What if we need to refund money we have already remitted to the Treasury? Is it refunded from fund source 10200 at the Treasury or the GL cash account 101005?
You will need to do a reversal entry on PeopleSoft that will reverse posting to 10200 and run a reversing or negative allocation to the 101005 GL cash account. You would then put the correct deposit into the system to get it allocated to the 101005. The reversing entry takes it off Treasury’s books. The correct deposit moves it to 101005.
Related Questions
- What if we need to refund money we have already remitted to the Treasury? Is it refunded from fund source 10200 at the Treasury or the GL cash account 101005?
- Can shareholders continue using The Cash Management Trust of America and The U.S. Treasury Money Fund of America checks or do they have to order new checks?
- How are credit card payments refunded? What about cash, check payments or money order, how will a student get a refund?
