Recording ACH, EFT and Wire Deposits in myUFL Procedure

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

Resources

ACH/Wire Request Form

EFT/ACH/Wires Log

Expense Refund Form

Outgoing Bank Wire Form

Toolkits

UF HR Toolkit – Deposit Transmittal

UF HR Toolkit – Deposits

Contacts

Banking & Merchant Services: (352) 392-9057