UH and UHS ACH Procedures
There are 3 steps to accepting
ACH or Wire Payments:
1) Contact Treasury to obtain banking information to provide to
your customers.
2) Contact Bank Reconciliations to notify them that your
department will be accepting ACH or Wire payments. This will
help them identify you as the recipient when funds arrive at the
bank.
3) Ensure that your invoices include ACH/Wire transfer
instructions that specify that the payee should:
a. Send all ACH�s with text addenda; and
b. Text addenda should include your alpha-numeric Department ID
(ex: H0205). |
Miscellaneous Information
1. These procedures refer to billing and collecting funds for
non-sponsored project activities. All sponsored project
activities must be billed, collected, and recorded through the
Division of Research�s Financial Services Department and Finance
Research Accounting.
2. International Wire Transfer Charges often have a service
charge
a. Departments will be responsible for paying service charges
b. The journal entry should record: |
i. a credit for the full revenue in the appropriate account;
ii. a debit for the amount of the service charge using account
54711
iii. a debit to fund BANK account 10510 for the net cash
received. |
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