Receiving ACH/EFT and Wires
For incoming ACH/EFT or wire payments, Treasury Management should be informed by the department at the time of billing, or prior to receipt of each ACH/EFT or wire payment.
Reason for Directive
To ensure quicker tracking of the incoming payment and proper recording of those funds into the correct department’s accounts.
Who Must Comply?
All University departments.
- The department should inform Treasury Management of the following details:
- Customer name and address
- Billing amount
- Expected time of customer payment
- Reference, such as the invoice number or other information related to the payment
- After Treasury Management identifies the benefiting department of an incoming ACH/EFT or wire transfer, the Deposit Control team will e-mail the department an “EFT Advice Report,” which is a deposit statement extracted from the University of Florida bank account
- The department will use the information on the EFT Advice Report to record the transaction by means of a deposit into myUFL, following the procedures in the UF HR Toolkit – Deposits
- The Recording ACH, EFT and Wire Deposits in myUFL provides more information about recording EFT/ACH and wire payment deposits
Duplicate or Erroneous Payments
In the event of a duplicate payment or a money transfer sent to UF in error, the following guidelines apply:
- The department will record the duplicate transaction following the regular ACH/EFT or Wire transfer deposit procedures above
- Once properly posted in the General Ledger, the department will then process a voucher in the myUFL payables sub-system using the steps in the UF HR Toolkit – Creating a Check Request for a Payment that Does Not Have an Invoice
- This will result in the generation of a check to be mailed to the originating party of the duplicate or erroneous payment
An account book of final entry. In an accounting system, the general ledger is the place in the system where financial information resides. [Back to Top]
Also known as sub-ledgers, these include purchasing, payables, billing, receivables, travel, projects, and grants. Sub-systems feed information directly to the General Ledger. [Back to Top]
01/31/2021: reviewed content
Disbursements: (352) 392-1241
Treasury Management: (352) 392-9057