstrates the entire process from charges to payments including PURC and Fund Balancing.

Accounting Steps

  1. Operating Fees (Tuition) – Fund 149 with additional split into funds 860 (Institutional Financial Aid) and 561 (Innovation).
  2. Building Fees (Tuition) – Fund 060 with additional split into fund 860 (Institutional Financial Aid).
  3. Services and Activities Fees (Tuition) – Fund 522 with additional split into fund 860 (Institutional Financial Aid).
  4. Mandatory (Dedicated Fees) – Fund 148 with possible splits between class codes and departments depending on the type of course.  It is also likely colleges may charge additional fees based on student usage (parking, etc.) which likely require splitting between additional class codes and departments.
  5. Cash Payment – In this example a simple cash payment for the full amount due is used. The payment debit (cash) is always recorded in Fund 790-285-98009. The payment item type must have the Pick Up Receivable from Charge box checked, therefore the credit (relieving the receivable) will always use the chartstring from the original charges in steps 1, 2, 3 and 4.
    Since government accounting requires each fund to be balanced, recording the cash in Fund 790 and the relief of the receivable in other funds, this transaction will cause an error when sent to the general ledger. Therefore, the next step:
  6. Fund Balancing – The cash entry to 790-285-98009 is reversed and distributed based upon the receivables being relieved.  For additional discussion see section 50.30.30.

 

Event Step Action Account Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Charge 1 Receivable 1011010   1,099.33   149   509 ddddd
1xxxxxxxxxxx (Operating) 1 Receivable 1011010   41.151   860   279 ddddd
1 Receivable 1011010   35.27   561 Z61 288 ddddd
1 Revenue   4000020    (1,099.33) 149   509 ddddd
1 Revenue   4000020       (41.15) 860   279 ddddd
1 Revenue   4000020     (35.27) 561 Z61 288 ddddd
1xxxxxxxxxxx (Building) 2 Receivable 1011010    146.87   060 Z60 289 ddddd
2 Receivable 1011010    5.331   860   279 ddddd
2 Revenue   4000020    (146.87) 060 Z60 289 ddddd
2 Revenue   4000020        (5.33) 860   279 ddddd
1xxxxxxxxxxx (S&A) 3 Receivable 1011010   152.52   522   264 ddddd
3 Receivable 1011010       5.531   860   279 ddddd
3 Revenue   4000020    (152.52) 522   264 ddddd
3 Revenue   4000020      (5.53) 860   279 ddddd
2xxxxxxxxxxx (Fees) 4 Receivable 1011010   150.00   148   011 ddddd
4 Revenue   4000020    (150.00) 148   011 ddddd
    Total     1,636.00 (1,636.00)        

Cash Payment

**Pick Up Receivable From Charge (PURC) Box Checked

Item Type DR/CR Fund Class Dept Account Amount
700000000000 DR 790 285 98009 1000070 $1,636.00
  CR 790 285 98009 2000030  

Cash Payment

Event Step Action Account Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 5 Cash 1000070    1,636.00   790   285 98009
700000000000 (Cash)
Line="nnnnn"Eg "37385"		 5 Receivable   1011010    (1,099.33) 149   509 ddddd
5 Receivable   1011010    (52.01)1 860   279 ddddd
5 Receivable   1011010    (35.27) 561 Z61 288 ddddd
5 Receivable   1011010    (146.87) 060 Z60 289 ddddd
5 Receivable   1011010    (152.52) 522   264 ddddd
5 Receivable   1011010    (150.00) 148   011 ddddd
  Total     1,636.00 (1,636.00)        

1 Credit receivable amount is the combined amount from the operating, building and S&A dedicated to Institutional Financial Aid.

