PRO-U5352.03B Refunding Credit Balances on Student Accounts Via Automatic Banner Chain Process
Action By:
Accounting Services
- Ensures chron schedule runs to identify credit balance.
- Follows PRO-U5352.03C Reviewing Refund Exclusion Report procedure [TWPRPOP].
- Reviews refund output/reports [TSRRFND] for discrepancies and reasonableness (i.e. Holds, Does-Not Apply codes, excessive refund amounts).
- Contacts Student Business Office (SBO) if a refund is in question. If SBO has no concerns, go to step 8 below.
- If informed by SBO refund is to be held,
- Reverses refund,
- Unapplies payment,
- Ties original charge with reverse charge (tpay), and
- Notes on the report issues found and action taken.
Student Business Office
- If informs Accounting Services that refund is to be held, takes action to resolve credit balance issue including contacting applicable department (i.e. Extended Ed, Financial Aid, Housing)
Accounting Services
- Ensures nightly feed from Student module to Finance module to create invoice and Accounts Payable.
- Issues checks and EFT transmittals.
- Reconciles credit balance refunds and payables at least on a quarterly basis.
- Signs and dates reconciliation reports.
SBO
- If refund has already been sent to the bank, contacts student to make repayment arrangements.
Procedure Information
Approved By:
Teresa Hart, Financial Services Director
Effective Date:
April 7, 2007