For example, you processed an Interfund transaction of $5,000 from the Whitelaw Fund to the Operating Fund. The Whitelaw fund holder changed their mind and wishes to transfer only $4,000. To fix this you do the following:
- Void the payment in Accounts Payable, but do not create a Debit Memo.
- Run the Grant Adjustments process in the Grants module. Check the Amount Correction radio button.
- Enter $4,000 on the New Amount line item below.
- Process the adjustment and verify information on the report. If everything is correct, select Commit Changes.
- A Debit Memo will be created to adjust the Open Item. Note: You must post the Debit Memo in AP to modify the open item.
- Process a new hand check using the original check number and date to complete the process and "pay" the open item..
- Do a Gift Adjustment to reduce the Gift to Operating from $5,000 to $4,000, and post.
Depending upon your reporting needs, a partial grant cancellation could be done in place of an amount correction. The steps remain essentially the same.