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Cash Expense Refunds, Revenue Refunds, and Credit Memos

Directive Statement

Departments must ensure that monies received from suppliers, either in the form of cash expense refunds, revenue refunds, or credit memos, are processed accurately.

Reason for Directive

It is essential to distinguish between the three to ensure that the proper procedures are followed and the monies accurately accounted for.

Who must comply?

All University Departments.

Cash Expense Refunds

Cash Expense Refunds include refunds, reimbursements, rebates, and returned moneys from a supplier.  They always relate to an expense paid for by the University and must be returned to the ChartField of origin.

  1. Complete a Cash Expense Refund Form
  2. Record a deposit in myUFL following the steps in the UF HR Toolkit – Processing a Cash Expense Refund

Contact Treasury Management (352) 392-9057 with any questions about Cash Expense Refunds.

Revenue Refund

A Revenue Refund is a return of previously recorded revenue to a governmental agency, a return of fees or charges, etc.

Process a revenue refund with a one-time supplier payment in myUFMarketplace.

Credit Memo

A Credit Memo is a type of supplier transaction where the University is receiving credit from the supplier with instruction to handle as a reduction to a future payment.   They are often needed to account for returned goods to a supplier.

  1. A credit invoice is entered into myUFMarketplace with a negative amount
  2. If the credit is for payment against a Purchase Order (PO), the same procedures used to pay the original invoice (matched against the PO – follow the steps in the UF HR Toolkit – Creating an Invoice from a Purchase Order– this will restore this balance back to the PO.  After the invoice is input into myUF Marketplace and approved, the credit will be applied against other invoices payable to the supplier
  3. Hold the credit invoice until you have enough debit (regular) invoices where the sum of the debit (regular) invoices exceed the credit invoice amount.  Then approve both credit and debit (regular) invoices in MPS.  (Ensure debit and credit voucher(s) have the same Supplier ID#, Location # and Address)
  4. When invoices have been approved in myUF Marketplace, e-mail Debra Williams (dwillia@ufl.edu) and Estefanie Pormatilo (epormatilo@ufl.edu) and provide the voucher numbers and the debit/credit amounts

By providing Disbursements with the debit/credit voucher number(s), the credit can be correctly processed.

Last Revised

05/01/2020: reviewed content

Toolkits

UF HR Toolkit – Creating an Invoice from a Purchase Order

UF HR Toolkit – Creating a Non-Purchase Order Invoice

UF HR Toolkit – Journal Entries

UF HR Toolkit – Processing a Cash Expense Refund

Contacts

Disbursements: (352) 392-1241

General Accounting & Financial Reporting: (352) 392-1326

Treasury Management: (352) 392-9057

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