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

Guidelines for Combining Multiple File

After you have finalized and printed the 1098T’s for the students

Combine files for all locations prior to submitting to the IRS by doing the following:

  • Click the Export Data to Combine Multiple Files. This will create an Excel form that will be saved to the directory you selected.  This will need to be done for each location.
  • Send the Excel file to the location responsible for submitting to the IRS.
  • Enter the organization’s Transmitter Code, Federal ID No. School Contact Name, Contact’s Phone number and Contact’s Email.
  • Enter the organization’s name. This will be the official name that belongs to the Federal ID number.  Enter the Address, City, State, Zip and phone number.
  • If the reporting method has changed from last year check the box. If not leave it blank.
  • Click the Import Data. Then go to where you put the file(s) from each location.  This will be an Excel file with the school name-1098T.xls.  Click on the file.  You will receive an Import Complete, click OK.  Then repeat until you have imported all of the school files you need.
  • Then click on Create Electronic File. This will create the file you will send to the IRS. It will be saved where you have told it to and will be named:  1098T-2017—ElectronicFile.txt.

IRS Guidelines

  • IRS Announcement 2016-42: Under the Limited Penalty Relief for Filers of Form 1098-T, the IRS will not impose penalties under section 6721 or 6722 on eligible educational under specific set of circumstances. For calendar year 2017, you may either report the amount of payments of qualified tuition and related expenses received, or the amount of qualified tuition and related expenses billed, in appropriate boxes of the Form.
  • IRS Fire System Transmitter Control Code (TTC): Before you commence transmitting 1098-T data electronically to the IRS, please ensure you have a valid TTC. Zip your files for expeditious transmittal, and verify with the IRS that your data has been received/accepted.
  • Filing Eligibility: As an eligible institution, you should file for all students that have reportable transactions.  However, the following conditions exempt the filing of a Form 1098-T:
  • Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program
  • Students classified as Nonresident aliens
  • Where qualified tuition and related expenses are entirely waived or paid entirely with scholarships
  • Where 3rd party billing agreements cover a students’ expenses

Qualified and NOT qualified expenses: As a general rule, the IRS considers qualified expenses to include tuition and required fees for the enrollment or attendance at eligible post-secondary educational institutions. Please follow IRS guidelines on not qualified expenses, such as Room and board, Transportation, Insurance and Medical expenses, amongst others.

2018-03-09T16:28:06+00:00

About the Author:

Schedule a Demo


>