How do I cancel an Interfund Transfer that was processed in error?

I need to completely delete an Interfund that we processed.  How do I do that?
Interfund transfers are made up of two parts - the gift side and the grant side.  The grant side needs to be cancelled just as you would cancel a normal (paid) grant and the gift side adjusted just as you would reverse a normal gift.  These instructions assume that the grant was paid – probably automatically as part of the original Interfund process.  If not, skip the void check portion.

To Cancel the Interfund Grant
  1. Void the check in Accounts Payable (usually using the original grant date), but do not create a Debit Memo. Refer to Voiding Payments in the Accounts Payable module for more information.
  2. Run the Grant Adjustments process in the Grants module, usually using original grant date.
  3. Choose Cancellation and select the Complete Cancellation checkbox.  The new amount of zero will show on the line item below.
  4. Process the adjustment and verify information on the report. If everything is correct, select Commit Changes.
  5. A Debit Memo will be created to eliminate the Open Item. Note: You must post the Debit Memo to complete this process.  
  6. Post resulting journal entries
To Cancel the  Interfund Gift
  1. Find the Gift on the Gift History super-tab in the Gifts Module
  2. Select the Adjustment tab and choose Reverse Gift.
  3. Enter the Reversal Date – usually same as the original gift date.
  4. Click OK
  5. Post through from Unposted Gifts supertab and the resulting journal entries. 



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