Recording ACH, EFT and Wire Deposits in myUFL
Reason for Directive
To ensure the timely entry of deposit transactions into myUFL.
Who Must Comply
All University departments.
- Only employees with the security role UF_AR_CASHIER can record deposits in myUFL.
- To obtain this role, employees must take:
- PST021 – Making Deposits in myUFL
- TRM200 – Explaining UF Cash/Check Controls and
- PST956 – Online Journal Entry 9.1
Please note, TRM200 – Explaining UF Cash/Check Controls is recommended for all employees involved in the deposit process, even if they are not entering deposits in the myUFL system.
ACH/EFT and Wires
- Treasury Management will notify departments when an ACH/EFT or wire is received, by e-mailing the department a copy of the bank electronic advice
- The department should record a deposit as soon as possible after receipt, but not later than the following business day
- Follow the steps in the UF HR Toolkit – Deposits to enter the deposit into myUFL, using the following dates:
- The deposit’s accounting date must be identical with the date of the EFT Advice Report
- If the accounting period is closed, contact Treasury Management at 392-9057
- Treasury Management will process your deposit daily
- It is not necessary to send the Deposit Transmittal to Treasury Management. However, you should keep a copy of the Deposit Transmittal and the bank electronic advice on file
- If a department is expecting an EFT/ACH/Wire and has not received notification from Treasury Management the following resource is available:
- EFT/ACH/Wires Log – log of wire payments and associated deposits, as well as payments placed in the holding account
- For more information about accepting ACH/EFT and Wires as payment, please see the “Request for Incoming ACH/EFT and Wire Payments” Directive and Procedure
Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. [Back to Top]
Automated Clearing House (ACH) payments are electronic payments made through the Electronic Clearing House Network. Funds move from one bank account to another with the help of an intermediary that routes funds to the final destination. [Back to Top]
A bank wire is an electronic message system that allows major banks to communicate various actions or occurrences regarding client accounts. The wire represents a secure computerized messaging system that sends account information, notifications, and transaction requests between banks. [Back to Top]
01/31/2021: reviewed content
Treasury Management: (352) 392-9057