Cash Fund Balance

Event Step Action Account Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Fund Bal 6 Cash 1000070    1,099.33   149   509 ddddd
CEMLI E-214Line="100nnnnn"Eg "10037385" 6 Cash 1000070    52.01   860   279 ddddd
6 Cash 1000070    35.27   561 Z61 288 ddddd
6 Cash 1000070    146.87   060 Z60 289 ddddd
6 Cash 1000070    152.52   522   264 ddddd
6 Cash 1000070    150.00   148   011 ddddd
6 Cash   1000070    (1,636.00) 790   285 98009
  Total     1,636.00 (1,636.00)        

When financial aid is applied to a student account to pay off charges the item type uses Pick Up Charge from Receivable and Fund Balancing to ensure the receivables are relieved and cash is recorded in the same chartstring as the original charges (revenue). The item type uses Internal Cash (1000199) because the transaction will not result in a change to college’s bank account.

Since the college internally paid the student charges on behalf of the student, the college must record that expense in Fund 846. And because the financial aid item type uses the internal cash account an offset of an equal amount of internal cash must be recorded in the accounting records (since internal cash must always net to zero).

To record this entry, a customized process was created to record the expense and internal cash.  The college must create a 2nd Journal Set for each financial aid item type to record the expense and internal cash. 

2nd Journal Set example

Financial aid second journal set

The process identifies all payments made using each 2nd Journal Set item type to create a debit expense (account determined by funding source and type) and credit internal cash (always 1000199) transactions.

On a weekly or monthly basis colleges must request from SF Support the file for a specified period.

This file is then used to create a journal entry recording the expense and internal cash in the general ledger.  Before posting this journal, colleges must ensure the project, activity and analysis types are correct for all 2nd Journal Sets posting to Fund 145 grants.

The college should also record a debit receivable and credit revenue to recognize the funds that will be received from the grantor.

When the grantor funds are received by the college, it will recognize the cash in bank (1000070) which completes the process.

50.30.60 Student Financial Process Scenarios

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Self-payment is relatively straightforward and includes fund balancing to ensure payment (cash) is recorded in the same chartstring as the charges/receivables since this item type Picks Up Receivable from Charge.

In the example below, the student’s payment did not exceed the amount owed so ‘Unapplied Student Liability’ (2000030) is not recorded.  If the student’s payment had exceeded the amount owed, the liability would be recorded and an unapplied amount would remain on the student account until a refund was issued.

  1. Original tuition charges
  2. Pay off original charges with cash/credit using cash in bank (1000070)
  3. Cash payment fund balanced to original receivable chartstring

Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Charge 1 Receivable 1011010   $93.50   149   509 ddddd
1xxxxxxxxxxx 1 Receivable 1011010   3.50   860   279 ddddd
2xxxxxxxxxxx 1 Receivable 1011010   3.00   561 Z61 288 ddddd
3xxxxxxxxxxx 1 Chrg-Rev   4000020   $(93.50) 149   509 ddddd
  1 Chrg-Rev   4000020   (3.50) 860   279 ddddd
  1 Chrg-Rev   4000020   (3.00) 561 Z61 288 ddddd

Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 2 Payment 1000070   $100.00   790   285 98009
Line no = 2 Pmt-Rec   1011010   $(93.50) 149   509 ddddd
“nnnnn” 2 Pmt-Rec   1011010   (3.50) 860   279 ddddd
Eg:”37385” 2 Pmt-Rec   1011010   (3.00) 561 Z61 288 ddddd

Fund Balancing

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 3 Fund Bal 1000070   $93.50   149   509 ddddd
Line no = 3 Fund Bal 1000070   3.50   860   279 ddddd
“10nnnnn” 3 Fund Bal 1000070   3.00   561 Z61 288 ddddd
Eg:”1037385” 3 Fund Bal   1000070   $(100.00) 790   285 98009

The application of financial aid is recorded as a payment and includes fund balancing to ensure payment (internal cash) is recorded in the same chartstring as the charges/receivables since this item type Picks Up Receivable from Charge (PURC).

In the example below, the financial aid payment exceeds the amount owed so ‘Unapplied Student Liability’ (2000030) is recorded.  

  1. Original tuition charges.
  2. Pay off original charges with financial aid and internal cash (1000199).  Unapplied amount is recorded as Student Liability. This is refunded to the student either via BankMobile or a check issued to the student (see Section 50.30.60.3 below)
  3. Internal cash payment fund balanced to original receivable chartstring.
  4. 2nd Journal Set is used to record the expenditure and internal cash in Fund 846, Class 271 and department based on source and type of financial aid.

Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Charge 1 Rec 1011010   $93.50   149   509 ddddd
1xxxxxxxxxxx 1 Rec 1011010   3.50   860   279 ddddd
2xxxxxxxxxxx 1 Rec 1011010   3.00   561 Z61 288 ddddd
3xxxxxxxxxxx 1 Revenue   4000020   $(93.50) 149   509 ddddd
  1 Revenue   4000020   (3.50) 860   279 ddddd
  1 Revenue   4000020   (3.00) 561 Z61 288 ddddd

FA Applied

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
FA Applied 2 Pmt-Cash 1000199   $200.00   790   285 98009
9xxxxxxxxxxx 2 Pmt-Rec   1011010   $(93.50) 149   509 ddddd
Line no = 2 Pmt-Rec   1011010   (3.50) 860   279 ddddd
“nnnnn” 2 Pmt-Rec   1011010   (3.00) 561 Z61 288 ddddd
Eg:”37385” 2 Pmt-Liab   2000030   (100.00) 790   285 98009

CEMLI E214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E214 3 Fund Bal 1000199   $93.50   149   509 ddddd
Line no = 3 Fund Bal 1000199   3.50   860   279 ddddd
“10nnnnn” 3 Fund Bal 1000199   3.00   561 Z61 288 ddddd
Eg:”1037385” 3 Fund Bal 1000199   100.00   790   285 98009
  3 Fund Bal   1000199   $(200.00) 790   285 98009

CEMLI E218

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E218 4 Custom JE 5020xxx   $200.00   846   271 ddddd
(2nd Jrnl  Set) 4 Custom JE   1000199   $(200.00) 846   271 ddddd

Student refunds are nearly identical for student self-pay or financial aid. Cash payments are usually refunded with a check, credit card payments may be refunded either by check or returned to the credit card. 

To initiate the student refund check, student financials staff must apply a check refund item type (5900000000xx) to the student account. This will send the liability to Accounts Payable using account 2000015.

For an electronic refund, student services should apply either a credit card or BankMobile refund item.  Then, either cashiering or finance staff must process the refund to the student credit card or submit an EFT to Bank Mobile, depending on the fund type See Step 5d below).

In the example below, the financial aid payment exceeds the amount owed so ‘Unapplied Student Liability’ (2000030) is recorded.  

  • 5a – When a refund item type is applied to the student account, ctcLink will credit the Unapplied Student Liability (2000030) and debit the liability account (2000015) recorded in the AP Chartfield portion of the Refund Item Type configuration (The use of 2000015 enables the college to determine which AP entries originated in Student Financials vs Finance).
  • 5b – The AP Chartfield is sent to Accounts Payable in Finance to create a voucher for payment. This process converts the SF liability account to an AP liability account (2000010).
  • 5c – When the check is issued AP relieves the AP liability account and credits cash.
  • 5d – Electronic payments using Bank Mobile, credit card, EFT or wire funds are initiated when student services applies an EFT Item Type (590000000xxx) to the student account.  Different Item Types are used to initiate the refund allowing colleges to track each refund type.

Since these refunds are processed directly with the bank, they are not sent to Accounts Payable.  Instead the Unapplied Student Liability account is debited and cash in bank is credited.

Student Check Refund

Send to GL

Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
5a Refund 2000030   $100.00   790   285 ddddd
5a Refund   2000015   $(100.00) 790   285 ddddd

Voucher Created

Step 5b and 5c occur in the Accounts Payable module in Finance.

Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
5b Voucher 2000015   $100.00   790   285 ddddd
5b Voucher   2000010   $(100.00) 790   285 ddddd

Student Electronic Refund

Check Issued

Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
5c Payment 2000010   $100.00   790   285 ddddd
5c Payment   1000070   $(100.00) 790   285 ddddd

Or

EFT-Initiated Event

Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
5d Refund 2000030   $100.00   790   285 ddddd
5d Refund   1000070   $(100.00) 790   285 ddddd

Financial Aid staff adjust award based on student’s discontinuation of attendance based on federal, state and college rules for refunding.

