Payments
Policy
FIACCT 05-26_00 Payments – Payment Tracking System (PTS) – Overview
Effective: April 3, 2000
Revised: January 1, 2015
Reviewed: January 1, 2015
Purpose
This policy provides an overview of the Payment Tracking System (PTS) for checks/warrants and electronic funds transfers (EFTs).
Definitions
Feeder System
A system which generates payments to individuals, vendors, or organizations on behalf of state agencies. A feeder system regularly sends payment transaction information to PTS. Feeder systems include, but are not limited to: ORS, Human Services, Health, Workforce Services, Tax, Payroll, FINET, etc.
Warrant
A paper document similar to a check used for payment that requires approval from the State Treasurer before the state’s financial institution will honor it.
EFT
An electronic transfer of funds directly from the state’s bank to the recipient’s bank account.
Stale-Date
The date after which a warrant is voided and should not be cleared by the bank. Each agency defines for their own feeder system the length of time its warrants are valid. This period is printed on the warrant itself; for example, void one year from date or void 90 days from date. There are no stale-dates for EFTs.
Background
The Payment Tracking System (PTS) receives payment information for both warrants and electronic funds transfers (EFTs) from State of Utah agencies; transmits that information to banks; and receives updated
information from banks, including cleared warrants and rejected EFTs. The state’s clearing bank will pay only warrants that are on the state’s outstanding list.
PTS allows agencies to cancel their own feeder system warrants and allows Division of Finance personnel to cancel warrants and make other adjustments. PTS also stale-dates warrants based on the length of time defined for each feeder system and forwards this information, along with cancel information, to the bank. The system also provides information to state agencies on the status of payments.
Policy
A. The Division of Finance will maintain PTS and through it provide information on most payments issued by state agencies. This information will be available until the transactions are archived.
B. The Division of Finance will provide agencies with monthly reports on transactions relating to their specific feeder system.
C. An agency desiring to send EFT or warrant payments through PTS is required to meet the technical specifications for PTS as defined by the Division of Finance.
D. Agencies are responsible for doing accounting entries in FINET for transactions they initiate in or send to PTS.
E. Agencies will send all payment information to PTS, unless specifically exempted in writing by the Division of Finance.
F. The Division of Finance must approve any new interfaces. New interfaces will not be accepted in production until reviewed and tested by the Division of Finance. Specific instructions regarding new interfaces are listed in the Interface Guide, which can be obtained from the FINET Help Desk 801-538-9690.
G. Inquiry access to PTS information is obtained through the Finance Data Warehouse. For information about training and system access, call 801-538-3245