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Administrator Guide
Last Updated: 2024-03-08
Record Student Credit Memos

Record Student Credit Memos

Configure the
Student Credit Memo Event
 business process and security policy in the Student Financials functional area.
You can record student credit memos to:
  • Refund students for payments that originate in legacy systems.
  • Provide short-term financial advances.
Workday can't apply credit memos to student charges.
  1. Access the
    Record Student Credit Memo
     task.
  2. (Optional) To post journal entries to a company that isn't the company of the institution, select an
    Override Company
    .
    You can select from companies within the same hierarchy as the company of the institution.
  3. (Optional) Select the
    Box 1 Impact Only
     option on the
    1098-T Impact
     field.
    You can include credit memo amounts to reduce the available payments in Box 1. Example: You provide students with emergency loans or cash advances of anticipated aid that exists on their account. Once refunded, we subtract the amount from the Box 1 payments.
  4. To refund the student immediately after recording the credit memo, select
    Refund Automatically
    . To refund the student later, clear the check box.
  5. In the
    Lines
     grid, add a row for each line in the student credit memo.
  6. (Optional) On the
    Attachments
     tab, you can add files to support this credit memo.
You can use the
Find Student Credit Memo
 report to find student credit memos posted to student accounts.
If you opted to refund the student later, create a student refund for the student credit memo. When creating the refund, select the
Refund Credit Memos
 check box.