The bank sends a report back to the sender showing the results of the transmitted file with date, number of payments, dollar amounts, etc.ĥ. On the effective date, the money is electronically transmitted from the proper University bank accounts.Ī copy of a completed and departmental approved Purchase Order or departmental approved Payment Voucher and other documentation to verify departmental authorization are included with the ACH instructions. This establishes an effective date for the money to be transferred, and a backup of the file is retained.Ĥ. The file is transmitted to the bank, utilizing the standard bank file transmissions process. The file created is converted into a standardized ACH format.ģ. The responsible department creates a payable file based on outstanding liabilities through a secured University system.Ģ. Employee Services .Įach campus Bursar Office also has authority to request ACH credit transfers, per the established policies of each Bursar Office for the refunding of student tuition payments and financial aid.Īll ACH Payments and banking instructions submitted and transmitted to the bank must have the approval of the Treasurer’s Office.ĪCH Process for Payable Files and Payroll Filesġ. The authority to request ACH credit payments fall under the established PSC policies and procedures. The Procurement Service Center (PSC) is responsible for the administrative process for all purchase requisitions and account payable functions. ACH is most appropriately used for small, generally repetitive payments whose amount and date are known at least two or more days in advance.Īuthority for requesting an ACH payment is as follows: The process allows recurring payment to be paid electronically through the Automated Clearing House (ACH) network. ACH transfers represent the electronic exchange of funds between accounts held at U.S. The Treasurer’s Office is responsible for approving, releasing and funding of ACH payments on behalf of the University for the movement of funds from University bank accounts. Employee Services (HR, Benefits, Payroll, Learning).CU Connections: News and information for CU faculty and staff.Office of Government Relations, Outreach & Engagement.Budget, Finance, and Government Relations.Coleman Institute for Cognitive Disabilities.Boettcher Webb-Waring Biomedical Research Award.A tax return must still be filed when payment is made by ACH Credit. For questions regarding misapplied payments, please contact the Iowa Department of Revenue at 85 or withholding, sales and use, water service excise, and fuel tax returns are filed through the Department's Online Services. Transaction reversals are not allowed from the State’s bank account. If you file a tax return showing a zero balance due, do not initiate a zero ACH Credit payment. You may share these instructions with your bank. Then open, review, and follow our required ACH Credit Payment Instructions (pdf). When paying by ACH Credit, you must provide our ACH Credit bank account information to your bank instead of providing us with your bank account information.įirst contact your bank for further information about their ACH Credit payment services and cost. Note: Individual Income tax may not be paid by ACH Credit.ĪCH Credit transactions must be initiated a day before the due date. This electronic payment option is available for these business taxes:
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