When the adjustment is applied, it generates an entry on the student account using the item type associated with the financial aid source.  For example, Pell:

Award Adjustment is applied (i.e. negative payment) using the original item type (9xxxxxxxxxxx):

  • Cr Internal Cash (1000199)
  • Dr Receivable (Pick Up Receivable from Charge is used)

Second Journal reverses the original financial aid expense:

  • Cr Expense (5020xxx)
  • Dr Internal Cash (1000199)

Financial Aid Refund Adjust (payment) is applied using item type 709610000000

  • Cr Receivable (Pick Up Receivable from Charge is used)
  • Dr Internal Cash (1000199)

Financial Aid Adjustment Due (charge) is applied using item type 496100000000

  • Cr Internal Cash (1000199)
  • Dr Student R2T4 Loan Receivable (1011120)

 College returns funds to the Department of Education (ED).  This reverses the original revenue and cash received from ED.

The application of financial aid is recorded as a payment and includes fund balancing to ensure payment (internal cash) is recorded in the same chartstring as the charges/receivables since this item type Picks Up Receivable from Charge (PURC).

In the example below, the financial aid payment exceeds the amount owed so an ‘Unapplied Student Liability’ (2000030) is recorded.  

  1. Original tuition charges.
  2. Pay off original charges with financial aid and internal cash (1000199).  Unapplied amount is recorded as a Student Liability. This is refunded to the student either via BankMobile or a check issued to the student (see Section 50.30.60.3 above).
  3.  Internal cash payment fund balanced to original receivable chartstring.
  4.  2nd Journal Set is used to record the expenditure and internal cash in Fund 846, Class 271 and department based on source and type of financial aid.
  5. When the adjustment to financial aid is applied to the student account by financial aid staff, an entry is generated in which the original award item type transaction is reversed in the amount of the adjustment. Assuming the student had not earned any of the refund and was not eligible for tuition reimbursement.
  6.  2nd Journal Set is used to record the reversal of expenditure and internal cash in Fund 846, Class 271 and department based on source and type of financial aid.
  7.  Charges are removed (paid) using the payment Item Type 70961xxxxxxx.  This item should only be used in conjunction with Item Type 49610xxxxxxx.
  8.  New charges are applied recording a Student Loan Receivable and Internal Cash with Item Type 49610xxxxxxx.
  9. Student repayment is recorded reducing the receivable and increasing Cash In Bank.
  10. Although not required since it is a single chartstring, ctcLink will run the fund balancing process since fund balancing is triggered by any payment or waiver item type.

Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring  Class Chartstring Dept
Charge 1 Receivable 1011010   $93.50   149   509 ddddd
1xxxxxxxxxxx 1 Receivable 1011010   3.50   860   279 ddddd
2xxxxxxxxxxx 1 Receivable 1011010   3.00   561 Z61 288 ddddd
3xxxxxxxxxxx 1 Revenue   4000020   $(93.50) 149   509 ddddd
  1 Revenue   4000020   (3.50) 860   279 ddddd
  1 Revenue   4000020   (3.00) 561 Z61 288 ddddd

FA Applied

Event Step Action Account Account 2 Dr Cr Chartstring   Fund Chartstring AI Chartstring   Class Chartstring Dept
FA Applied 2 Pmt-Cash 1000199   $200.00   790   285 98009
9xxxxxxxxxxx 2 Pmt-Rec   1011010   $(93.50) 149   509 ddddd
Line no = 2 Pmt-Rec   1011010   (3.50) 860   279 ddddd
“nnnnn” 2 Pmt-Rec   1011010   (3.00) 561 Z61 288 ddddd
Eg:”37385” 2 Pmt-Liab   2000030   (100.00) 790   285 98009

CEMLI E214

Event Step Action Account Account 2 Dr Cr Chartstring   Fund Chartstring AI Chartstring   Class Chartstring Dept
CEMLI E-214 3 Int Cash 1000199   $93.50   149   509 ddddd
Line no = 3 Int Cash 1000199   3.50   860   279 ddddd
“10nnnnn” 3 Int Cash 1000199   3.00   561 Z61 288 ddddd
Eg:”1037385” 3 Int Cash 1000199   100.00   790   285 98009
  3 Int Cash   1000199   $(200.00) 790   285 98009

