There are two main parts to processing a refund:
- Record the receipt of the check
- Adjust the Grant or Scholarship record
To Record the receipt of the check you can do one of the following:
- Process a Non Gift in the Gifts Module
- Do a simple two line Journal Entry
- Populate the 'Expense/Revenue Account' and 'Cash Account' fields in the Adjustemts window when adjusting the Grant.
To adjust the Grant Record:
2. Open the Grant to be adjusted
3. Go to the Adjustments Tab
4. Select Grant Adjustments and click Run Process
5. Enter the date of the Refund as well as a Status and Reason if you choose.
6. Click the Refund radio button
7. Either check 'complete refund' or enter a refund amount in the grid below.
8. If you are using the third method of depositing your check, enter the Expense and cash accounts into those fields.
9. Click Process adjustment
10. Review the Adjustments report and click 'Commit Changes'
A Grant refund will not create a debit memo to be posted in accounts payable. If you entered GL accounts in step 8, you will need to go to the general ledger and post the entries that were created.