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Pre-requisites:

• Patronage Volumes
• Refund Rates
• Patron Customers
• Setup FWT
• Preferences

Steps:

1. Go to Patronage > Process Refunds.
2. Click New from the Search screen toolbar.
3. Select a Fiscal year to process. After selecting a fiscal year, the system will calculate refunds for each customer from the collected volume in the specified year. Refunds for a customer can be computed multiple times based on the number of refund rates.
   1. Details
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   2. Customer Refund Type – summary of refunds for each customers
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   3. Refund Type – summary of refunds classified by refund type
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   4. Fiscal Year – summary of refunds for the selected fiscal year
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   5. No Refund – summary of refunds that are not eligilbe. A refund is not eligible if the refund amount is less than the Minimum Refund or if the Stock Status of the customer is not qualified for refund
      1. All Patrons - all patrons, regardless of voting status, will be used in the refund calculations.
      2. Stockholders - Only Non Voting and Voting stockholders will be included in refund calculation
      3. Voting Only - only the voting stockholders will be included in refund calculations.
         
         
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4. Post the refund transaction. GL entries will be made. After posting, equity refunds will be accumulated. This can be checked in Patronage > Equity Details.
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5. To create a voucher for a refund, select refunds to voucher and then click Voucher from the toolbar. Take note that the created voucher will be posted.
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Formulas:

• Refund Amount = Summation of (Refund Rate per Refund Type x Volume per Patronage Category)
• Cash Refund = Refund Amount x Cash Payout %
• Equity Refund = Refund Amount x (100 – Cash Payout) %
• Less FWT = Cash Refund x Withholding %
• Less Service Fee = Setup
• Check Amount = Cash Refund – Less FWT – Less Service Fee

Important Notes:

• If the refund transaction is unposted, it will unpost and delete the created voucher if available. However if some associated voucher is already paid, it will not allow unposting the refund.
• The customer should be of type Vendor in order to create voucher.

• If Cash Refund is less than or equal to Cash Cutoff Amount and Cutoff To is 'Cash', then all the Equity Refund will be added to the Cash Refund.

• If Cash Refund is less than or equal to Cash Cutoff Amount and Cutoff To is 'Equity', then the cash refund will be added to the customer's Equity Refund.