Treasury Operations
Policy on Incoming Electronic Payments
(Wire Transfer and ACH)
Wire transfers and Automated Clearing House (ACH) payments are two methods of electronic payment that can be used when third-parties are paying the University of Iowa for goods or services.
Arranging payment to the University via wire transfer or ACH
The following information is required of the receiving org/dept/program (recipient) to ensure the incoming funds are properly identified and posted to the correct MFK (also referred to as account).
- E-mail Treasury Operations (treasury-operations@uiowa.edu) to request bank instructions.
- Instruct the organization that is initiating payment (sender) to include identifying information in the message field:
- The name of the recipient and/or recipient department
- Contact person for the recipient
- What the payment is for
- Invoice number (if applicable)
- If the funds are being sent via ACH, instruct the sender to request a CCD+ or CTX format; this allows additional remittance information to be sent with the transaction.
- Notify Treasury Operations of the expected incoming electronic payment by sending a completed copy of the Notification of Incoming Electronic Payment form to Treasury Operations via e-mail (treasury-operations@uiowa.edu) using the “Submit by Email” button shown at the top of the form.
IMPORTANT NOTE: Departments are responsible for monitoring transactions posting to their MFK and making necessary journal entries if an electronic receipt should be split between multiple accounts.
Unidentified Electronic Payments
In the event the University receives an electronic payment for which the recipient is unknown, Treasury Operations will post these unidentified payments to a central holding account MFK (see below).
| Fund | Org | Dept | Subdept | Grnt/Prog | Iacct | Oacct | Dacct | Fn | Cctr |
|---|---|---|---|---|---|---|---|---|---|
| 275 | 05 | 0303 | 00000 | 50509300 | 4599 | 000 | 00000 | 00 | 0000 |
Departments expecting an electronic payment should check the holding account MFK in GL-DSS if the transaction is not displayed in the departmental account.
Note: Instructions on accessing GL-DSS and information on other Accounting Services Online Applications, see http://www.uiowa.edu/~fusas/accounting_services_applications_list.pdf.
Verifying Receipt of Electronic Payment
All electronic payments to the University’s bank account will display in General Ledger (GL) 2-3 business days after receipt at the bank. The effective date of the transaction will be the bank receipt date.
- Verification that the payment has posted to GL is the responsibility of the receiving department
- Recipients should use GL-Decision Support System (GL-DSS) to confirm that the amount expected has been posted to the correct MFK.
Claiming Payments from the Holding Account
When a receiving department identifies money in the holding account:
- Create a journal entry to move the money out of the holding account and into the appropriate departmental MFK.
- Send a completed copy of the Holding Account Transaction Notification of Transfer form to Treasury Operations via e-mail (treasury-operations@uiowa.edu) using the “Submit by Email” button shown at the top of the form.
Missing Payments
Departments that are unable to locate an electronic payment in their MFK or the central holding account MFK, should send a research request to Treasury Operations using the Research Request Missing Electronic Payment form via e-mail (treasury-operations@uiowa.edu) using the “Submit by Email” button shown at the top of the form.
