Gift Payment Voids, Adjustments, and Refunds
Prerequisites
- Send to Accounting user security role
This article will guide you through voiding, adjusting, and refunding akoyaGO CRM gift payments.
Things to know:
The following actions will be run from a toolbar button on Gift Payment.
These actions can only be done on individual gift payment records and cannot be done in bulk.
For each void, adjustment or refund that is processed, a related Payment Adjustment/Reversal record will be created in which you can find relevant administrative information about the action.
Voiding a Gift Payment
When Payment Status = Received/Posted (if pledge)
Drop down the Reverse/Adjust toolbar button and choose Void. A panel will appear on the right side of the screen. Choose a Void Date (the date the void will be posted to the ledger) and Save and Close.
After the process runs, the Payment Status will be Reversed. In the Reversal Information section, Reversal Date will be the date you chose, Reversal Amount will be the full gift amount, Reversal Type will be Void – Specified Date, and Net Amount will be $0.00.
In Business Central, four reversal lines will be created – a debit to the 4XXX account, a debit and a credit to the 1XXX account, and a credit to the undeposited funds account (typically 1999). Example:
When Payment Status = Deposited
You cannot void a deposited gift payment in CRM. You will be prompted to Undo the deposit in Business Central. Choose Void from the Reverse/Adjust toolbar action and click Undo Deposit in Business Central on the popup.
You will be taken directly to the posted bank deposit that contains the gift payment. Click Undo Posting under the Home menu.
Choose Yes to undo the deposit.
Choose Reverse or Reverse and Print (downloads a .pdf file of the deposit reversal).
Back in the CRM Gift Payment, the Payment Status will be Received and the Deposit Account and Deposit Date will have been cleared. Now, you can Void as if this were just a received payment so that the CRM Gift Payment reflects what was done in Business Central.
Choose Void from the Reverse/Adjust toolbar button and input a Void Date. Save and Close.
After that, the Payment Status will be Reversed and the Reversal Information section will have populated accordingly.
When Payment Status = History
On the Reverse/Adjust toolbar option, choose Void.
Select a Void Date (date that the reversal will be posted to the ledger). This date cannot be prior to the original posting date.
If Revenue Account is null (does not contain data) on the original payment, fill that in here. If the original payment has a revenue account, it will be displayed here but locked.
Choose a Deposit Account.
Save and Close.
The payment status will be set to Reversed and the Reversal Amount and Net Amount will be updated in the Reversal Information section.
Voiding a Gift Payment with Fees
If the gift payment has an admin fee, the fee amount will be credited to the 5XXX account, and a balancing entry will be made on the fund paying the fee – a debit to the 4XXX account and a credit to the 1XXX account.
If the gift payment has a vendor fee, the 5XXX account will be credited with the fee amount.
Adjusting a Gift Payment
When Payment Status = Received/Posted (if pledge)
From the Reverse/Adjust toolbar option, choose Adjust. A panel will appear on the right side of the screen. Enter an adjustment date (the posting date for the adjusting entries).
You have the option of adjusting the Amount, Revenue Account, Fund, Function, or Payor. You also have the option to add up to two gift fees.
When you are finished making the adjustments, choose Save and Close.
A new gift payment will be created that contains the adjustments.
The original gift payment’s payment status will be Reversed and the Reversal Information section will populate accordingly.
The GL lines that were originally posted will be reversed as of the adjustment date chosen.
The new gift payment will have a status of Received and will have already been sent to accounting by the adjustment process.
From there, process/deposit the adjusted gift payment as you normally would.
When Payment Status = Deposited
Drop down the Reverse/Adjust toolbar option and choose Adjust.
Enter an Adjustment Date. This will be the date to which the adjusting lines are posted. This date cannot be prior to the original posting date.
You have the option to adjust the Account (Revenue Account), Fund, or Function.
When you are finished, Save and Close.
The original payment’s payment status will be Reversed. The Reversal Information section of the gift payment will be filled in accordingly. Reversal Type will be Void – Specified Date. All original GL lines will be reversed as of the Adjustment Date.
A new payment will be created that contains all your adjustments. The new payment’s payment status will be Deposited, and the Business Central GL lines will reflect this.
When Payment Status = History
Drop down the Reverse/Adjust toolbar option and choose Adjust.
Enter an Adjustment Date. This is the date to which the adjusting entries will be posted.
You have the option to adjust the Account (Revenue Account), Fund, or Function.
When you are finished, Save and Close.
The original payment’s payment status will be Reversed, and the Reversal Information section will be filled in accordingly. Reversal Type will be Void – Specified Date.
A new payment will be created with the payment status of History. The Posting Date will be the Adjustment Date that you chose, and all other adjustments will be included on the new payment.
Adjusting GL lines will be posted to the Adjustment Date – a debit and a credit to the 4XXX account.
Adjusting a Gift Payment with Fees
If the original or adjusted payment contains a vendor fee, the account specified in the gift fee will be credited for the fee amount.
If the original or adjusted payment contains an admin fee, the 5XXX account will be debited for the fee amount on the gift fund and the fund paying for the fee will be credited to the 4XXX account and debited to the undeposited funds account (typically 1999).
Refunding a Gift Payment
When Payment Status = Received/Posted
Refunds on gift payments with a status of Received or Posted (if Pledge), is not supported. If attempted, the user will see the following message:
When Payment Status = Deposited
Drop down the Reverse/Adjust toolbar option and choose Refund.
Choose a Refund Date. The refund date will default to the original gift payment posting date.
Amount will be displayed on the form but locked. Partial refunds are not supported. Refunds will be made for the full amount.
If the original payment included fees, you will have the option to include or exclude them from the refund. If the original payment did not contain fees, this field will be locked.
Include fees
When the refund includes fees, the refunded amount will be for the full original gift amount, before fees were deducted.
Exclude fees
When the refund excludes fees, the refunded amount will be for the original gift amount minus fees.
Adjust the Account (revenue account) if needed.
Save and Close.
The original payment’s payment status will be Deposited and the Reversal Information on the original payment will fill in accordingly. Reversal Type will be Refund.
A new payment will be created with a payment status of Received and the amount in the negative. This new payment is a vendor payment made out to the donor. This payment can be pulled into the payment journal and cut as a check in the normal way that your organization processes vendor payments. Once the refund check has been cut (or other method), the payment status on that payment will be Paid.
When Payment Status = History
On the gift payment, drop down the Reverse/Adjust toolbar button and choose Refund.
Choose a refund date. This field will default to the original posting date. Note, this field may need to be updated if the original posting date precedes the Reversal Override Date in Accounting Settings.
Amount will be displayed on the form but locked. Partial refunds are not supported. Refunds will be made for the full amount.
Refunding gift fees is not supported on historical gift payments.
Update the revenue account if needed.
Save and Close.
A new payment will be created with a payment status of Received and the amount in the negative. This new payment is a vendor payment made out to the donor. This payment can be pulled into the payment journal and cut as a check in the normal way that your organization processes vendor payments. Once the refund check has been cut (or other method), the payment status on that payment will be Paid.