It’s hard to comprehend all the changes COVID-19 introduced to schools’ financial strategies. It’s also hard to determine how to track those changes. If your institution has decided to issue financial aid or credits to assist with the COVID-19 pandemic, here’s how you can record them. Follow the steps below to pull an adjustments report in FACTS Tuition Management that organizes your changes to financial records.
1) Navigate to adjustments
The adjustments report allows you to view a list of charges and credits applied to accounts for a specified adjustment reason.
- Select “Payment Activity” from the reports drop-down list.
- Under “Customer Reports,” click “Adjustments” to view the report.
2) Track your adjustment reason
When charges and credits are applied to an account, a reason for the adjustment must be provided.
- Click on the “Adjustment Reason” field.
- Type the reason for your adjustment. For example, type “financial aid” or “COVID-19 credits.”
- Stay consistent with the term you use. If you type “COVID-19 credits” as the adjustment reason, use this same term for all of your adjustment reasons related to COVID-19. This is useful for the next step — pulling report totals.
- You can also record additional information in the description field.
3) Pull report totals
At a glance, you can see the total of “financial aid” or “COVID-19 credits” you’ve offered to an institution, account, or person. The detail view pictured below breaks down any adjustments you make by customer level, institution account, and date.
- Go to the “Detail” view.
- Click on the funnel icon next to “Account” or “Adjustment Reason” to filter your data.
- You can further customize your data by adding additional columns. To do this, select “Print/View Options” and then “Customize Data.”
That’s it! Now you have the power to track financial adjustments at your fingertips. Keep your school’s credits due to COVID-19 organized and maintain an accurate view of your financial status with FACTS Tuition Management.