Introduction: Many payments to the University are now made by electronic means. These payments are made to one of the accounts established for this purpose and the distribution of funds to specific accounts is administered by the University Treasurerís Office. There are several accounts, which receive these funds. There is an account for each campus as well as one specifically for Amherst campus Research Accounting Section.
Originators: Those who currently pay electronically are mainly federal government such as: US Fish & Wildlife, Office of Naval Research, NASA, USDA, Defense Finance & Accounting, US Geological Survey, and industry sponsors. The Amherst campus is interested in increasing electronic payments from non-federal sponsors.
Set Up: In order to pay by electronic means, the originator requires information from the University (bank name, account #, routing #) and the University requires that the bank have originator information to handle payments which arrive. This is accomplished by supplying the originator with a form completed by the bank (we supply to University Treasurer) entitled: "Payment Information Form for Direct Deposit Payments: ACH Vendor Payment System".
Receipt of Payment: The Treasurerís Office sends to the Research Receivables Manager a list by fax of payments received. This list is reviewed to identify account #, award #, originator amount or any other information which may help in identifying the correct destination for the amount. If the amount is a payment for an award not yet received from OGCA, the money is deposited to the Unclassified Receipts account.
Reply to Treasurerís Office: As quickly as possible, the deposit data, which includes the appropriate research Speedtype and Account number(s) for the deposit, is e-mailed to the Treasurerís Office. If the amount cannot be identified, a reply is provided to the Treasurerís to that effect. The Wire would then be held in the Treasurer's Office Unclassified Receipts Account until a claim is made.
Copy to Accountant: A copy of the fax from the Treasurersí Office is provided to the appropriate accountant to file in the Research Award folder.
Effect on Aging Reporting: It is important that replies are made quickly to the Treasurerís Office and that the journal entries are processed in a timely manner. At month end, if the payments are not posted, the billings will show as overdue and may result in Accountant follow up on payments with sponsor in error.
Last Updated: 10/20/15