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Revised 05/05/2026

 

The Reverse/Adjust button helps you handle duplicate Interfund Grants in a controlled way. When you select this option, the system prepares the original grant for reversal and, if you choose, creates an adjusted duplicate entry. This is designed to keep your records accurate and aligned with your chosen reversal timing.

 

When to use Reverse/Adjust

Use Reverse/Adjust when:

  • You discover a duplicate Interfund Grant entry.

  • You need to reverse the incorrect original entry.

  • You want either to fully replace the duplicate with a corrected version or to reverse only, leaving the duplicate handling as-is.

  • If you are unsure which choice to make, think of the decision as:

    1. Create a new duplicate when you need a corrected replacement.

    2. Reverse only when you simply need to negate the original without creating a replacement duplicate. 

 

Void an Interfund Grant

Use this option when you only need to undo the original record and do not require a follow-up duplicate entry.

To void an Interfund Grant, select the Reverse/Adjust toolbar action. Choose Void and provide a Reversal Date, and Save and Close.

The reversal date input will be the Posting Date of the entry that voids the interfund.

Interfund voids will credit the expense account and debit the income account in the general ledger.

 

Adjust an Interfund Grant

Note, interfund grants that have not been sent to accounting cannot be adjusted.

To adjust an Interfund Grant, select the Reverse/Adjust toolbar action. Choose Adjust.

Enter an Adjustment Date. The Adjustment Date will be the Posting Date when the entries are posted to the general ledger.

Adjust the Grant or Gift account, the Grant or Gift Fund, or the Grant or Gift Function. Save and Close.

When the process completes, the original interfund grant will be reversed, and a new interfund grant will be created with the Payment Status of Paid. 

Two lines will be posted to the general ledger to record the reversal: one to credit the income account and one to debit the expense account.

Four lines will be posted to account for the newly created interfund grant. This follows normal interfund accounting processing.

Keywords: Void; interfund; grants; adjust; payment;