1 / 16

Minnesota State Colleges & Universities

Minnesota State Colleges & Universities. Accounts Receivable Third Party Process (Non-Contract). Student Activity creates Receivables. Student Account $300 tuition $100 fees $ 50 books $450 TOTAL. Authorization Letter is Received From Third Party Company as to

harry
Télécharger la présentation

Minnesota State Colleges & Universities

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Minnesota State Colleges & Universities Accounts Receivable Third Party Process (Non-Contract)

  2. Student Activity creates Receivables Student Account $300 tuition $100 fees $ 50 books $450 TOTAL

  3. Authorization Letter is Received From Third Party Company as to what they will or won’t pay for etc: “If this student is receiving no other Financial Aid we will pay for the entire cost of his/her tuition and fees for the next semester up to $400.” The authorization letter sets forth the RULES the Third Party Company has for this student to qualify for this money.

  4. Choose the correct award based on the RULES NOT on the Third Party Company Involved. A) Does it matter what COST CENTER this money flows through? (FA0142UG) B) Is the award restricted as to WHEN it can pay in relation to other awards? (AR0037UG) C) Should the student receive OVERAGE if there is any? (AR0037UG) D) Is the award restricted as to WHAT charges it can pay? (AR0038UG) NOTE: You do NOT need a new Award ID if the Third Party company changes HOWEVER this may be advantageous for your own personal preferences and reporting purposes.

  5. AR0050UG or AR0052UG • Based on the Award letter you will choose the correct award id that follows the rules and enter the information on the AR0050UG or AR0052UG screen. (It doesn’t really matter which one. It is up to your personal preference.)

  6. TEST YOUR KNOWLEDGE: • If the Third Party customer states that they will pay ALL of the students charges for a given term. What information would you enter on the AR0050UG? Amount _________ OR Percentage __________

  7. TEST YOUR KNOWLEDGE: • If the Third Party customer states that they will pay up to $400 of the students charges for a given term. What information would you enter on the AR0050UG. Amount ________ OR Percentage _________

  8. TEST YOUR KNOWLEDGE: • If the same Third Party will pay everything for one student but only tuition for another student, how will you make certain that happens correctly? • Create a new Third Party Customer record. • Create a different Award ID • Manually figure out the award amount and put it on the FA0106UG with a Y flag.

  9. TUITION CALCULATION Check for eligible charges, Etc. Student Acct CC1 $ 300 tuition CC2 $ 100 fees CC3 $ 50 books $ 450 TOTAL TP Award (AR0050UG) $400 If eligible, write amount To Award table AWARD TABLE (FA0106UG) $400

  10. Aid Applied FA0140CB Student Acct CC1 $ 300 tuition CC2 $ 100 fees CC3 $ 50 books $ 450 TOTAL TP Award (AR0050UG) $400 $ 400 TP/TA The Aid Applied program will write a transaction to the students account indicating that aid is available to be applied. AWARD TABLE (FA0106UG) $400

  11. Funds Applied (AR0390CB) Student Acct CC1 $ 300 tuition CC2 $ 100 fees CC3 $ 50 books $ 450 TOTAL TP Award (AR0050UG) $400 $ 400 TP/TA The Funds Apply program will take the TP aid available and move the Receivable from the student’s account To the Third Party Payer's account. $-400 FA/AP $ 50 TOTAL Third Party Acct AWARD TABLE (FA0106UG) $400 CC1 $ 300 Obj 9003 CC2 $ 100 Obj 9003 $ 400 TOTAL

  12. Student Acct CC1 $ 300 tuition CC2 $ 100 fees CC3 $ 50 books $ 450 TOTAL $ 400 TP/TA NOTICE: Total receivables have not changed, just the customer who owes it has. $-400 FA/AP $ 50 TOTAL Third Party Acct CC1 $ 300 Obj 9003 CC2 $ 100 Obj 9003 $ 400 TOTAL

  13. TUITION CALCULATION Aid Applied (FA0140CB) Student Acct CC1 $ 300 tuition CC2 $ 100 fees CC3 $ 50 books $ 450 TOTAL TP Award (AR0050UG) $400 Third Party The Big Picture $ 400 TP/TA $-400 FA/AP $ 50 TOTAL Third Party Acct AWARD TABLE (FA0106UG) $400 CC1 $ 300 Obj 9003 CC2 $ 100 Obj 9003 $ 400 TOTAL Funds Applied (AR0390CB)

  14. Student changes mind …drops class! Student Account $ 300 tuition $ 100 fees $ 50 books $ 450 TOTAL $-200 tuition $ 250 TOTAL

  15. Student Acct $ 300 tuition $ 100 fees $ 50 books $ 450 TOTAL $ 400 TP/TA $-400 TP/AP $ 50 TOTAL $ -200 tuition $-150 TOTAL TP Award (AR0050UG) $400 What are the student’s ELIGIBLE charges based on their current charges? AWARD TABLE (FA0106UG) $400 Third Party Acct CC1 $ 300 Obj 9003 CC2 $ 100 Obj 9003 $ 400 TOTAL

  16. TUITION CALCULATION Aid Applied (FA0140CB) $- 200 TP/AP CC1 $-200 Obj 9003 Funds Applied (AR0390CB) Student Acct $ 300 tuition $ 100 fees $ 50 books $ 450 TOTAL $ 400 TP/TA $-400 TP/AP $ 50 TOTAL $ -200 tuition $-150 TOTAL TP Award (AR0050UG) $400 $ -200 TP/TA $ 50 TOTAL AWARD TABLE (FA0106UG) Third Party Acct CC1 $ 300 Obj 9003 CC2 $ 100 Obj 9003 $ 400 TOTAL $200 $ 200 TOTAL

More Related