{"id":5948,"date":"2018-09-06T15:48:09","date_gmt":"2018-09-06T19:48:09","guid":{"rendered":"https:\/\/carleton.ca\/facts\/?p=5948"},"modified":"2018-09-07T13:51:02","modified_gmt":"2018-09-07T17:51:02","slug":"what-you-need-to-know-about-accepting-electronic-fund-transfers-e-g-direct-deposit-and-wire-transfer-2-of-2","status":"publish","type":"post","link":"https:\/\/carleton.ca\/facts\/2018\/what-you-need-to-know-about-accepting-electronic-fund-transfers-e-g-direct-deposit-and-wire-transfer-2-of-2\/","title":{"rendered":"What you need to know about accepting electronic fund transfers (e.g. direct deposit and wire transfer) (2 of 2)"},"content":{"rendered":"<p>I am Diana Pruss, the Cash Office Supervisor.\u00a0 Carleton University accepts electronic fund transfers (EFT) for incoming payments that need to be deposited to your FOAPAL.\u00a0 I\u2019d like to share some information that will help ensure that you receive your EFTs in a timely manner.<\/p>\n<p><strong>What should you do if someone wants to <u>pay<\/u> you via direct deposit or wire transfer?<\/strong><\/p>\n<ol>\n<li>Your customer will request Carleton\u2019s EFT\/banking details<\/li>\n<li>You should forward their request to <a href=\"&#x6d;&#x61;&#105;l&#x74;&#x6f;&#58;&#114;e&#x63;&#x65;&#105;&#112;t&#x2e;&#x61;&#99;co&#x75;&#x6e;&#116;i&#x6e;&#x67;&#64;&#99;a&#x72;&#x6c;&#101;&#116;o&#x6e;&#x2e;&#99;a\">&#114;&#101;&#x63;&#x65;&#105;&#112;&#x74;&#x2e;&#97;&#99;&#x63;&#x6f;&#117;&#110;&#x74;&#x69;&#110;&#103;&#x40;&#x63;&#97;&#114;&#x6c;&#x65;&#116;&#111;&#x6e;&#x2e;&#99;&#97;<\/a>. Make sure to include the FOAPAL to record the deposit (i.e. where you want the payment to show up).<\/li>\n<li>Receipt Accounting will provide requested EFT information and email it back to you<\/li>\n<li>You should forward this EFT information to your customer, and\n<ul>\n<li><strong>It is very important<\/strong> <strong>that you<\/strong> request that the customer email a remittance advice to <a href=\"m&#97;&#105;&#108;&#x74;&#x6f;&#x3a;re&#99;&#101;&#x69;&#x70;&#x74;&#x2e;ac&#99;&#111;&#x75;&#x6e;&#x74;&#x69;n&#103;&#64;&#99;&#x61;&#x72;&#x6c;et&#111;&#110;&#46;&#x63;&#x61;\">r&#101;&#x63;&#x65;&#x69;p&#116;&#46;&#x61;&#x63;c&#111;&#117;&#x6e;&#x74;in&#103;&#x40;&#x63;&#x61;r&#108;&#x65;&#x74;&#x6f;n&#46;&#99;&#x61;<\/a>\u00a0for each deposit. A remittance advice provides Receipt Accounting with the necessary details to ensure a deposit can be identified and processed.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>What happens if you do not follow steps 1-4 outlined above?<\/strong><\/p>\n<p>Answer: your deposit will end up in suspense \u2026.<\/p>\n<ul>\n<li>When your customer initiates a direct deposit\/ wire payment, the funds are credited directly to Carleton University\u2019s bank account.<\/li>\n<li>A bank statement can show as little as \u201cCredit Memo\u201d in the payment description. With only this information it is impossible to determine to which department the payment belongs (e.g. image below shows what we see).<\/li>\n<li>Unidentified amounts are recorded into a holding account, also known as the Suspense account, and remain there until they are claimed by the department.<\/li>\n<\/ul>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-5949 aligncenter\" src=\"https:\/\/carleton.ca\/facts\/wp-content\/uploads\/SuspenseImage.png\" alt=\"\" width=\"496\" height=\"100\" srcset=\"https:\/\/carleton.ca\/facts\/wp-content\/uploads\/SuspenseImage.png 496w, https:\/\/carleton.ca\/facts\/wp-content\/uploads\/SuspenseImage-160x32.png 160w, https:\/\/carleton.ca\/facts\/wp-content\/uploads\/SuspenseImage-240x48.png 240w, https:\/\/carleton.ca\/facts\/wp-content\/uploads\/SuspenseImage-400x81.png 400w, https:\/\/carleton.ca\/facts\/wp-content\/uploads\/SuspenseImage-360x73.png 360w\" sizes=\"(max-width: 496px) 100vw, 496px\" \/><\/p>\n<p><\/p>\n<p><strong>To conclude, the remittance advice (i.e. step 4) from your customer is the most crucial step to ensuring that your FOAPAL gets credited for the services or goods that you provided.\u00a0 Otherwise, your deposit will end up in suspense!<\/strong><\/p>\n<h3>RELATED TIPS<\/h3>\n<ul>\n<li><a href=\"https:\/\/carleton.ca\/facts\/2018\/what-is-an-electronic-fund-transfer-eft-and-why-would-i-accept-one-1-of-2\/\">(1 OF 2)\u00a0What is an electronic fund transfer (EFT) and why would I accept one? <\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>I am Diana Pruss, the Cash Office Supervisor.\u00a0 Carleton University accepts electronic fund transfers (EFT) for incoming payments that need to be deposited to your FOAPAL.\u00a0 I\u2019d like to share some information that will help ensure that you receive your EFTs in a timely manner. What should you do if someone wants to pay you [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What you need to know about accepting electronic fund transfers (e.g. direct deposit and wire transfer) (2 of 2) - Financial Administration Community Training &amp; 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