Diamond Student Information System (SIS) V 1.772 Release Notes Summary
The next release, Version 1.772, will be launching shortly. Here’s a summary of what you can expect. Notable changes include updates to 1098-T Form-related functionality, and updates to features around the Student Master. V 1.772 also has additional updates documented in this blog.
1098T Form Updates – What’s New
Diamond SIS has committed to continually monitoring the tax and regulatory landscape in order for the system to maintain the highest levels of IRS regulatory compliance:
- The latest IRS updates to 1098T form will be implemented each year
- To produce the forms, Diamond SIS users won’t have to purchase any new forms or envelopes
- The updates will enable you to tri-fold the forms so they fit neatly into a standard window envelope
- The latest updates will comply with all IRS guidelines as of the date of the new release.
- New functionality has been added in this version containing the ‘Create Electronic File’ and ‘Combine Multiple Files’ functionality for 2017. Navigate to: Reports > Accounting > 1098T > 1098T 2017
Please check the sidebar for significant IRS guidelines and reminders around 1098T. Helpful links have also been provided so you can access related information directly from the IRS website.
Student Master New/Updated Functionality
Functionality additions/updates to the Student Master include:
- Student Status Master: You must indicate which students will receive a 1098-T; which ledger codes to include, and what student statuses Diamond SIS must consider, by including a “Y” in applicable fields. Navigate to: Registrar > Registrar Master > Student Status Master for more details
- How to Manually Adjust for Included/Excluded Students: The Student Master provides you three options to do this: Normal, Exclude, Future Tuition Received. Access these options by navigating to: Registrar > Student Master > Other Tab
- Qualified Programs: For students to receive a 1098T, you must ensure you enter a “Y” in the 1098T field for all programs that meet the 1098T regulations for reporting purposes. Navigate to: Registrar > Registrar Master > Program Master > General Tab
- Prior Year Adjustments: Beginning in 2008, Prior Year Adjustments will be identified in either the Payment Batch or Miscellaneous Batch when the transactions are posted by changing the ‘N’ to ‘Y’ in the Prior Year Adjustment field. This is located on the Receive Payment screen for Payment Batches and in the last column on the right in the Miscellaneous Batch screen
- New Functionality: A sub group labeled ‘Attendance Management’ was added for attendance related menu items due to menu size. Navigate to: Registrar > Attendance Management
Please note that updates have been made to seamlessly handle the new Attendance Management menu item through code. This change will see the new item automatically added to any user that has attendance menu items selected. Therefore, no permission adjustments or other special action will be required to access/make use of this functionality.
New Functionality: Combine multiple campus data and generate final IRS submission
New functionality to combine multiple campus data and generate final IRS submission files by the end of February 2018.
- Export Data to Combine Multiple Files: For schools with more than one location, each location will need to run this and send the file to the location who will be combining the files.
- Once you have finalized and printed all 1098Ts, click this option to create a location-specific Excel file that will be sent to the IRS
- Please refer to the sidebar “Guidelines for Combining Multiple Files” for more detailed instructions