Credit balances

Within iMIS, any AR item with a credit balance can be processed as a refund. Credit balances originate from event cancellations, billing overpayments, and unidentified payments.

Through a special menu option, iMIS allows you to view, analyze, and print a list of credit items and issue refunds, either for all items or selectively for specific items on the open credit list.

When iMIS issues the refunds, iMIS generates adjusting entries to bring the AR credit balances to zero. Refund checks can then be issued through the third-party AP program. Data entry can be done manually using the iMIS refund report as a basis, or the refund data can be automatically generated if your system is licensed for the iMIS AP interface module.

AP interfaces are available for selected third-party AP packages. The iMIS AP interface streamlines the processing of refunds by supplying the vendor and open-item transaction data for the third-party AP package to use to generate refund checks.