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Administrator Guide
Last Updated: 2024-10-18
Record and Apply Student Sponsor Payments

Record and Apply Student Sponsor Payments

  • Create 1 or more invoices for the student sponsor contract.
  • Configure the
    Student Sponsor Payment Application Event
     business process in the Student Financials functional area. See Steps: Configure Business Process Definitions.
Student sponsors typically send you payments after you invoice them for the funds that you've disbursed to students on their behalf. You can record the sponsor payments in Workday and apply them to the invoices that you generated for the student sponsor contracts.
  1. Access the
    Record Student Sponsor Payment
     task.
  2. As you complete the
    Deposit Information
     section, consider:
    Option Description
    Create Deposit
    (Optional) Select to deposit the payment into a bank account.
    Example: The sponsor wired the payment directly to your bank account. In this case, you don't need to create a separate sponsor deposit to account for the cash.
    Use the
    Create Student Deposit
     task to deposit the payment later.
    Deposit Reference
    (Optional) Enter a reference to identify this deposit during reconciliation.
  3. To apply the payment:
    • Now, click
      Save and Apply Payment
      .
    • Later, click
      Save Payment
      .
  4. Select the
    Student Sponsor Contract
     toward which to apply the payment.
  5. Select the invoice lines to apply the payment to and specify the
    Amount to Pay
    .
    When you have an overpayment and the
    Refund Student Sponsor Overpayment to Student
     check box on the student sponsor contract is:
    • Selected, edit the
      Amount to Pay
       to bring the
      Remaining Amount to Apply
       to zero. You can later refund the overpayment to the student.
    • Cleared, enter the
      Amount to Place On-Account
       to bring the
      Remaining Amount to Apply
       to zero. You can later:
      • Refund this amount to the student sponsor.
      • Apply this amount to invoices for another student sponsor contract, with the same sponsor and
        Refund Student Sponsor Overpayment to Student
         configuration.
When you've saved, applied, and deposited the payment, Workday generates accounting for the transactions.
When you've:
  • Saved the payment without applying it, access the
    Apply Student Sponsor Payment
     task to apply it.
  • Saved or applied the payment without depositing it, access the
    Create Student Deposit
     task to deposit it and generate accounting for the deposit.
When you have an overpayment:
  • Refund overpayments to students or student sponsors.
  • To apply to another invoice for student sponsor contracts, select
    Student Sponsor Payment
    Apply
     from the related actions menu of the student sponsor payment.
    The student sponsor contracts must have the same sponsor and the same
    Refund Student Sponsor Overpayment to Student
     configuration.