What do I do with a credit memo received from a OTA vendor?
Credit memo’s cannot be processed against an OTA vendor account. The correct procedure is to contact the vendor and request a cheque for the amount of the credit memo. The cheque must be made payable to the “University of Toronto”. This money is then deposited* into the same account where the payment was processed.
*For detailed instructions on how to deposit the refund cheque, please refer to the “Create Cash Receipts” quick reference guide (QRG): http://www.finance.utoronto.ca/fast/qrg/je/cashrecpt.htm