Student Sponsor - Education Sector

Caroline Buckland Updated by Caroline Buckland

Student/Funder overview

This workbook provides a step-by-step guide on setting up and processing student invoices when a student is funded by a third party. The following sections outline the key considerations and procedures to ensure accurate and efficient invoicing.

Below is an overview of the solution.

A student attending a university may have a number of funders (e.g. student loan company, parents, prospective work employer etc.) who will be funding their accommodation, tuition fees or other costs associated with their course. Each of these funders may in turn fund other students for their course fees. To facilitate these types of customers new functionality has been added to allow a relationship between the accounts.

Additional transaction enquiries allow the viewing of transactions within these relationships; thus student accounts have the ability to see a list of associated funders and from this screen view a list of transactions relating to that student but that are actually held on the funder account. Conversely, an enquiry on a funder account will allow the ability to view all transactions for a specific student and then provide a further link to allow the viewing of all transactions regardless of funder for the student.

Further transaction data has been available that will enable student-related information to be held against Accounts Receivable transactions. These additional fields are available to be entered via Sales Invoices and Cash/Adjustment entry.   These fields are available on the API in the Sales Invoicing Document section and AR Cash.

Transaction amendment is available on these fields so they can be changed once the transaction has been created.

When payments are received from a funder (e.g. Student Loan Company) to pay transactions on behalf of a student, these payments will be held against the funder account and auto allocation will be required for these transactions to match against the relevant invoices for the student.

Frequently, however, the information held on the payment will not fully identify the student transaction that must be allocated, so two new auto allocation algorithms have been created to aid in the identification of the correct invoices to be paid.

The Funders and Students are setup in the usual way you would setup normal customers, this document explains how you can add the relationships between Funder and Student and the processing involved.

Select the link below to view the guide.

Student Sponsor workbook v1.1.pdf

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