Department EFT & Returned Check Policies

Effective September 1, 2012, two new processes will be implemented at UCLA through Payment Solutions and Compliance (PSC) making use of additional functionality in the CASHNet product to help streamline processes, update the ledger more timely and provide departments with critical financial data. This article shares information regarding each new process.

Dishonored (returned) checks are now received electronically from the bank, generally within five business days. In the new process, a check payment processed in CASHNet as its own separate transaction and subsequently returned at the bank will be dishonored through CASHNet, resulting in a reversal of the original CASHNet transaction. When the reversal is processed, an email will automatically be sent to the designated department contact and a PAN generated. Emails of redacted checks will no longer be shared with the campus since departments can get all information about the original transaction either through CASHNet or through CDW queries. Any checks processed in CASHNet as a bulk or lump-sum transaction will not be eligible for this process as they cannot be individually identified through CASHNet. These checks will continue to be processed manually.

The EFT processes (which includes wire transfers and ACH) traditionally processed by Sandie Schwartz and/or Julie Keller in the Accounting and Cash Management (ACM) team will now also migrate to PSC. The Advice of Incoming Wire Transfer form, available at https://sa.ucla.edu/MessageCenter/onestop/public/adviceofincomingwiretransfer should still be completed with FAU information for directing all incoming EFTs. When completed, push the ‘Send Request’ button and it will be routed to PSC via the Messaging Center.

ALL EFTs received at the bank will be posted through CASHNet on a daily basis either to the FAU designated by a campus department or to CRU account 4-116024, specific to EFTs that is managed by ACM. This is the order in which EFTs will be processed:

  • If the Advice form is received before the EFT posts to the bank, PSC will post the payments on the date received at the bank directly to the FAU specified on the form. 
  • If the Advice form is received after the EFT posts to the bank, PSC will post the payments on the date received at the bank directly to CRU account 4-116024. 
  • After the date of receipt, please check CRU account 4-116024 to locate any EFT for your department. Please create an Advice of Incoming Wire Transfer Form available at https://sa.ucla.edu/MessageCenter/onestop/public/adviceofincomingwiretransfer and ACM will submit a journal entry to move funds from the CRU account to the appropriate departmental FAU. 
  • Select departments will be able to journal funds from the CRU account, 4-116024, directly to their FAU. Departments should no longer journal funds from the cash account.

We anticipate that departments will receive faster processing of funds through both implementations and the ledger will more appropriately reflect the financial picture of the University. We appreciate your ongoing support as we roll out these new processes.