CEMLI-E218

Event Step Action Account Account 2 Dr Cr Chartstring   Fund Chartstring AI Chartstring   Class Chartstring Dept
CEMLI-E218 4 FA Exp 5020xxx   $200.00   846   271 ddddd
(2nd Jrnl  Set) 4 Int Cash   1000199   $(200.00) 846   271 ddddd

FA Adjusted

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
FA Adjusted 5 Pmt-Rec 1011010   $93.50   149   509 ddddd
9xxxxxxxxxxx 5 Pmt-Rec 1011010   3.50   860   279 ddddd
Line no = 5 Pmt-Rec 1011010   3.00   561 Z61 288 ddddd
“nnnnn” 5 Pmt-Liab 2000030   100.00   790   285 98009
Eg:”37385” 5 Pmt-Cash   1000199   $(200.00) 790   285 98009

CEMLI-E218

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI-E218 6 Int Cash 1000199   $200.00   846   271 ddddd
(2nd Jrnl  Set) 6 FA Exp   5020xxx   $(200.00) 846   271 ddddd

FA Refund Adjustment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
FA Rfnd Adj 7 Pmt-Cash 1000199   $200.00   790   285 98009
70961xxxxxxx 7 Pmt-Rec   1011010   $(93.50) 149   509 ddddd
Line no = 7 Pmt-Rec   1011010   (3.50) 860   279 ddddd
“nnnnn” 7 Pmt-Rec   1011010   (3.00) 561 Z61 288 ddddd
Eg:”37385” 7 Pmt-Liab   2000030   (100.00) 790   285 98009

FA Adjustment Due

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
FA Adj Due 8 Rec 1011120   $200.00   846   271 ddddd
49610000xxxx 8 Int Cash   1000199   $(200.00) 846   271 ddddd

Student Repay

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Stdt Repay 9 Bnk Cash 1000070   $200.00   846   271 ddddd
7000xxxxxxxx 9 Rec   1011120   $(200.00) 846   271 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 10 Bnk Cash 1000070   $200.00   846   271 ddddd
(Fund Bal) 10 Bnk Cash   1000070   $(200.00) 846   271 ddddd

Waivers behave in a manner similar to payments in that the receivable is relieved but a debit to a contra-revenue is recorded instead of cash. Below is the list of waiver accounts:

Account Waiver Account Title
4000100 Tuition & Fee Waiver
4000105 Tuition & Fee Waiver-Need
4000110 Tuition & Fee Waiver-Non-Need
4000115 Tuition & Fee Waiver-Athletic
4000118 Tuition & Fee Waiver-Athletic Gender Equity

The account used is determined by the Waiver Item Type configuration.

The fund balancing process records the contra-revenue into the chartstring where the original revenue is recorded.

Although the Item Type is configured using Fund 846 Class 275m the waiver is recorded in the chartstring of the original charges (receivable/revenue) due to PURC and Fund Balancing.

  1. Original tuition charges.
  2. Waiver reduces the receivable for waiver allowed amounts and records a contra-revenue.
  3. Waiver fund balanced to original receivable chartstring.

Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Charge 1 Receivable 1011010   $93.50   149   509 ddddd
1xxxxxxxxxxx 1 Receivable 1011010   3.50   860   279 ddddd
2xxxxxxxxxxx 1 Receivable 1011010   3.00   561 Z61 288 ddddd
3xxxxxxxxxxx 1 Revenue   4000020   $(93.50) 149   509 ddddd
  1 Revenue   4000020   (3.50) 860   279 ddddd
  1 Revenue   4000020   (3.00) 561 Z61 288 ddddd

Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 2 Waiver 40001xx   $100.00   790   285 98009
Line no = 2 Receivable   1011010   $(93.50) 149   509 ddddd
“nnnnn” 2 Receivable   1011010   (3.50) 860   279 ddddd
Eg:”37385” 2 Receivable   1011010   (3.00) 561 Z61 288 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 3 Fund Bal 40001xx   $93.50   149   509 ddddd
Line no = 3 Fund Bal 40001xx   3.50   860   279 ddddd
“10nnnnn” 3 Fund Bal 40001xx   3.00   561 Z61 288 ddddd
Eg:”1037385” 3 Fund Bal 1000199     $(100.00) 790   285 98009

Some colleges have elected to offer payment plans to students. The payment plans could be managed by the college or Nelnet. This allows students to make weekly/monthly payments instead of paying the entire amount at the beginning of the term.

