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Administrator Guide
Last Updated: 2024-10-18
Steps: Manage Issues with Student Sponsor Refund Payments

Steps: Manage Issues with Student Sponsor Refund Payments

When sponsor payments don't reach students, you can:
  • Return payments that return to you due to an incorrect bank account number, closed account, or other bank errors.
  • Stop payments that you need to prevent banks from clearing.
  • Escheat old, uncashed, or unclaimed payments.
  1. Access the
    Account Transactions
     report in the
    Student Financials
     profile group of the student profile to see the student's transactions and identify those you want to take action on.
  3. (Optional) From the related actions menu of the transaction for student sponsor refunds, select 1 of:
    • Student Sponsor Contract Refund Payment
      Escheat
       to escheat the payments for refunds that are unclaimed over a length of time determined by the state or province.
      Security:
      Process: Student Sponsor Refund Escheatment
       domain in the Student Financials functional area.
    • Student Sponsor Contract Refund Payment
      Resume
       to resume stopped payments for refunds.
      Security:
      • Process: Settlement
         domain in the Banking and Settlement functional area.
      • Process: Student Sponsor Refund/Settlement
         domain in the Student Financials functional area.
    • Student Sponsor Contract Refund Payment
      Stop
       to return payments for refunds that return to you due to bank errors.
      Security:
      • Manage: Student Sponsor Refund Processing
         domain in the Student Financials functional area.
      • Process: Payment Return
         domain in the Banking and Settlement functional area.
    • Student Sponsor Contract Refund Payment
      Stop
       to stop payments for refunds that are no longer in the possession of the institution.
      Security: These domains in the Student Financials functional area:
      • Process: Settlement
      • Process: Student Sponsor Refund/Settlement
Workday:
  • Creates journal entries that reverse the original payments.
  • Updates the statuses of the original payments to
    Escheated
    ,
    Stopped
    , or
    Returned
    .
(Optional) Create another refund to replace the returned or stopped payment.