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 – Journal Entry in myUFL
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
- Banking & Merchant Services 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 Banking & Merchant Services at 392-9057
- Banking & Merchant Services will process your deposit daily
- It is not necessary to send the Deposit Transmittal to Banking & Merchant Services. 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 Banking & Merchant Services 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
Last reviewed on 01/24/2024
Banking & Merchant Services: (352) 392-9057