Intro Article for Refunding Payments
Refunding always involves two basic steps
1) Recording the Refund
2) Adjusting the Balance
Without getting into a lesson on bookkeeping or accounting, the way you go about processing a refund of a charge varies. This article is short, but intended to point you to the right scenario and our article that explains it.
Recording the Refund
A refund is returning funds to your financial customers. This can be achieved through various means, such as physically providing them with cash or a check, or electronically transferring the money from your school's bank account to their online payment method.
The process of recording the refund in ClassReach Financials varies depending on the payment method used for the specific charge being refunded.
Adjusting the Balance
Refunds are completed for a variety of reasons. The reason and circumstance determines how you handle the balance remaining on their account after the refund is recorded. For that reason, we are presenting different refund scenarios and examples to help you in your specific circumstance.
For detailed instructions on processing a refund, click the link below based on the Payment Method used by the financial customer and if you are processing a Full or Partial Refund:
1) A Full Refund of an Online Payment (via ClassReach)
2) A Partial Refund of an Online Payment (via ClassReach)
3) A Full Refund of a Check Payment (including Cash and other options)
4) A Partial Refund of a Check Payment (including Cash and other options)