Refunds can only be issued up to 180 days after the transaction.
Credit memos function as an invoice with a negative amount. It is used typically when an invoice is mailed and you need to apply a credit.
A credit refund is when a team refunds money paid to the account through their payables system.
Take into consideration this scenario:
An account is invoiced/charged $50 for Dues and $50 is paid. The athlete decides to leave the team and needs a refund for dues.
The Admin will REFUND their $50 using the New Refund Credit Balance option, then apply a CREDIT using a Credit Memo to negate the Dues Invoice.
This creates a $0 for both the chart of accounts and financial balances.
How to Process a Credit Refund and Issue a Credit Memo
From the left navigation, go to Business Tools > Invoices & Payments > Search for the account > Select the View.
At the top, select New Refund Credit Balance.
Enter the amount you're refunding as a negative dollar amount.
You then have to create a Credit Memo to balance.