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.
- Initiate Reversal: Choose reversal date. Please note that the date you choose here is the date that will be posted to the general ledger. Click Next Stage. A pop up will appear confirming that you’d like to reverse the Interfund on the date indicated. Click OK to process the reversal. The page will automatically save.
- Reversal Details: The reversal date will appear as selected, and the Payment Status will read Reversed. Click Next Stage.
- Recreate Interfund: If you would like to create a new interfund that contains the same information, select yes. If Yes is selected, you will have the opportunity to select/open the Recreated Interfund on the Reversal Confirmation step. You will have the opportunity to make updates/changes to the new interfund before processing it.
- Reversal Confirmation: The Payment Status 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 Payment Status = Reversed and Amount = 0.
Reversed Request Payment Record
A reversed interfund request payment record will show Payment Status = Reversed, Reversal Date = the date chosen for the interfund reversal, Reversal Amount = the interfund amount, Amount = the interfund amount, Payment Date = null, and Net Amount = 0.
Reversed Gift Payment Record
A reversed gift payment record will show Payment Status = 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.