Expense Refunds, Revenue Refunds, and Credit Memos
Departments must ensure that monies received from suppliers, either in the form of 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.
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.
- Complete an Expense Refund Form
- Record a deposit in myUFL following the steps in the UF HR Toolkit – Processing an Expense Refund
Contact Banking & Merchant Services (352) 392-9057 with any questions about Expense Refunds.
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.
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.
- A credit invoice is entered into myUFMarketplace with a negative amount
- 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
03/31/2023: reviewed content
Disbursements: (352) 392-1241
General Accounting & Financial Reporting: (352) 392-1326
Banking & Merchant Services: (352) 392-9057