TABLE OF CONTENTS


What Are Transactions?

The transaction in GEGI is a financial operation recorded in the AR Card of a student. Charges, Payments, and Refunds are transactions.

Transactions are created and displayed in the AR Card on the scheduled date (Payment Date or Charge Data) or when certain conditions are met (e.g., when SAP is met):



The Transaction Date field in the AR Card of a student has a tooltip that shows the information about when the transaction was created and which rules were applied.


Pending Period

Pending Period — is the period when a transaction can be changed. The length of that period is configured individually for Payments and Charges using the Pending Period for Payments, days, and the Pending Period for Charges, days settings accordingly.


Note: The default Pending Period length is 7 days.


While a transaction is in the Pending Period you can:

  • change sums if the charge/payment date is within the Pending Period;
  • change date within the Pending Period;
  • populate the Enrollment Agreement/Financial Aid Plan with those changes.

A new transaction can be created providing its date is within the Pending Period.


After the Pending Period is over, the transaction cannot be changed or deleted without special permissions. Only the users with special permissions can change such transactions.


Closed Periods

Closed periods are the periods when transactions cannot be changed or deleted without any exceptions. New transactions cannot be added in closed periods as well.


The closed periods can be configured on the following page: Financial → Settings → Closed Periods:  



Add a new closed period by setting the Closing Date. The period will be created from the end of the previous period to the closing date:



Any period can be closed and reopened by entering the accounting admin password. This password is also used for changing transactions in a closed period:



Change Transactions Using the Accounting Admin Password


The system allows changing certain transactions after entering the accounting admin password. The password option is available for all functions on the Student Payments and Refunds page (adding, editing, deleting payments, refunds, bad debts, etc.)


After you change a date or a transaction amount, you will be required to enter the password in a separate window:



Note: The password is configured on the Financial → Settings → Closed Periods. To change the password you need to know the current password and have the Can Change Accounting Admin Password permission.


Adding and Changing Transactions After the Pending Period


There are two possible scenarios for the charges with dates in the past and when the pending period is over:


1. The transactions are created automatically but the transaction will have the current date instead of the charge date.

Transactions with the current date can be created in two cases:

  • After populating the Enrollment Agreement and the FA plan that have charges with the dates within closed periods:
Note: Creating such transactions is enabled by the Enable Populate FA Plan with Payment Period Start Date in Closed Periods setting in School Settings.
  • After certain automatic actions (e.g., after changing the stage of the pipeline to ACTIVE).
Note: The transactions auto-creation can be enabled using Enable Transaction Auto-Creation After Pending Period in School Settings.


2. The transactions are not created automatically. You can find such charges later in the Scheduled Charges report and add transactions for them manually.


The system allows creating a transaction manually if it has not been created automatically. The date can be changed as well if necessary. Open the Scheduled Charges report (Financial → Charges Reports → Scheduled Charges).


Click the right mouse button or use the Actions drop-down menu in the corresponding row. Select the Add Transaction item:



Choose the transaction date and save the changes by clicking the Add button:




Applying Transactions


All transactions are divided into two categories: debit (charge, adjustment, bad debt recovery, refund, returned check, award refund, balance adjustment) and credit (cash, award, negative adjustment, bad debt, negative balance adjustments).


After adding, a credit transaction is automatically applied to debit transactions that have an available (greater than zero) open balance.


Transactions are applied sequentially so that the first credit transaction is applied to the first debit transaction. However, there is an exception for awards and FA charges:

  • Awards are automatically applied only to FA charges of the same payment period.
  • Estimated Payments from the FA Plan with Type of Grant or Loan = Private Loan do not act as awards during the automatic distribution so they do not reserve the sum of FA charges for future payments.
  • Other credits will not be automatically applied to FA charges if awards are planned for the same payment period.


You can see the list of all related transactions on the transaction details page:


Any credit transaction can be applied to any student’s debit transactions using a separate interface: