Credit Refund Function - Introduction

The purpose of this function is to allow users to make refund on certain items' amount collected earlier into customers' credit facility account, e.g., excess payment (also sometimes known as advance payment).

The refund mode allowed in this function is via the journal payout method.

The related GL accounts that are require to be pre-maintained for this function, are as follows:-

  • Credit facility excess payment (the excess payment received GL account by credit facility product)

  • Any product GLs related to the refundable credit items made available in system.

  • Journal GL account to park the respective item amount that is to be refunded.

  • Related Currency Journal Clearing GL account (the intermodule journal clearing GL between Common Business Services area and Loans area)