Refunds

Refunds

Refunds occur when a portion of a Grant which has already been paid out is returned for some reason. Like Cancellations, Refunds are considered a reportable event.

In addition to correcting Grant history when you Refund a Grant, reversing entries need to be made in G/L. You will generally debit the assets account and credit the Grants expense account. If the Grant was voted in a previous year, you may want to credit a returned Grants revenue account instead.

How do I process a grant or scholarship refund check?