Concept: Student Sponsor Contracts
Student Sponsor Contracts enable outside entities, like corporations, educational institutions, government bodies, or third-party organizations, to pay educational expenses for 1 or more students. Payments apply toward student charges according to payment precedence rules.
Sponsor Profiles
You create and manage sponsor profiles using Workday Financials Grant Management functionality. See Set Up and Manage Sponsor Information.
Disbursement and Billing Workflows
Create the workflow that best fits your organization:
- Disburse payments to the student, invoice the sponsors, and then record the sponsor payments.
- Invoice your sponsors, record the sponsor payments, and then disburse payments to the student.
The second option requires consultation with your Workday Financials Grants Accounting representative to ensure proper ledger accounting design.
Sponsor Payments
Contract administrators record and apply sponsor contract payments using:
- TheRecord Student Sponsor Paymenttask. See Record and Apply Student Sponsor Payments.
- TheImport Student Sponsor Paymentweb service by invoice number.