Revenue Refunds

Revenue refunds are entered against a Revenue Account.  This is the way you can print a check against a Revenue Account. 

• An example of when you might want to issue a check to a revenue account is when you have received money for an event, such as a night class for which you're collecting registration fees.  You have entered receipts to a revenue account.  Nothing has ever touched an expense account.  Now the class is canceled and you need to refund the money to the registrants.  The Revenue Refunds screen is where  that can be done.  A simple in and out of the revenue account.

First, you need to designate a bank account(s) that can be used for Revenue Refunds.

Go to Financial > Setup > Bank Accounts and click on the Properties button for the account(s) from which you wish to pay revenue refunds.  On the screen below check off the box for "This bank account can be used for Revenue Refund payments."  Also, make sure the funds selected for the bank account include funds that will be used for revenue refunds.

To create Revenue Refunds:

To enter a new refund, click on the Add Refund button.  The following screen will open to enter the refund details:

• Refund number - the system can be configured (follow link shown on screen) to create a starting number which will allow the system to automatically assign refund numbers for you.  Or, you can manually assign your own number if you choose by typing that number in this field.
• Description - optional - you can enter a description of this refund.
• Revenue Account - enter the account to which this refund should be applied.
• From this Bank Account - select the bank account from which the payment will be made.  Click here for how to set up the bank account to be used for Revenue Refunds.
• Payee - key in the name of the person to whom the refund is being issued.
• Date - enter the date of the refund in the MM/DD/YYYY format, or by clicking on the calendar icon and selecting the date from the calendar.
• Amount - enter the amount of the refund.
• Mailing Line 1, Mailing Line 2, City, State, Zip Code - enter the address that will be printed on the check for the Payee
• or Copy Remit Address from this vendor - if you wish to use a vendor that exists in the system, enter/select the vendor here.

Click Add.

This will create a refund entry on your Refunds > Revenue Refunds screen.  From this screen you can print the refund check, edit the refund, delete the refund and post it to the budget.

• To post the refund(s) and print the refund check - 
  • Check the box in the first column for the refund(s) and click the Apply Checked Refunds button.
  • You will see that the system will generate a check record using the next available accounts payable bank account check number, and the status is Reserved.
    
  • Check the box in the first column for the refund(s) for which you wish to print a check.  
  • Click on the Print Checked Checks button.  Click Ok
                            
  • The check form will be previewed and you print the check from the print preview screen.
  • After the check is printed, you will see the status of the check changes to Paid
                                   
  • If you need to reprint the check for any reason, you can use the Spoil and Replace Check button and follow the steps on the screen,
  • If you need to completely void the check, click the Void button.  A window will open where you will enter the reason and date of void.