Classe365 comes with a user-friendly refund feature that allows administrators to efficiently and accurately process refunds for various reasons. We want to ensure transparency and make the refund process as smooth as possible for everyone involved. Let's take a closer look at the key aspects and functionalities of this feature.
Initiation of Refund:
Reason Selection: Allow administrators to select a clear reason for the refund (e.g., duplicate, fraudulent, request by parents). Providing predefined reasons helps with tracking and reporting.
Invoice Association: Link the refund directly to the original invoice(s) to maintain an audit trail and easily identify the transaction details.
Amount to Refund: Specify the exact amount to be refunded. This could be the full amount of an invoice or a partial amount.
Date of Refund Request: Record the date the refund was initiated.
Initiated By: Track which administrator initiated the refund.
To initiate a refund, please follow the step-by-step instructions provided below.
STEP-1: Process Refunds
Admins will need to process a refund of the invoice amount through the Payment Gateway (online) or through offline payments (via cash, or cheque).
NOTE:
By refunding a payment, we will just update the invoice status, but we are not currently processing the refund transaction. The admin will need to manually handle the refund through either the relevant payment gateway platform or offline payment method.
STEP-2: Update Refund Data in Classe365
Refunds can only be initiated after the payment has been made, and since we have the options to do a partial refund. The option to trigger a refund is available in the "Payment Transactions" page. Go to Modules > Fee & Invoices > Payment Transactions > Refund
Refunds can also be initiated by viewing the invoice and from the transaction.
Enter the amount to refund, select the reason for refund and click on "Refund" button.
STEP-3: View Refund History
Admins can view the refund history from the "Invoice Module", or from the Student Profile's Invoice.
It'll give you all the details on the refund history.
Tip:
After issuing the full refund, the system will show the invoice status "Due After Refund", this is because the student can still make the payment to this invoice after refunding.
In case you want to void the invoice, we suggest you to "Cancel" the invoice.
Fee & Invoice Module - Statuses
Classe365 has the following invoice statuses, let's take a closer look.
Possible Invoice Statuses:
Unpaid -
Paid
Partially Paid
Refunded
Partially Refunded
Partially Refunded & Due
Cancelled
Explanation:
Imagine there's a student called "ABC", and the admin will raise an invoice for this student for 1000 USD.
# | Invoice Status | Invoice Amount | Actual Paid | Refunded Amount | Net Paid Amount | Due Amount |
1 | Paid | 1000 | 1000 | 0 | 1000 | 0 |
2 | Refunded | 1000 | 1000 | 1000 | 0 | 0 |
3 | Unpaid | 1000 | 0 | 0 | 0 | 1000 |
4 | Partially Paid | 1000 | 500 | 0 | 500 | 500 |
5 | Partially Refunded | 1000 | 1000 | 500 | 500 | 500 |
6 | Due after Refund | 1000 | 500 | 250 | 250 | 750 |
7 | Paid | 1000 | 1500 | 500 | 1000 | 0 |
Paid Status
The invoice amount is 1000 USD.
The student makes payment of 1000 USD.
In this case, the "Refunded Amount" will be zero (0). And there is no "Due Amount".
We update the invoice status to "Paid".
Refunded
The invoice amount is 1000 USD.
The student makes payment of 1000 USD.
Later something might come up and the student wants to either leave the institution, or want to change the payment method, so the student requests a refund.
Admin initiates the refund through the payment gateway, or offline payment of 1000 USD.
We update the invoice status to "Refunded".
Unpaid
Invoice amount is 1000 USD.
Student doesn't make the payment, so the "Actual Paid", or "Net Paid Amount" is zero, and there's no refund initiated.
We update the status to "Unpaid".
Partially Paid
Invoice Amount is 1000 USD.
Student pays 500 USD.
In this case, the "Actual Paid" is 500, and the "Net Paid" is 500 USD.
The "Due Amount" would be 500 USD, and there's no refund.
We update the status to "Partially Paid".
Partially Refunded
Invoice Amount is 1000 USD.
Student pays 1000 USD.
After sometime, student decides to switch over, and raises a refund, let's say the prorated amount is 500 USD.
Admin initiates 500 USD as a refund.
In this case, "Actual Paid" is 1000 USD by the student.
Net Paid will be "500" because the admin refunds 500 USD.
Due amount will be "500" because the refunded amount is 500 USD.
Due After Refund
Invoice Amount is 1000 USD.
Student pays 500 USD.
Due amount is 500 USD.
Student requests a refund of 250, the admin will refund 250, so the "Net Paid Amount" is 250 USD.
In this case, the invoice is due for 750 USD.
We update the invoice status to "Due After Refund".
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