Processing of Reimbursement or Refund Payments Received by UNM
When a UNM department receives a payment, representing a reimbursement or refund to UNM, from an individual (employee or other) or a company, and that payment is to ultimately offset an expense previously recorded in Banner, the following procedure should be followed:
- Deposit the payment on a Money List, crediting the appropriate departmental operating index and account code 07ZZ “Reimbursement Holding”.
- After processing the Money List, immediately submit a Journal Voucher, debiting account code 07ZZ in the index to which the deposit was made, and crediting the index and expense account code that was charged for the original expense. The JV must reference the Banner document number and date of the original expense transaction.
- IMPORTANT: When crediting an Unrestricted index, and the original expense was incurred in a prior fiscal year, deposit the payment directly to account code 08Z0 Miscellaneous Revenue via the Money List. A follow-up JV is not required in this case.
- Account code 07ZZ must have a zero balance at fiscal year-end.
Due to possible misstatements of financial data as well as erroneous NSF calculations, deposits to expense account codes are not allowed directly on Money Lists, and this procedure must be followed.
As an example of this process, if an employee made personal long distance calls on their UNM phone, they must reimburse UNM for this cost. After depositing the payment on the Money List, the account code to credit in the JV would be 6020 Long Distance Gen.
Per UNM Business Policy 4000 “Allowable and Unallowable Expenditures” section 4.2:
“Expenditures of any type for personal benefit, other than salary and benefits to which employees are entitled under the University's personnel and faculty policies, are prohibited. If such expenditures should occur, the employee shall immediately reimburse the University in full for all such expenditures. Incidental personal use of University property, such as fax machines, copy machines, or cellular phones, etc. is allowed, however, the employee must reimburse the University in a timely manner."
For a complete list of account codes and their description see: Operating Ledger Account Code Definitions.