Summary 

You need to set up the UB module before using the Refunds process (UB> Refunds). For most organizations, this means creating an adjustment type code that will determine the journal entry created by the refund check. After creating the refunds adjustment type, attach it to the Setup window (UB> Utilities> Setup).

If you will factor interest on deposits in the Refunds process, you will also need to create a fee code titled INT, and add interest rates to all of the deposit fee codes you would like to factor interest on.

Step by Step

1     Add the check refunds adjustment type to the Setup window.

• Open the General tab of the Setup window (UB> Utilities> Setup> General tab).
• Click the Check Refund Adjustment Type field search button   to select an adjustment type code from a list.
• Click the Create Adjustment Type to create an adjustment type code. This will open the Adjustment Type Maintenance window.
• The selection in the GL Type drop-down menu will affect the check refund journal entry line item created by the Refunds process.
  • If you select Cash, the Refunds process will create the following journal entry line item for the amount of the refund check:

• If you select Bill, the Refunds process will create the following journal entry line item for the amount of the refund check:

• Click the Save button or press ENTER to save the adjustment type code.

2     Add an interest rate to the deposit fee codes and create a fee code titled INT if you are factoring interest on customer accounts.

• When deposits are refunded, you have the option of accruing interest on those deposit amounts. If you would like to accrue interest on deposit amounts, add an interest rate to all deposit fee codes and create an INT fee code. The interest rate on the deposit fee code will be used to calculate the factored interest and the INT fee code will determine the GL accounts used in the interest journal entry.
• Open the deposit fee code using the Fee Code Maintenance window (UB> Maintenance> Fee Code).
• Select a deposit fee code.
• Add the interest amount in the Percent Amount field. Interest will be accrued using the value entered in this field.
• Attach a percentage amount to each deposit fee code you would like to factor interest on.
• The INT fee code is used to define the GL accounts that will be used to factor interest.
• Enter INT in the Fee Code field.
• The Service to Charge drop-down on the INT fee code does not affect the journal entry generated by the Refunds process.
  • The service rate used in the journal entry to refund the interest amount is the lowest number service rate on the lowest numbered service attached to the customer account.
• Enter the GL accounts to use when factoring interest in the Revenue Account and Cash Account fields.
  • Factoring interest will create the following journal entry:

• Click the Save button or press ENTER to save the fee code.