Kentucky State University Business Policies and Procedures Manual

Processing Student Refunds

Responsible position(s):

• Bursar
• Accountant
• Accounts payable
• Cashier

Required documents and access:

• Banner
• Higher One

Frequency and timing:

• Weekly, describe normal refunding schedule, e.g. third week of classes, after drop/add period, etc.

Steps:

• Bursar:
• Accountant runs feed process from AR to Finance:
• Accounts Payable:
• Cashiers hold refund checks for students to pick up.
• oDetermine credit balances after refundable aid has been posted to student accounts.
• oRun process to generate student refunds.
• oFURFEED to feed AR to Finance
• oFURAPAY to feed refunds to AP
• oNotify accounts payable when student refund invoices are ready to run checks
• oProcess AP check cycle including refund invoices.
• oUpload data to Higher One for refunds
• oInitiate Direct Pay Request to Higher One for refunds to be paid by wire transfer.
• oForward printed checks to Cashier for student pick up.

Collections from Current Students

The University works with current students who are past due.

Responsible position(s):

• Bursar

Required documents and access:

• Banner

Frequency and timing: