who is going to reconcile? what needs to be done to close out the year? how are we going to...
TRANSCRIPT
DIRECT LOAN RECONCILIATION
QUESTIONS TO ANSWER
Who is going to reconcile? What needs to be done to close out the
year? How are we going to complete the
process? When does this all have to be done by?
DIRECT LOAN RECONCILIATION
Two-Step Process Reconcile Monthly Program Year Close Out Software: DL Tools vs. School Catching Errors Direct Loan Resources
TWO-STEP PROCESS
The goal is to achieve a $0 balance. Match all your records with COD’s
Step 1: Total Draws = Total COD (G5/SUNY)• Know the reason for any excess cash
Step 2: Total Draws = Total Booked Loans• Clear up any unbooked loans
RECONCILE MONTHLY
During an academic year many schools will have a balance showing at the end of each month due to timing.
Know where the excess cash is coming from. Monitor loan records for errors, unbooked
loans and rejected disbursements. Watch for multiple aid years. Cash > Accepted and older than 30 days,
must be $0 to be in COMPLIANCE!
PROGRAM YEAR CLOSE OUT
To be considered successfully closed out, the school must –
Have an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of $0, as reflected on the School Account Summary (SAS), and
Complete the Balance Confirmation on the COD website.
Work with your Customer Service Representative/ Reconciliation Specialist as needed.
DEADLINE
Desired close out is within 45 days of latest award end date.
The final processing day of the 2009-2010 program year is Friday, July 29, 2011.
All data must be received and accepted by this date in order to be included in the school’s final Ending Cash Balance for the year.
Schools unable to meet the deadline MUST contact the COD School Relations Center.
SOFTWARE: DL TOOLS VS. SCHOOL
DL Tools provides a way to import your SAS and data from your school software and run comparison reports to find errors.
Your school software may provide a process to assist with reconciliation.
Develop your own reports to find errors both during and at the end of the year.
SOFTWARE: DL TOOLS
Download at fsadownload.ed.gov Install the program Import data files into DL Tools
• SAS in Year-To-Date • Cash Detail• Loan Detail• Disbursement Detail
Run comparison reports to find errors
INSIDE THE DL TOOLS SOFTWARE
After login select an aid year from the drop-down menu.
Import each of your data files. File Menu Import
Easy to read the SAS report.
Easily readable format for the SAS report.
Receive a confirmation window after each import.
Run reports. File Menu Print
Select which reports to run. Comparison of data from SAS and files you imported from school software.
Output shows records that do not match between the SAS (COD) data and the files you imported (DLEXCASH, DLEXLOAN, DLEXDISB).
SUNY State-Operated Campuses: problem with Cash Detail Comparison
DL TOOLS + BANNER
The Banner software allows you to – Import the SAS file and obtain a
readable format with the RPRDUxx process.
Extract the 3 data files needed to use DL Tools by running the RPRCPxx process.
Then import all 4 files into the DL Tools software and run the comparison reports.
SOFTWARE: SCHOOL
Determine if your software can -• Import the SAS file to a readable format• Has reports available to assist with
reconciliation Determine if you need to write some
reports• Extract data to use in MS Excel for
comparison by fund type.• Request a Funded Disbursement List (FDL)
from your Reconciliation Specialist at COD.
CATCHING ERRORS
Watch for potential errors (email, IFAP, COD) COD provides all the information you need to keep up
with reconciliation. Each time a batch of files is sent to COD you get an
acknowledgement (CRDL) response file listing any errors.
The Pending Disbursement List (DIAA) shows scheduled disbursement dates that have past or are within 30 days.
Student Account Summary (SAS) report details each student and cash detail.
DL Tools software provides easy comparison reports.
DIRECT LOAN RESOURCES
COD www.cod.ed.gov COD School Relations Center 1-800-848-0978 or
[email protected] IFAP www.ifap.ed.gov
• COD Technical Reference• Direct Loan Electronic Announcements• Direct Loan School Guide• The Blue Book• The Code of Federal Regulations (eCFR)
National Direct Student Loan Coalition www.nationaldirectstudentloancoalition.org
Questions?
