Ref Deposit Refund

7/30/2019 Ref Deposit Refund

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Financial Advisory Services & Training

Financial Services Departmentwww.finance.utoronto.ca/fast

Last Modified: 9 March 2010 Page 1 / 11

Work Instruction

Repayment of Refundable Deposit Amount FB60

When to Use

Use this procedure to generate the repayment of a refundable deposit amount. This process willgenerate a cheque payable to the depositor and should reconcile with the original refundabledeposit amount.

Steps

Confirm the amount to be refunded using the deposit log and if available, the receipt from theinitial deposit which will contain the date of the deposit, the amount and the payee.

Verify the return of University asset, e.g. keys for lockers, if applicable.

Process the repayment using the request date as the document date.

Menu Path

Use the following menu path(s) to begin this transaction:

Accounting Financial Accounting Accounts Payable Document Entry Invoice

Transaction Code

FB60

Helpful Hints

Always reconcile with the deposit log book to ensure funds are recorded and refundedaccurately.

If available, use the receipt issued during the deposit process to confirm the amount to berefunded.

Cheques are generated once per week on Wednesdays.

Use the clearing process to manage open documents (refund outstanding).See the Post withClearing reference guide (to be updated).


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Detailed Procedure

1. Start the transaction using the menu path or transaction code.

SAP Easy Access University of Toronto Menu


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2. Double-click .

Enter Vendor Invoice: Company Code UOFT


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3. Complete the following as required:

Field Name Required/Optional/Conditional

Description

Vendor Required The FIS vendor account number; If vendoraccount number is not known use the matchcodebutton to perform a search. Ensure that thevendor name, address and payment currency onthe invoice matches the vendor information inFIS; If the mailing address needs to be changedfor the vendor, use the "alternate payee"functionality.If a specific vendor account does not exist,consider requesting the set up of a vendor

account or the One Time Account (OTA) vendorcan be used:990001 - OTA Trade Payable Canadian vendor(payment in $CAD)990002 - OTA Trade Payable U.S. vendors(payment in $USD)990003 - OTA Trade Payable Foreign vendors(payment in foreign currency.)

Use 990008 for OTA vendor accountrefundable deposits.

Invoice date Required The issue date of the original invoice document.

This date determines when the cheque is issued.

Enter the date the repayment wasrequested.

Reference Required Used to refer to source document or transactiondescription.

Example: Dep Ref-Smith, J

Document Type Required Document transaction indicator. It determines thedocument number ranges. For more informationon the document types and what they mean,please click here

Use KA document type for Repayment ofRefundable Deposits.

Amount Required Line item amount in document currency.


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Description

Text Required Line item specific explanatory description (e.g.Invoice number, Vendor Name, brief description).If previous line item text exists, enter '+' to copytext.

Example: Deposit Refund - Smith, J

Address and Bank Data

4. Complete the OTA Vendor information as required.

Reference Guide: Using the OTA Vendor Accounthttp://www.finance.utoronto.ca/fast/qrg/ap/vendors/oto.htm

5. Click .

When the Address and Bank Datascreen is complete, the user will be prompted tocomplete the Header Text on the Detailstab.


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Enter Vendor Invoice: Company Code UOFT



Description

HeaderText Required Description relevant to the transaction.

Example: Refundable Dep - Smith, J

Assign. Optional A text field that can be used to track and report online item postings. Field is case sensitive andallows 18 characters. Previously referred to asthe allocation field.

Example: Smith, J.


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7. Select Environment Complex posting F6 from the menu.

To post the Repayment of the Refundable Amount, an offsetting debit line must beprocessed to the departmental vendor account. Entries having more than 1 vendor accountin the transaction can only be entered in the complex positing environment. All datapreviously entered on the Basic datatab will be retained on the Complex postingscreen.

Display Overview


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Description

PstKy Required Two-digit numeric key that determines the waywhich the next document line item should beentered. That is, it specifies the account typesrequired, the layout of the subsequent entryscreens, and whether the posting is a debit orcredit.

Enter 21 (Debit) for this step of thetransaction.

Account Required A numeric code which identifies a General Ledger(G/L) account, a customer or a vendor.

Enter the departmental vendor accountnumber (86xxxx).

9. Click or hit the enter key to go to the Add Vendor itemscreen:


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Add Vendor item



Description

Amount Required Line item amount in document currency.

Bus. Area Required Defaults from the Cost Center. If no Cost Centerdefined, 1000 = non-ancillary, 1001 - 1024 =ancillaries. UofT uses business area codes todistinguish the financial activity for each ancillaryoperating unit (i.e. residences, conferences,

parking, food and beverage and real estate) fromthe rest of the financial activity at UofT (i.e.Operating, Capital and Restricted funds).

Assignment Required A text field that can be used to track and report online item postings. Field is case sensitive andallows 18 characters. Previously referred to asthe allocation field.


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Description

Text Required Line item specific explanatory description (e.g.Invoice number, Vendor Name, brief description).If previous line item text exists, enter '+' to copytext.

Example: Deposit Refund - Smith, John

11. Click or to return to the Display Overviewscreen

Display Overview


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12. The following processing options are available:

Action Icon/Menu Path Description

Post Posts the document and provides a documentnumber. Record document number on originaldocument and file.

Park document This is the process used for electronic signatures.Parks the document and assigns a systemgenerated document number which will becomethe document number assigned to the financialtransaction once the parked document is posted.The parked document can be retrieved using thesystem document number by the original user orby another user.

A system generated document numberwill appear on the bottom of the screen.Record document number on yourbackup.

Simulate DocumentSimulate

Simulating calculates and displays additionalpostings that would be generated upon posting(i.e. tax implications based on tax codes used)and display them as part of the DocumentOverview screen for review prior to posting.

To make changes to line items after simulating

the document must first be reset. This is done by

clicking on the icon. Hit enter toaccept information message "Automaticallycreated line items will be deleted".

Click the icon to post the document from thesimulate screen.

End of Procedure

Resource Information:

For more information regarding Departmental Responsibilities for Processing Cash Receipts referto the GTFM at http://www.finance.utoronto.ca/gtfm/cash/cashier.htm#dept.

Reference Guides:

FB50_Create Cash Receipt for Refundable Deposithttp://www.finance.utoronto.ca/Assets/qrg/je/refndabledep.pdf

Ref Deposit Refund

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