1098T - Verify Transaction Reports

1098T PAY vs INV Summary Report

1. Log in to Cognos or navigate to Student Accounts/Billing > 1098-T > 1098-T Reports > 1098-T PAY INV summ Report in CX10.
2. (If using CX10 location, skip to step 4) Navigate to Team Content > LETU > Finance and Administration > Financial Services > Student Accounts.
3. Open up "1098T - PAY INV check summary"
4. On the parameter page, enter the parameters as follows:
   1. Journal Start Date: first date of transactions to look at
   2. Journal End Date: last date of transaction to look at
5. Click 'Finish'
6. At this point, it is recommended to download the report as an Excel spreadsheet to better analyze the results:
   
7. Scenarios to look out for:
   • If 1098t group is TUIT, entries should all have a ctgry that is INV type and txt (description) should indicate the entry is for qualified tuition and Related Expenses (QTRE)
   • If 1098t group is PYMT, review txt (description) used on entries for anything appearing to be something other than Loans applied/adjusted to S/A or payments that would apply to tuition and fees
   • If 1098t group is GRNT, review txt (description) for anything indicating entry is not for scholarship, grant, waiver, etc where funds are from person/organization other than the student (or taxpayer such as parent).  For tot code of CPMT, may want to review student’s 1098t results from analysis report where entry type is not CPMT to confirm those amounts are being reflected correctly in the 1098t analysis/reporting.
   • If 1098t group is RFND, tot code should be RFND and should have ctgry that is INV type
   • If 1098t group is EGRP (excluded from 1098t analysis/reporting), review txt decription for anything that appears to be related to Qualified Tuition and Related Expenses (QTRE) that should have the tot code updated with the correct 1098t group as needed for correct analysis/reporting.
   • Any tot codes used that have no 1098t group assigned to them will be listed at the top of the summary report and will need to have the correct 1098t group added to the subsidiary tot code table (subt_table) to be handled as needed in the 1098t analysis.

1098T PAY vs INV Detailed Report

1. Once the '1098T PAY vs INV Summary Report' has been reviewed to determine which transactions warrant closer examination, log in to Cognos or navigate to Student Accounts/Billing > 1098-T > 1098-T Reports > 1098-T PAY INV detail Report in CX10.
2. (If using CX10 location, skip to step 4) Navigate to Team Content > LETU > Finance and Administration > Financial Services > Student Accounts.
3. Open up "1098T - PAY INV check detailed"
4. On the parameter page, enter the parameters as follows:
   1. Journal Start Date: first date of transactions to look at (use the same date as the Summary report)
   2. Journal End Date: last date of transaction to look at (use the same date as the Summary report)
   3. 1098T Group: select the group(s) to look at
   4. Category: there are two fields here - a radio button list and a text box field.  If you want to pull all categories belonging to the 1098T group(s) selected above, select on the radio button with nothing beside it and make sure the text box and the field beside it are empty.   Both prompts can also both be used at the same time.
      1. The radio button list contains a list of all entry types that have 'S/A Allow?' set to 'Y'.
      2. The text box field can be used if there is an entry type that is not included in the list described in 'i.' but is in the Summary report. To make sure that this is selection is used, also select the blank value from the radio button list.
5. Click 'Finish'
6. If the results look correct on the webpage (i.e. filtering to the transactions based on the parameters chosen, at this point, it is recommended to download the report as an Excel spreadsheet to better analyze the results: