Expense Refunds, Revenue Refunds, and Credit Memos Procedure

Expense Refunds

Expense Refunds include refunds, reimbursements, rebates, and returned moneys from a supplier.  They always relate to an expense paid for by the University and must be returned to the ChartField of origin.

1. Complete an Expense Refund Form
2. Record a deposit in myUFL following the steps in the UF HR Toolkit – Processing an Expense Refund

Contact Banking & Merchant Services (352) 392-9057 with any questions about Expense Refunds.

Revenue Refund

A Revenue Refund is a return of previously recorded revenue to a governmental agency, a return of fees or charges, etc.

Process a revenue refund with a one-time supplier payment in myUFMarketplace.

Credit Memo

A Credit Memo is a type of supplier transaction where the University is receiving credit from the supplier with instruction to handle as a reduction to a future payment.   They are often needed to account for returned goods to a supplier.

1. A credit invoice is entered into myUFMarketplace with a negative amount
2. If the credit is for payment against a Purchase Order (PO), the same procedures used to pay the original invoice (matched against the PO – follow the steps in the UF HR Toolkit – Creating an Invoice from a Purchase Order– this will restore this balance back to the PO.  After the invoice is input into myUF Marketplace and approved, the credit will be applied against other invoices payable to the supplier

Resources

Expense Refund Form

Creating an Invoice from a Purchase Order

Creating a Non-Purchase Order Invoice

Toolkits

UF HR Toolkit – Creating an Invoice from a Purchase Order

UF HR Toolkit – Creating a Non-Purchase Order Invoice

UF HR Toolkit – Journal Entries

UF HR Toolkit – Processing a Expense Refund

Contacts

Disbursements: (352) 392-1241

General Accounting & Financial Reporting: (352) 392-1326

Banking & Merchant Services: (352) 392-9057

Directive Statement