To speed up data entry, use Add Transactions to a Group (BB203392) to add Financial Aid records.
  1. Add a New Financial Aid record:
    • From the Student record:
      1. Open the Student record.
      2. Select the Activity tab.
      3. Select Scheduled Activity from the View drop-down list.
      4. Select New Financial Aid from the drop-down list.
    • From the Financial Aid page:
      1. In Records, click Financial Aid.
      2. Click Add a New Financial Aid.
  2. Enter a record name, identification number, or Social Security or Catalog of Federal Domestic Assistance number.
  3. In the Transaction date field, enter the effective date of the financial aid.
  4. In the Item/Description field, enter an item or use the binoculars to locate a financial aid item.
  5. In the Amount field, enter the total amount of the financial aid to credit.
  6. In the Comment field, enter additional information about the financial aid credit.
  7. On the Schedule tab, set the schedule for generating credits from a financial aid record.

    Note: If a default schedule was added to the Financial Aid item, it will default to the Schedule tab. If the Financial Aid item does not have a default schedule, the schedule must be added to the Financial Aid record before it can be saved. To add a schedule:
  8. Click Modify Schedule.
  9. In the Frequency field, select how often to issue payments, either Annually, Monthly, Semi-monthly, Weekly, or Irregular.
  10. At the bottom of the screen, configure the detail of the schedule based on the selected frequency.
  11. In the Starting on field, enter the date for the first payment of the schedule.
  12. The Next field is for information purposes only and displays the next scheduled payment date.
  13. The grid on the right displays details for the schedule as defined in the fields on the left. If you make changes, click Update.
  14. Click OK.
  15. On the Default GL Distribution tab, enter the default GL Distribution for the Financial Aid credits.

    Note: If a default distribution was added to the Financial Aid item, it will default to the Default GL Distribution tab.
  16. On the Apply To tab, designate the records that should receive the benefit of the financial aid credits, and which charges financial aid can be applied to based on certain restrictions:
    1. In the Credits generated from this financial aid record are distributed to records specified in this grid frame, specify records to receive credits generated from the financial aid record.
    2. The Generate Credits For column displays the owner of the financial aid. To distribute a portion of the amount to other records, in the rows below, click the binoculars to select the student, individual, or organization record.
    3. The Default % column is for informational purposes only and displays a percentage based on the amount you enter in the Scheduled field.
    4. In the Scheduled column, enter the amount to distribute for the record.
    5. The Generated and Total columns are for informational purposes only and display the generated and total amounts.
    6. The Remaining display shows the undistributed credit amount.
    7. In the Credits generated from this financial aid record can only be applied to charges based on these restrictions frame, filter charges based on specific restrictions. You can filter based on Products and Billing Items, and Product and Billing Item Attributes.
    8. Click Save and Close
  17. Generate the financial aid credits during the year by either: