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How do I cancel an Interfund Transfer that was processed in error?
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I need to completely delete an Interfund that we processed. How do I do that?
Answer:
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
- 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.
- Run the Grant Adjustments process in the Grants module, usually using original grant date.
- Choose Cancellation and select the Complete Cancellation checkbox. The new amount of zero will show on the 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 eliminate the Open Item. Note: You must post the Debit Memo to complete this process.
- Post resulting journal entries
To Cancel the Interfund Gift
- Find the Gift on the Gift History super-tab in the Gifts Module
- Select the Adjustment tab and choose Reverse Gift.
- Enter the Reversal Date – usually same as the original gift date.
- Click OK
- Post through from Unposted Gifts super tab and the resulting journal entries.
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