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  5. Recording ACH, EFT and Wire Deposits in myUFL

Recording ACH, EFT and Wire Deposits in myUFL

Directive Statement

When funds are received via an ACH, EFT or wire, the deposit transaction must be recorded in myUFL.

Reason for Directive

To ensure the timely entry of deposit transactions into myUFL.

Who Must Comply

All University departments.

Procedures

  1. Only employees with the security role UF_AR_CASHIER can record deposits in myUFL.
  2. 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

  1. 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
  2. The department should record a deposit as soon as possible after receipt, but not later than the following business day
  3. 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
  4. Banking & Merchant Services will process your deposit daily
  5. 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
  6. 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
  7. 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

04/30/2022: reviewed content

Resources

EFT/ACH/Wires Log

Toolkits

UF HR Toolkit – Deposit Transmittal

UF HR Toolkit – Deposits

Contacts

Banking & Merchant Services: (352) 392-9057

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