👉 Retunding, also known as refunding, is a process in which an organization or individual returns money that was paid to them. This can be for any reason, such as payment for services provided or compensation for goods or services received. In the context of accounting and financial transactions, it refers to the act of returning a portion of funds to its original owner after a period of time has passed due to a legal or administrative issue. For example, if an employee is owed money by their employer,
