Receiving ACH/EFT and Wires

Procedures

The department should inform Banking & Merchant Services 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 Banking & Merchant Services 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

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