Payments

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.