What is the difference between a Refund and a Credit

Refunds and credits are similar in that they both reduce a member's liability to the U3A. The primary difference between the two is that a refund is the repayment of money to the member whereas a credit is the reduction in fees due.

A Refund is a negative receipt. You create a refund via Add/Edit Receipts & Refunds. A refund is money that is returned to the member. For example, Susan enrolls in Aquarobics and pays a $50.00 course fee. She then falls ill and withdraws from the course. She will be refunded the $50.00 course fee.

A Credit is a negative fee. You create a credit via Add/Edit Fees & Credits. A credit represents a change to the fee being charged. It does not represent money paid to your U3A. For example, Tom also enrolls in Aquarobics for which there is a $50.00 course fee. However, the enrollment is late and it is determined that he needs only pay $30.00 for the remainder of the course. A Credit of $20.00 is created to reduce the fee to $30.00.