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Administrator Guide
Last Updated: 2024-09-20
Create Student Payment Plan Recalculation Schedules

Create Student Payment Plan Recalculation Schedules

Security:
Set Up: Student Collections
 domain in the Student Financials functional area.
Changes in student charge assignments, financial aid awards, or payment applications can affect the amount that students owe. When the students are on payment plans, Workday flags the payment plans for recalculation to incorporate the effects of the changes. You can create schedules to recalculate flagged payment plans automatically on a nightly basis. Example: A student has a payment plan with a past due installment due April 1st and an installment due on May 1st. When a charge in the plan gets canceled reducing the payment plan total and the recalculation schedule is active, the installment due on May 1st amount decreases.
Workday only recalculates internal payment plans.
  1. Access the
    Create Student Payment Plan Recalculation Schedule
     task.
  2. In the
    Start Date
     and
    End Date
     fields, define the window of time for Workday to recalculate student payment plans.
  3. In the
    Student Selection Criteria
     section, specify the student population to recalculate student payment plans.
  4. In the
    Academic Period
     field, select the academic periods of the payment plans to recalculate.
On the start date, the nightly
Recalculate Student Payment Plan Installments
 job begins recalculating flagged student payment plans for the specified academic periods to the students that you selected. The job processes all students who are eligible for any active recalculation schedule for payment plans.
When you've configured emails for student payment plans, Workday emails the impacted students, notifying them that their installments have changed.
When you access the
Maintain Academic Period Date Controls
 task during the Recalculate Past Due control window, Workday recalculates all unpaid installments. Example: When the total for the payment plan decreases during the Recalculate Past Due control window, Workday decreases both the April and May installments evenly.