Two types of recipients can receive refunds: students and organizations. In Student Financials, the recipient refers to the type of account being refunded, and does not necessarily indicate the person or organization that actually receives the refund. For example, a student withdraws from a class and is due to receive a refund. However, a non-student sponsor originally paid the student’s tuition fees and should therefore receive the refunded money. Although the sponsor receives the actual refund, it is still considered a student refund in terms of how you create and distribute it.
You can use three refunding methods to create and distribute refunds:
• The payroll method involves creating and distributing refunds using PeopleSoft Enterprise Payroll for North America that treats your students like employees. The payroll method can only create and distribute student refunds, not organization refunds.
• The accounts payable method involves creating and distributing refunds through an interface with PeopleSoft Enterprise Payables.
• The other method is a catch-all method used by institutions that create and distribute refunds through an interface with an application other than Payroll for North America or Payables.
You can use online or batch processes to create and distribute refunds:
• Online refund processing involves creating and distributing a refund for one recipient in real time.
• Batch refund processing involves creating and distributing refunds for one or more recipients on a scheduled basis using a batch process.
You can use several types of formats to distribute refunds: check, credit card, electronic check, or direct deposit.
Upon completion of this lesson, you will be able to:
• Create student refunds.
• Create organization refunds.
• Create student refunds with an extra amount.
• Create batch refunds.
• Approve refunds.
• Complete batch payroll refunds.
• Distribute refunds through direct deposit.
• Complete accounts payable refunds.
• Distribute refunds to ePayment accounts.
• Cancel refunds.
• Reverse student and corporate refunds.
• View refund information.
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