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Administrator Guide
Last Updated: 2023-06-23
Create Collection Agreements

Create Collection Agreements

Security:
  • Manage: Student Financial Accounts
     domain in the Student Financials functional area.
  • Manage: Student Collections
     domain in the Student Financials functional area.
When a student agrees to pay their past due charges, you can track the agreed-upon installments, due dates, and fees in Workday. A student can have a single collection agreement for all of their past due charges when you create the collection agreement.
  1. Access the
    Find Students with Past Due Charges
     report.
  2. From the related actions menu of a student, select
    Financials
    Maintain Collection Tracking History
    .
  3. If the student isn't already in collections, change the
    Collection Status
     to
    Active
     and click
    OK
    .
  4. Click
    Create Collection Agreement
    .
  5. Enter a
    Number of Installments
     or
    Installment Amount
    .
  6. Identify the due date for the installments.
    You can enter a specific day of the month or select the last day of the month.
  7. If you're assessing a fee for the collection agreement, select a
    Charge Item
     and enter an
    Amount
    .
    Workday distributes the fee evenly across the installments.
  8. Click
    Refresh Installments
     to review the installments.
Workday removes existing holds that the student has for their past due balances. As long as the student stays current on their collection agreement installments, Workday doesn't apply new holds for the past due balances.
When you need to change the terms of the collection agreement, cancel the collection agreement and create a new one. Example: You cancel a collection agreement if:
  • The student falls behind in payments.
  • The payment amount or installment number changes.
  • You need to incorporate additional charges.