| Word | Description |
| Refund | A Refund is a procedure that is performed on items that have had at least one allocated Payment, and with that, the Refund can only be made up to the total amount paid to the Charge. In other words, the amount of money that can be Refunded can not exceed the amount that has actually been paid, however a refund can be processed for a lesser amount than the total paid. Refunds are NOT for overpayment on Charges. A Refund is an option that is used only when the Charged item is expected to be returned to inventory, or in the matter of tuition, a seat in a Class is re-opened. This is because an Adjustment is made to the Charge, in the sum of the Refund, at the same time the Refund is processed. If more money was paid to an item than was necessary and the money needs to be returned to the Student, it is referred to as a Disbursement. |