Deposit Fund Refund Cancellations

This subsection describes the journals used to record Deposit Fund Refund Cancellations.

These are the valid accounts for Deposit Fund Refund Cancellations (journal #533).

Account Number

DR/CR

Account Name

5200

Debit

Disbursement, Interest (20X0904)

5300

Debit

Disbursement, Deposit Fund (20X6879.09)

7002

Debit

Deposit Fund (20X6879.09)

4710

Credit

Offer-In-Compromise

4720

Credit

Sale Of Seized Property

4730

Credit

Miscellaneous Deposit Fund

6520

Credit

Refund Of Tax And Interest-NMF

This table describes the steps required to complete journal #533.

Step

Prompt

Description / Action

Select or Enter

RACS Main Menu

Highlight/select Disbursement.

Apply

Disbursement Control Main Menu

Record

Select Cancellations.

Tab or Apply

Account Period

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

Apply

RACS Intermediate Menu

Select Deposit Fund 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 Deposit Funds or Deposit Funds 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 the next transaction from the Possible Source Journals. From the Action Bar select...

Action and then Add

Maintain Source Journal

Deposit Fund ID #

Enter the Deposit Fund identification number and prepare date.

Tab Key

Prepare Date

Enter the date in MM-DD-YYYY format.

Enter or Add Button

Maintain Journal Entry

Area Office or Field Office

Select/Highlight the Area Office or Field Office.

Tab Key

Amount

Enter the Amount associated with the generated IRS account.

OK Button

Maintain Source Journal

Review input data. If correct, select. Can repeat or add ID # and amounts up to 200

OK Button

After last one entered, select...

Cancel Button