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Processing of Reimbursement or Refund Payments Received by UNM

When a UNM department receives a payment representing a reimbursement or refund to UNM from an individual (employee or other) or a company, and that payment is to ultimately offset an expense previously recorded in Banner, the following procedure should be followed:

  • Deposit the payment with the Cashiers department, crediting the appropriate departmental operating index and account code 07ZZ “Reimbursement Holding”.
  • After processing the deposit, immediately submit a Journal Voucher, debiting account code 07ZZ in the index to which the deposit was made, and crediting the index and expense account code that was charged for the original expense.  The JV must reference the Banner document number and date of the original expense transaction.
  • IMPORTANT:  When crediting an Unrestricted index, and the original expense was incurred in a prior fiscal year, deposit the payment directly to account code 08Z0 Miscellaneous Revenue.  A follow-up JV is not required in this case.
  • Account code 07ZZ must have a zero balance at fiscal year-end.

 

Ex:  If an employee made personal long distance calls on their UNM phone, they must reimburse UNM for this cost.  After depositing the payment on the Money List, the account code to credit in the JV would be 6020 Long Distance Gen. 

 

Please Note:  Due to possible misstatements of financial data as well as erroneous NSF calculations, the Cashiers department does not allow deposits directly to expense account codes.

 

For a complete list of account codes and their description see: Operating Ledger Account Code Definitions.