Step nine: look over general Financial settings

Now that you've set up Populi Financial, you should take a few minutes to look over general Financial settings. These settings cover a wide variety of miscellaneous billing, accounting, and financial aid functions.

Keep in mind that you've also laid some of the setup groundwork for Financial Aid, Donations, and Bookstore.

To get started, click the main Settings tab on the right of the screen.

1098-T Reporting Method

Please select whether your school reports "Payments received for qualified tuition and related expenses" (in Box 1) or "Amounts billed for qualified tuition and related expenses" (in Box 2) on the 1098-T.

College Employer Identification Number and College Transmitter Control Code

If you're electronically submitting 1098-T forms to the IRS, enter these items so Populi can generate the correct files for upload to the IRS' systems.

Currency Conversion Account

Choose an Asset account (from your Chart of Accounts) into which you funnel funds from a foreign currency payment. When you record a such a payment, it will be converted to your currency according to the current exchange rate.

Federal School Code

Enter the alphanumeric identifier issued your school by the Department of Education. This lets Populi interface with the DoE's computers for COD/SAIG processing purposes.

Federal Work Study Account

Select an asset account in which FWS funds will reside in while at your school. See this article for the full FWS workflow.

Manually distribute unapplied payments and credits

Same as with financial aid, unapplied payments and credits are automatically applied to the oldest unpaid invoices first... Check Yes to handle this yourself.

Show form T2202A/T4A data to students

(For Canadian schools): Check Yes if you wish for your students to be able to view their tax form data for prior calendar years.

Start Generating Automatic Charges

Select a term as of which you wish to begin generating charges. This setting prevents pending charges from being inadvertently generated in past terms (which can happen when you're adding or updating historical academic information). It's best to choose the first term in which you'll be testing or implementing Populi Financial.

"Pay Now" Cutoff

Enter a number of calendar days. Charges due within this number of days will be counted in the "Pay Now" amount on a student's Financial Dashboard. Charges due past this number of days will not be counted. For example:

  • You enter 30 in this field.
  • John Adams has $150 due on August 15 and $450 due on September 15.
  • On August 12, John's "Pay Now" amount is $150. The $450 due in September is thus far excluded from the "Pay Now" amount.
  • He misses the payment deadline by a few days and next logs in on August 18. His "Pay Now" amount is now $600: the $150 that's overdue plus the $450 due in September—which now fits within the 30-day cutoff you set up.

If you wish all charges to be counted in the "Pay Now" amount, leave this field blank.

Default Invoice Due Dates

When creating an invoice, how many days in the future would you like the default due date to be? For example, if your school has a net 30 policy, enter 30 to default to invoice due dates that are 30 calendar days away. You can always edit any invoice due date after it is created.

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