Payments

Policy

FIACCT 05-25_20 Payments – EFT – Processed Through FINET

Effective: January 8, 2001
Revised: January 1, 2015
Reviewed: January 1, 2015

Purpose

This policy defines the policies and procedures for Electronic Funds Transfers (EFTs) processed through FINET.


Policy

A. Current FINET vendors may exercise the option of receiving payments as electronic funds transfers (EFTs).

B. Employees listed on the FINET vendor table may exercise the option of receiving reimbursements as electronic funds transfers (EFTs).

C. EFTs rejected by the bank will be processed by the Division of Finance as warrants or go back to a good bank account per information provided by the vendor.


Procedures

Responsibility

Action

Agency

Direct interested current vendors to complete FI 16V, Direct Deposit Authorization Form for Electronic Funds Transfers for Vendors. Contact the Disbursements Supervisor at 801-538-1499 for this form. If the vendor does not exist on FINET, enter a Vendor Customer Create (VCC) document. (See policy 05-17.01 – Payment-Vendors-Request New Change.)

Direct interested employees to complete FI 16A, State of Utah Employee Electronic Funds Transfer Authorization Form (Non-Payroll).

Division of Finance

Confirm and enter banking information in FINET Vendor file.

Agency

Enter payment or reimbursement information in FINET. The EFT indicator will default to Yes.

Division of Finance

Process rejected EFTs as warrants.