4

Financial Aid Refunds to Source after Student has been issued a refund

Rebecca Parkos

January 10, 2019 20:44

None

Follow

I recently did a Financial Aid refund to source after a student had been refunded their financial aid disbursement. When I did this Populi pulled applied aid payments from previous invoices to come up with the dollar amount to send back to the government, so invoices from a previous quarter or award year are no longer satisfied. From an accounting stand point pulling funds from previous invoices that were paid is incorrect. The software should create a new charge on the student’s account if funds are returned to source after a refund to student was made. 

Also, when processing a refunds to student or source it would be helpful to select the term the refund is for.

• Facebook
• Twitter
• LinkedIn

2 comments

• 1
  
  Evan Donovan November 01, 2019 14:37

  This is correct regarding how the accounting should work. Refunds should also be linked with a term to help with reconciliations.

• 1
  
  Vicky Moberly February 18, 2020 20:22

  I had the same issues with funds returned to source after a student had been refunded the financial aid disbursement.  We definitely need the system to recognize terms to prevent funds from previous semester invoices. I agree that the software should create a new charge on the student's account if there are no current 

  I also suggest that when funds are returned to the source, that it has a name for this type of transaction to avoid confusion of what truly happened on the account.  I suggest Returned Aid.