Moving students to a payment plan is a 2-step process in which all the charges (operating, building, S&A and fees) are ‘paid off’ and a new single payment plan charge is applied.

  1. Original tuition charges.
  2. Pay off original charges with payment plan item type (680000000xxx) using internal cash (1000199). Since this is a payment item type, it should use 2000030 Student Liability ST as the credit (for any unapplied amounts, which is rare).
  3. Payment Plan payment fund balanced to original receivable chartstring.
  4. Payment plan charges applied (380000000xxx) to student account with payment plan receivable (1011100) and internal cash (1000199).
  5. Payment made by student relieving receivable (directly for college payment plans or a Nelnet payment) for 1/3 of the outstanding balance.
  6. Cash payment is fund balanced to receivable chartstring.

Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Charge 1 Receivable 1011010   $93.50   149   509 ddddd
1xxxxxxxxxxx 1 Receivable 1011010   3.50   860   279 ddddd
2xxxxxxxxxxx 1 Receivable 1011010   3.00   561 Z61 288 ddddd
3xxxxxxxxxxx 1 Revenue   4000020   $(93.50) 149   509 ddddd
  1 Revenue   4000020   (3.50) 860   279 ddddd
  1 Revenue   4000020   (3.00) 561 Z61 288 ddddd

Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 2 Int Cash 1000199   $100.00   790   285 98009
Item Type = 2 Receivable   1011010   $(93.50) 149   509 ddddd
680000000xxx 2 Receivable   1011010   (3.50) 860   279 ddddd
2 Receivable   1011010   (3.00) 561 Z61 288 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 3 Fund Bal 1000199   $93.50   149   509 ddddd
Line no = 3 Fund Bal 1000199   3.50   860   279 ddddd
“10nnnnn” 3 Fund Bal 1000199   3.00   561 Z61 288 ddddd
Eg:”1037385” 3 Fund Bal   1000199   $(100.00) 790   285 98009

Recharge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Recharge 4 Receivable 1011100   $100.00   849   272 ddddd
380000000xxx 4 Int Cash   1000199   $(100.00) 849   272 ddddd

Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 5 Pmt-Cash 1000070   $33.34   790   285 98009
7000000xxxxx 5 Receivable   1011100   $(33.34) 849   272 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 6 Fund Bal 1000070   $33.34   849   272 ddddd
See above 6 Fund Bal   1000070   $(33.34) 790   285 98009

Collection agreements work in a manner similar to payment plans.

Moving students to collections is a 2-step process in which all the charges (operating, building, S&A and fees) are ‘paid off’ and a new single collections charge is applied.

  1. Original tuition charges with fund balancing
  2. Pay off original charges with collection agreement item type (690000000xxx) using internal cash (1000199). Since this is a payment item type, it should use 2000030 Student Liability ST as the credit (for any unapplied amounts, which is rare).
  3.  Collection agreement payment fund balanced to original receivable chartstring.
  4. Collection agreement charges applied (390000000xxx) to student account with collections receivable (1010070) and internal cash (1000199).
  5. Payment made by collection agency relieving receivable.
  6. Cash payment is fund balanced to receivable chartstring.

Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Charge 1 Receivable 1011010   $93.50   149   509 ddddd
1xxxxxxxxxxx 1 Receivable 1011010   3.50   860   279 ddddd
2xxxxxxxxxxx 1 Receivable 1011010   3.00   561 Z61 288 ddddd
3xxxxxxxxxxx 1 Revenue   4000020   $(93.50) 149   509 ddddd
  1 Revenue   4000020   (3.50) 860   279 ddddd
  1 Revenue   4000020   (3.00) 561 Z61 288 ddddd

Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 2 Int Cash 1000199   $100.00   790   285 98009
Item Type = 2 Receivable   1011010   $(93.50) 149   509 ddddd
690000000xxx 2 Receivable   1011010   (3.50) 860   279 ddddd
2 Receivable   1011010   (3.00) 561 Z61 288 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 3 Fund Bal 1000199   $93.50   149   509 ddddd
Line no = 3 Fund Bal 1000199   3.50   860   279 ddddd
“10nnnnn” 3 Fund Bal 1000199   3.00   561 Z61 288 ddddd
Eg:”1037385” 3 Fund Bal   1000199   $(100.00) 790   285 98009

Recharge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Recharge 4 Receivable 1011100   $100.00   849   272 ddddd
390000000xxx 4 Int Cash   1000199   $(100.00) 849   272 ddddd

Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 5 Pmt-Cash 1000070   $33.34   790   285 98009
7000000xxxxx 5 Receivable   1011100   $(33.34) 849   272 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 6 Fund Bal 1000070   $33.34   849   272 ddddd
See above 6 Fund Bal   1000070   $(33.34) 790   285 98009

Some students might receive benefits through a third party like Labor and Industries or Veteran Affairs.

Moving tuition charges to a third party (TPC) is a 2-step process in which all the charges (operating, building, S&A and fees) are ‘paid off’ and a new single payment plan charge is applied to the third party.

  1.  Original tuition charges.
  2. Pay off original charges with payment plan item type (620000xxxxxx) using internal cash (1000199).  This clears the student account of all charges eligible to be paid by Third Party Contract.
  3.  Cash payment fund balanced to original receivable chartstring.
  4.  Third Party Account charges applied (32000xxxxxxx) to the external organization account (third party) with a receivable (1011xxx) and internal cash (1000199).
  5. Payment made by the third party relieving receivable. If the third party denies any charges, the receivables are cleared and the charges returned to the student account.
  6. Cash payment is fund balanced to receivable chartstring.

Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Charge 1 Receivable 1011010   $93.50   149   509 ddddd
1xxxxxxxxxxx 1 Receivable 1011010   3.50   860   279 ddddd
2xxxxxxxxxxx 1 Receivable 1011010   3.00   561 Z61 288 ddddd
3xxxxxxxxxxx 1 Revenue   4000020   $(93.50) 149   509 ddddd
  1 Revenue   4000020   (3.50) 860   279 ddddd
  1 Revenue   4000020   (3.00) 561 Z61 288 ddddd

Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
Payment 2 Int Cash 1000199   $100.00   790   285 98009
Item Type = 2 Receivable   1011010   $(93.50) 149   509 ddddd
620000xxxxxx 2 Receivable   1011010   (3.50) 860   279 ddddd
2 Receivable   1011010   (3.00) 561 Z61 288 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 3 Fund Bal 1000199   $93.50   149   509 ddddd
Line no = 3 Fund Bal 1000199   3.50   860   279 ddddd
“10nnnnn” 3 Fund Bal 1000199   3.00   561 Z61 288 ddddd
Eg:”1037385” 3 Fund Bal   1000199   $(100.00) 790   285 98009

TPC Charge

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
TPC Charge 4 Receivable 1011100   $100.00   849   272 ddddd
320000xxxxxx 4 Int Cash   1000199   $(100.00) 849   272 ddddd

TPC Payment

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
TPC Pmt 5 Pmt-Cash 1000070   $100.00   790   285 98009
7000000xxxxx 5 Receivable   1011100   $(100.00) 849   272 ddddd

CEMLI E-214

Event Step Action Account Account 2 Dr Cr Chartstring Fund Chartstring AI Chartstring Class Chartstring Dept
CEMLI E-214 6 Fund Bal 1000070   $100.00   849   272 ddddd
See above 6 Fund Bal   1000070   $(100.00) 790   285 98009

 

Page Manager: slocke@sbctc.edu
Last Modified: 8/31/23, 3:34 PM

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