Returns and Exchanges
For returned goods, the original invoice for the returned goods must be paid.
If goods are exchanged, the Requester creates and submits a new requisition for the replacement goods. The original invoice for the returned goods and any invoices for replacement goods must be paid in full.
The vendor needs to provide a credit memo for the returned goods. The department/school should forward valid credit memos to Accounts Payable (AP). The credit memo amount cannot be deducted from the original or any other invoice from the vendor. All invoices must be paid in full before the credit memo is processed. This helps to prevent later disputes over unpaid invoices.
Accounts Payable Credit Processing
Accounts Payable will call the vendor to confirm that the credit memo is still open. Occasionally, vendors will use a credit internally, sometimes even against a different order. If that is the case, AP will inform you that the credit cannot be used. Accounts Payable will make sure the credit for the returned goods is applied to the appropriate chart string. The credit to the vendor will be used on a future check to that vendor.
Non-Tuition Refunds to Individuals
Non-tuition refunds may be made to individuals by submitting a memo with original evidence of payment to Accounts Payable (AP). For a refund to a non-employee, the department/school may need to complete the process to add the individual as a vendor to NUFinancials through the NUPortal under the Purchasing & Payments tab before submitting the request to AP.
- Purchasing Policy and Procedures (see section on Credits)
Questions about returns, exchanges, or credit memos? Non-tuition refunds? Contact Guy Wilson, Manager of Accounts Payable, at 847-491-4445 or firstname.lastname@example.org.