1. FAB5316 How to Reconcile Student Loans – From Import to Disbursement Elena Barrar – Purchasing Specialist James Williams – Administrative Analyst Neumann University Aston, PA

2. Objectives Describe Neumann’s process for reconciling CommonLine loans between Financial Aid and Business Office. Explain the “behind the scenes” setups put in place for reconciliation. Outline the responsibilities of both Financial Aid and the Business Office regarding discovering and correcting discrepancies.

3. Behind the Scene – Business Office Set up 2 clearing accounts in GL Account Authorization (GLAA) for deposit of funds from the bank –10-0000-11008-1 (Stafford Loans) –10-0000-11009-1 (External Loans/ Paper Checks) Set up two Distribution (DIST) codes. –EFT – Stafford Loans –XEFT – External Loans Setup the same codes in Non-AR Receipt Codes (NARD)

4. GL Account Authorization (GLAA) Stafford Loan External Loan/Paper Check

5. Distribution (DIST) EFT – Stafford LoanXEFT – External Loan

6. Non-AR Receipt Code (NARD) EFT – Stafford LoanXEFT – External Loan

7. From the Business Office Side Go to the bank website and verify deposit(s) Do Cash Receipt Entry (CREN) and enter in the ‘Distribution’ field… –EFT - Stafford Loans –XEFT - External Loan E-mail the Financial Aid Office the lender name/s and amount which was deposited into our bank account

8. Cash Receipt Entry (CREN) Enter DIST code (EFT or XEFT) here.

9. Cash Receipt Entry (CREN) Enter NARD code (EFT or XEFT) here.

10. Cash Receipt Entry (CREN) Enter Payment Method (AUC) here

11. From the Financial Aid Side Print out all the rosters CommonLine Post all XLOAN awards to AIDE and verify amounts posted Retrieve roster file and import into system (CL.RECEIVE.DIR) via FTP Run the Import Electronic Loan Files (IELF) to process all Response and Disbursement files Run the Electronic Application Distribution Variance (ELDV) and Transmitted FA (TFAR) reports to check amounts

12. From the Financial Aid Side Run Electronic Loan Disbursement Management (ELDM) to list disbursements that either… Do not have a roster file record in EL.ROSTERS Have a discrepancy between the roster amount in EL.ROSTERS and the Colleague transmitted amount in SL.ACYR (where ACYR is the 4 digit year). Check each roster for any returns or changes that need to be made and add to spreadsheet

13. From the Financial Aid Side XLOAN - External Loan Program

14. From the Financial Aid Side After collecting loan rosters and downloading disbursement and response files… –FTP the files over to the CL.RECEIVE.DIR –Run the Import Electronic Loan Files (IELF) to bring the disbursement and response files into Colleague Defined in Recipient Agency (RECP) Screen

15. From the Financial Aid Side Note the Saved List fields –Loan/Application – Used in Electronic Loan Application Variance (ELAV) report –Guaranteed Loan – Used in the Electronic Application Distribution Variance (ELDV) report –Distribution Roster – Used in the Electronic Loan Distribution Management (ELDM) report

16. From the Financial Aid Side Created via IELF

17. From the Financial Aid Side

18. Created via IELF

19. From the Financial Aid Side Spreadsheet is a manual list of loans which need to be returned to lender. –Student less than half-time –Student withdrew and needed pro-rata return –Student request to return loans to lender E-mail spreadsheet and bring all rosters to the Business Office

20. From the Business Office Side The Business Office updates the General Ledger to include the Financial Aid transmittals and the Cash Receipts of the roster amounts. –Bring up Session Manager (SEMA) and detail on Staff name batch to CR Manager Session Detail (CMSD) Enter value in Control End Balance field into the Actual End Balance field and update out of the screen. –Update the following screens in this order: Cash Receipt GL Register (CGLR) Cash Receipt GL Posting (CGLP) FA Transmittal GL Register (FGLR) – Print Report FA Transmittal GL Posting (FGLP) – Print Report –Run Post GL Transactions (PGLT) to update the General Ledger

21. Session Manager (SEMA) Detail on STAFF name

22. CR Manager Session Detail (CMSD) Input ‘Control End Balance’ in ‘Actual End Balance’ field.

23. Cash Receipt GL Register (CGLR)

24. Cash Receipt GL Posting (CGLP)

25. FA Transmittal GL Register (FGLR)

26. FA Transmittal GL Posting (FGLP)

27. Post GL Transactions (PGLT)

28. From the Business Office Side On the two clearing accounts run… –General Ledger Trial Balance (GLTB) –List General Ledger Activity (LGLA) Subtract any loan amounts to be returned (from F/A spreadsheet) and review reconciling balance

29. GL Trial Balance (GLTB)

30. GL Trial Balance (Summary Report)

31. List GL Activity (LGLA)

32. List GL Activity – 10-0000-11008-1

33. List GL Activity – 10-0000-11009-1

34. Final Checks If out of balance to a credit – check the LGLA report for any credit amounts which are not on the Financial Aid Excel Spreadsheet. Credit balance could also reflect loans which did not post to a student account. Double check the ELDM report to make sure loans which have not posted appear on the F/A Spreadsheet.

35. Questions?

36. THANK YOU Elena Barrar – Purchasing Specialist –bararre@neumann.edubararre@neumann.edu James Williams – Administrative Analyst –williaja@neumann.eduwilliaja@neumann.edu Christopher Corrato – Financial Aid –corratoc@neumann.educorratoc@neumann.edu