On a daily basis UCSF receives both international and domestic funds in the form of Automated Clearing House credits (ACH) and wire transfers. These funds are deposited into UCSF’s Bank of America account #XXXXX23601 and recorded in the UCSF General Ledger (GL) in Account 10110 (Cash-BofA). Funds are often intended for campus departments, and recipient departments often do not know when their funds may be deposited into the campus bank account.
To assist departments in identifying their funds, the Controller’s Office Cash and Controls Team uploads all cash receipt deposits, ACH, and wire payments files to UCSF Box on a daily basis. These Daily ACH and Wire Payments files contain information on all payments received the previous business day. Departments claim funds by processing a cash receipt journal, or by notifying Contracts and Grants Accounting (CGA) who will record the payment in the Research Administration System (RAS) for sponsored awards.
The Cash and Controls Team reconciles Account 10110 as part of the monthly General Ledger close, and transfers any ACH and wire payments that remain unclaimed for 60 days to Account 23040. The Team also creates the Monthly Undistributed ACH & Wire Payments list from Account 23040 unclaimed payments, and makes this list available in UCSF Box. Departments should follow the procedures outlined in Preparing Cash Receipt and Credit Card Journals to claim funds and prepare journal entries for undistributed cash, ACH, and wire payments from Account 23040.
This section describes guidelines for:
- The duration of undistributed ACH/Wire payments to be kept as reconciling items
- The write-off process of undistributed items
- Ownership of STIP earned from undistributed payments
- Account 23040 (OCL-Undistr Cash-Dep BofA Wire)
- Account 10110 (Cash-BofA Campus Depository)
Undistributed ACH/Wire Payments Duration as Reconciling Items
Unclaimed ACH/Wire payments will remain in Account 23040 and be viewable in the Monthly Undistributed ACH and Wire Payments List for 13 months. After 13 months, the funds will be transferred to the Central Fund on a rolling 12 month basis. This time frame allows a minimum of 54 weeks for departments to identify/claim funds received by UCSF. During this period, the Cash and Controls Team works across the campus to assist departments with identifying and moving funds to the appropriate organization.
Should a department believe they have unclaimed funds received prior to this 54 week time frame, the Controller’s Office can provide a listing of all undistributed payments transferred to the Central Fund. The department has the responsibility to research and determine if their funds were received by UCSF. When an ACH/Wire item is identified, the department is to notify and provide support to the Cash and Controls Team in order to reclaim the funds from the Central Fund.
Process to Transfer Funds to the Central Fund
Transferring payments to the Central Fund must comply with applicable UCSF Controller’s Office policies and procedures.
All transfers from Account 23040 must be reviewed and approved by the Cash and Controls Operations Accounting Manager. The item must be extensively researched and the determination made that the item cannot be identified. The transfer request must contain a sufficient explanation and full documentation on the items proposed in transfer.
The Cash and Controls Team is to maintain documentation of all items that were transferred to the Central Fund and make this information available to any department upon their request.