Issue Refunds Individually

Issue refunds for each student or sponsoring organization in real time. Instead of running the refund process for groups of students or organizations, you can create and disburse refunds for each recipient in real time. You can either issue refund for a single receipt or for multiple receipts at a 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.

No additional setup is required to refund credit card payments back to the original card. To create a check or to refund directly to a bank account, 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.

Oracle strongly recommends that you consult a core Oracle Fusion Cloud Financials consultant, implementation partner, or systems integrator to help you implement Financials.

Issue Refunds to Students or Organizations

You can refund individual receipts or refund multiple receipts for a student or an organization at once. Each receipt always creates one refund transaction, regardless of where the receipt is refunded. If you’re using Oracle Payables, you can combine multiple refund invoices into a single payment.

The receipts that you’re refunding must have an unapplied amount and a Remitted or Cleared status.

1. Navigate to the Finances work area.
2. Click the Student or the Organization tile, search for the student or organization, then click the name.
3. If you want to refund a specific receipt:
   1. From the student's or organization's account summary, click Actions > Manage Receipts.
   2. Select the receipt you want to refund.
   3. Click the receipt number, then from the receipt details page, click Actions > Issue Refund.
4. If you want to refund all unapplied receipts, from the student's or organization's account summary, click Actions > Issue Refund.
5. In the Issue Refund dialog box:
   1. In the Refund Date field, select the date when you want to process the refund.
      Note: If you select the current date as the refund date, the process is submitted immediately. If you select a future date, the process is submitted just after midnight on the specified date.
   2. From the Refund Payment Method list, select the method for payment refund.

      You can either honor the student's or organization's refund preference, or select a different refund method. If you select a different refund method, you're overriding the student's or organization's preference.

   Note: The payment methods that you can select are pulled from the refund methods that were set up at the academic business unit level. If you're funding a non-credit card payment, you wouldn't see a credit card refund method. These payments can't be refunded via credit card.

You can honor the student's or organization's refund preference if you want.

1. Go to the student's or organization's account summary page.
2. Click Actions > Manage Refund Preferences.

   If the student or organization has more than one refund method, you can go by the order of priority that they indicated.

The refund process starts immediately if you’ve selected the current date or runs after midnight on the selected future date. If a refund doesn’t succeed, it appears on the Manage Refunds page.