Issue Refunds for Multiple Recipients
From the Manage Refunds page, you can immediately run a refund request for individuals or organizations. Or you can schedule the request for a later time.
You need to make sure these elements are set up:
- In Oracle Fusion Cloud Payables, set up payment methods.
- On the Academic Business Unit page, set up refund methods. This ensures that as you're issuing refunds, the list of refund methods you can choose from are ones that are relevant to the business unit.
- In Oracle Fusion Cloud Receivables, set up approval limits for every individual who will issue refunds. If the refund request fails, this may be one of the causes. The approval limits dictate which transactions an individual can approve.
We strongly recommend that you consult a core Oracle Fusion Cloud Financials consultant, implementation partner, or systems integrator to help you implement Financials.
To start a refund request, from the Manage Refunds page, click Issue Refunds. Take note of these fields:
- Refund Payment Method
Select whether to refund payment via check, electronic transfer (bank account), or credit card based on the refund setup at the academic business unit level.
The refund process filters the relevant records based on the refund method you select. For example, if you select Credit Card, the refund process selects only credit card receipts that need to be refunded. Or if you're running the process for students and you select Electronic Transfer, the process selects students who need refunds and have provided bank accounts.
If, for example, you run a refund request for Check, the process will skip students that provided bank accounts. Because checks are typically costly to produce, the process goes by the best practice that you would refund payments through checks only when absolutely necessary. And so, if students provided bank accounts, you wouldn't be issuing check refunds to them.
- Submission Date and Time
You can run the process immediately or set it to run at a scheduled date and time.
- Refund Debit Balances
You can enable this option only if you enabled Allow Refunds with Debit Balance for the refund method at the academic business unit level.
If you enable this, it means the process will refund the full unapplied amount of the credit for accounts that have both unpaid charges and unapplied credits.
- Include Failed Refunds
Enable this if you want the process to evaluate unapplied credits associated with a previous failed refund.
To honor students' refund preferences, you can run an electronic transfer refund (this will get students who provided bank accounts), and another one for check refunds (for those who prefer to receive their refund payments by check). The relevant recipient population is selected depending on the refund method you use.
Results:
When the process succeeds, payment request invoices are created in Receivables. You still have to make the actual payments using Payables or the payment solution you're already using.