Refunds, repayments, tranche holds and void and reissue - Product News

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• Refunds. A paid payment's row, on its batch's page or its milestone's page, offers Record refund with the amount, date, method, reference and note. A refund is received at once and lowers what the milestone, the application and the fund have paid. Turn on Expected for money promised but not yet in; it changes no total until you select Mark received. See Record a refund.
• Overpaid. A milestone or application paid more than its amount shows Overpaid with the amount, until the excess is refunded.
• Repayment requests. Request repayment on a contract's or application's page asks the grantee for money back with a reason and due date. Their applicants get the Repayment requested email with a remittance reference to quote, and the Repayments panel tracks it through Requested, Part received, Received or Waived. See Ask a grantee to repay.
• Tranche holds. Hold on a milestone's Payments section keeps it out of Add Milestones, out of bank files and out of an approved batch until you select Release. Held tranches, beside the list on Award and pay > Payments, lists every hold. See Hold a tranche.
• Void and reissue. When the bank sends a paid payment back, Void and reissue marks it Voided with a reason and creates a replacement in a new Draft batch, the two linked. See Void and reissue a returned payment.
• Accounting systems. A refund or void of a payment already sent to your accounting system adds Needs accounting adjustment to Integration logs, so you can adjust the bill by hand.