Reconciliation
The Reconciliation page is read-only and captures all information for a student's disbursement authorization data reported to Common Origin and Disbursement (COD) in one place. The Reconciliation page populates when disbursement authorization export or COD import or export occurs. PowerFAIDS then pulls data from various places in the system and displays it on the student record page for you to see it all in one place.
Tip: Not all fields imported via the disbursement reconciliation import process will display on the student record page. However, you can review all imported data, whether the field alias is displayed or not, using selection sets or custom reports. See the list below for field aliases that are not included on the student record.
The Disbursement Reconciliation feature in PowerFAIDS makes many aspects of the financial aid process easier. Some highlights of the reconciliation page in PowerFAIDS include:
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Streamlined review process of student data: Because the page highlights both DA amounts and dates, as well as what was reported to COD in one place, you can quickly review to see if there are any discrepancies that need to be reconciled. While the student record screen doesn't contain every field in relation to reconciliation, it displays the most consistently reviewed fields.
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Ability to see all fields using a selection set or custom report: While the student record reconciliation page doesn't display all fields that are applicable face up, you can use selection sets or custom reports to review any additional fields. See the table below to review which fields require a custom report.
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Field Alias |
Description |
|---|---|
| Reconciliation.BusinessOfficeAwardGrossAmount | Total gross amount of a fund as reported by the business office via the Disbursement Reconciliation Import |
| Reconciliation.BusinessOfficeAwardLoanFeeAmount | For federal loan funds only – Total loan fee amount (in dollars) for a fund reported by the business office via the Disbursement Reconciliation Import |
| Reconciliation.BusinessOfficeAwardNetAmount | Total net amount of a fund as reported by the business office via the Disbursement Reconciliation Import |
| Reconciliation.BusinessOfficeDisbursementNumber | Disbursement number for this disbursement transaction |
| Reconciliation.BusinessOfficeDisbursementGrossAmount | Total gross amount of a disbursement as reported by the business office via the Disbursement Reconciliation Import |
| Reconciliation.BusinessOfficeDisbursementLoanFeeAmount | For federal loan funds only – Total loan fee amount (in dollars) for a disbursement reported by the business office via the Disbursement Reconciliation Import |
| Reconciliation.BusinessOfficeDisbursementNetAmount | Total net amount of a disbursement as reported by the business office via the Disbursement Reconciliation Import |
|
Reconciliation.BusinessOfficeDisbursementDate |
Date disbursement activity occurred at the business office |
|
Reconciliation.BusinessOfficeFileDate |
Date file was created by the business office |
Working with Reconciliation Data
Within the Reconciliation page, there are three main sections:
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Update Required: The default for these fields is No, and they auto-populate once an award is added to the student record. The fields will only change to Yes if there is a mismatch between disbursement authorization and COD.
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Distribution Details: This section auto-populates when an award is added to a student's record. Actual Disbursement Date, Disbursement Amount, and Disbursement Number will populate when the disbursement authorization process is run and a successful disbursement happens. Disbursed at COD will default to No until a COD disbursement export process happens. Disbursement Notification Sent will default to No and Disbursement Notification Date will be blank until a disbursement notification is sent to the student.
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COD Award Details: Financial Award Amount auto-populates when an award is added to the student records. All other fields are auto-populate through the COD origination and disbursement processes.