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3/24/2022

 
 

 

 

Reversing an Interfund Grant / Gift

Reversing an interfund gift/grant

 

1. Switch Process: Find the Interfund transaction that you’d like to reverse. Click into the record and select Process > Switch Process. A pop up will appear with the option to Reverse Process, select and click OK.

 

 

2. Reversal process flow: After clicking OK, a new business process flow will appear across the top of the record. Follow the steps.

  1. Initiate Reversal: Choose reversal date. Click Next Stage. A pop up will appear confirming that you’d like to reverse the process on the date indicated. Click OK. The page will automatically save. Please note that the date you choose here is the date that will be posted to the general ledger.

 

  1. Reversal Details: The reversal date will appear as selected, and the Folio will read Reversed. Click Next Stage.

  1. Recreate Interfund: Choose yes or no. If Yes is selected, you will have the opportunity to select the new interfund on the Reversal Confirmation step.
     
  2. Reversal Confirmation: The folio will read Reversed and the Reversal date will display the date you selected. Click Finished to complete the flow.

 

 

Reversed Interfund Record

After successful reversal, the interfund record will show Folio = Reversed and Amount = 0.

 

 

 

Reversed Request Payment Record

A reversed interfund request payment record will show Folio = Reversed, Reversal Date = the date chosen for the interfund reversal, Reversal Amount = the interfund amount, Payment Date = null, and Amount = 0.

 

 

 

Reversed Gift Payment Record

A reversed gift payment record will show Folio = Reversed, Deposit Date = null, Reversal Date = date chosen for interfund reversal, and Amount = 0.

 

 

 

 

General Ledger

In your general ledger, you will see two new lines. One crediting the expense account and another debiting the revenue/income account. The posting date on reversal entries will show as the date you chose on the Interfund reversal process.

 

 

 

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