Refunds are payments that are returned or paid by the grantee.
In GIFTS, they are entered as separate Payments for a negative amount, so that the amount paid for the grant decreases by the refunded amount. Creating a refunded Payment is similar to adding a new Payment to the Payment Schedule.
Please note that the refund option is not available if no Payments have been Paid for the grant. To enter a Refund:
1. Create a new Payment record for the refund: If one or more of the grant's Payments are already Paid, the system asks if the Payment you wish to add is a Scheduled Payment or a Refund. Click on the option to create a Refund\Credit. A new Refund record is displayed. 2. Enter the Refund information in the available fields described below. Payee Contact Amount Date Rcv'd Fiscal Year Fund Support Type Payment Type G/L Account Notes Status Payment No. Wire Transfer Date Paid Check No. 3. When you have finished editing the refund, click Save and Close to save your changes and exit.
Since creating a refund generally results in a decrease in the total grant amount to be paid to the organization, you are prompted to confirm that you want to amend the grant.
4. To amend the grant, click Yes . If you click No , the Grant Amount is not changed and the refund is saved