Account Codes: Detail
06984-Refund of Overpayment
Description:
Refunds received by an institution for overpayments made to an outside entity. Normally any overpayment refunds received should be recorded as a reduction of the original expense. This account code should only be used when the original expense account can not be identified or when the refund is received in a subsequent fiscal year. When refunds are paid by an institution to an outside entity for overpayments received, original revenue recorded should be reduced.
Account Type Code: 56
Data Entry Status: Y (Yes)
Tax Reportable Status: Not Tax Reportable