Policy
FIACCT 05-25_30 Payments– EFT – Processed Through State Treasurer
Effective: July 1, 1994
Revised: January 1, 2015
Reviewed: January 1, 2015
Purpose
This policy defines the policies and procedures for Electronic Funds Transfers (EFTs) processed through the State Treasurer’s Office.
Policy
A. Departments may process EFTs through the State Treasurer’s Office if approved in advance by the Division of Finance and the State Treasurer’s Office.
B. The procedures for processing these EFTs through the State Treasurer’s Office will be established at the time of approval.
Background
In rare and unusual circumstances it may be necessary for the Division of Finance to coordinate with the State Treasurer’s Office to process an agency’s EFTs through the State Treasurer’s Office instead of the Payment Tracking System or the FINET System.
Procedures
Responsibility
Action
Departments Using EFT for the First Time
Department
Prepare an electronic funds transfer journal voucher to make disbursements using EFT through the State Treasurer’s Office.
Division of Finance & State Treasurer
Treasurer’s Office – After funds have been transferred send the journal voucher to the Division of Finance.
Division of Finance – enter the journal voucher into the FINET system so that expenses are recorded.