Background for the General Ledger
The financial aid general ledger tracks authorization levels by fund. Authorization levels:
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Cover a financial aid award year (July 1 to June 30)
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Are configured by your institution for each fund
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Control how much an institution will package and disburse from the fund in an award year
A default Chart of Accounts is supplied with Anthology Student.
Fund Types and Authorization Levels
The table lists the types of funds and provides background for the authorization levels.
| Type | Fund | How Authorization Levels Work |
|---|---|---|
| Campus-based | Federal Work-Study (FWS) |
Authorization levels are assigned to the 6-digit campus-based serial number that is assigned by the Department of Education (ED). • The authorization comes from ED under the serial number. • An organization can have one or many campuses assigned to the same serial number. When received by Anthology Student, your institution has the option of posting the entire authorization amount to the serial number or it can split the amount and assign those amounts to each campus within the serial number. |
| Perkins loans (referred to by level of expenditure instead of authorization) | ||
| SEOG | ||
| Not campus-based | Direct loans | Authorization levels are assigned by Direct Loan ID. |
| Pell, TEACH, and Iraq and Afghanistan Service Grants (IASG) grants |
Authorization levels are assigned to the Reporting Pell ID. • The authorization comes from the Department of Education (ED) under the Reporting Pell ID. • An organization can have one or many campuses assigned to the same ID. When received by Anthology Student, your institution posts the amount to the Reporting Pell ID, and each campus that belongs to the Pell ID has the authorization available for packaging and disbursing funds. |
For Pell grants, the commitment level is typically set at 100%.
For SEOG, FWS, and Perkins loans, the commitment levels can be set higher than 100% because some students may not accept the aid offered under these programs.
For non-Title IV funds, configure a Fund Type of Other in Configuration > Financial Aid > General Ledger Funds (see General Ledger Funds). Then make sure this Fund Type has its own account to capture the funding limits.
Authorization Levels
When you manually or automatically package financial aid for students, Anthology Student warns you if the amount packaged for the fund source exceeds the allowable commitment level for the fund. Anthology Student:
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First checks the page for the amount authorized for the award year
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Then multiplies the amount by the commitment level for the fund source
After a student is packaged, Anthology Student also updates the Packaged Amount column on the Authorization tab (Select the Processes tile > expand Financial Aid > select General Ledger Transactions.).
Codes Used During Configuration
| Type of Code | Code | Fund Type |
|---|---|---|
| Fund type | D | Direct Loan - GAPS |
| F | Federal Family Education Loan (FFEL) | |
| G | GAPS | |
| I | Iraq and Afghanistan Service Grants (IASG) | |
| K | Federal Perkins Loan | |
| L | Direct Loan - Program Fund | |
| O | Other (Non-Title IV Fund) | |
| P | Federal Pell Grant | |
| S | Federal Supplemental Educational Opportunity Grant (SEOG) | |
| T | Federal TEACH Grant | |
| W | Federal Work-Study (FWS) | |
| How it is distributed | C | By Campus |
| D | By Direct Loan ID | |
| P | By campus Pell ID | |
| S | By Serial Number |
Release to the General Ledger
The release to the general ledger includes transactions that are tied to a subsidiary and payments that are made to a subsidiary. This option exports batches of the standard transactions, including summarized ledger card and revenue transactions, and the transactions held in the subsidiary transaction table, to your general ledger system.
General ledger account numbers are associated with the transaction codes. Anthology Student uses the Campus ID from the revenue ledger when looking up the general ledger account numbers. An enrollment can have revenue entries for more than one campus. Anthology Student uses the Campus ID from the deferred revenue entry.
When you release transactions to the general ledger, the related records in Anthology Student are marked as posted and cannot be included in a new batch.
Financial Aid Fund Sources
The release to the general ledger gathers the general ledger accounts for monies received from and refunded to financial aid fund sources. If general ledger debit and credit accounts are specified for a fund source, these accounts are used to post for this fund source as opposed to the default accounts used for cash received and refunded transactions. General ledger accounts are configured for fund sources. (Select the Configuration tile > expand Financial Aid > select Fund Sources.)
