The Controller’s Office continues to monitor the adoption of new bank accounts for receiving department payments and deposits. As we reach the six-month mark of the launch of the new bank accounts, we have implemented several notable improvements to help stabilize our process. Review the latest guidance below to help ensure accurate and efficient payment processing.
Bank Reference Numbers Are Critical to Accurately Claim Payments
Journal preparers must enter the Bank Reference Number into the Journal Line Description field when creating journals to claim items from the Unclaimed Payments List. This process is critical for the efficient and accurate reconciliation of accounts. To serve as a reminder of this step, the Bank Reference Number column will be highlighted in all future versions of the Unclaimed Payments List.
Note: This does not apply to sponsored research payments or credit card transactions; departments should continue to follow established procedures to identify and record these transaction types.
Begin Recording Journal IDs on Unclaimed Payments List
To further improve the efficiency and accuracy of the reconciliation process, we have replaced the Dept ID column in the Unclaimed Payments List with a new column to enter the Journal ID for Claiming Payment. This change will improve the ability to match payments when there are discrepancies with the Bank Reference Number.
Additional Reminders and Best Practices
Departments are reminded to review all tabs in the Unclaimed Payments List when searching for payments. Payments may not always appear under the expected tab for a department’s transactions, and a thorough review of all tabs can help prevent missed funds.
When acknowledging direct deposits, departments are also encouraged to follow best practices by:
- Confirming the accuracy of information provided by the customer
- Verifying that payments are sent to the correct account
- Addressing any discrepancies or missing details promptly to avoid delays and recurring errors
If you have any questions, please contact [email protected].