Manual Refund Cancellations

This subsection describes the journals used to record Manual Refund Cancellations.

These are the valid accounts for Manual Refund Cancellations (journal #532).

Account Number

DR/CR

Account Name

5100

Debit

Disbursement, Principal (20X0903)

5200

Debit

Disbursement, Interest (20X0904)

4120

Credit

SC Suspense For Master File-BMF

4220

Credit

SC Suspense For Master File-IMF

4252

Credit

SC Suspense For Master File-IRAF

4420

Credit

SC Suspense For NMF

4620

Credit

Unidentified Remittance

4970

Credit

Unapplied Refund Reversal

6310

Credit

Miscellaneous Fee

6400

Credit

Miscellaneous Revenue Collection

6520

Credit

Refund Of Tax And Interest-NMF

6800

Credit

Excess Collection

This table describes the steps required to complete journal #532.

Step

Prompt

Description / Action

Select or Enter

RACS Main Menu

Highlight/select Disbursement.

Apply

Disbursement Control Main Menu

Select Cancellations.

Tab or Apply

Account Period

Accept the highlighted current month or select the future month. From the Action Bar select...

Apply

RRACS Intermediate Menu

Select Manual Cancellation.

Apply

Maintain Source Journal

Schedule #

Enter the Schedule Number assigned to the refund.

Tab Key

Confirm Date

Enter the date in MM-DD-YYYY format.

Enter or Add Button

Items

Enter the total Items.

Enter or Add Button

Maintain Journal Entry

Select Disbursement Principal or Disbursement Interest.

Tab Key

Amount

Enter the amount associated with the selected IRS account.

OK Button

Repeat if the second account has an amount, or select...

Cancel Button

Maintain Source Journal

Review input data. If correct, select...

OK Button

If information is not correct...

Edit or Delete Button

Maintain Transaction Journal

Highlight/select Application from the Possible Source Journals. From the Action Bar select...

Action then Add

Maintain Source Journal

No input is necessary for this journal.

Enter or Add Button

Maintain Journal Entry

Highlight/select the needed IRS credit Account

Tab Key

Amount

Enter the amount associated with the selected IRS account.

OK Button

Repeat for each account that has an amount. When finished with required inputs, select...

Cancel Button

Maintain Source Journal

Review input data. If correct, select...

OK Button

If information is not correct...

Edit or Delete Button