Transcript MV 4.8 Upgrade Planning Phasegate

EFT / My Reimbursements
Project
Division of Finance and ISC
EFT / My Reimbursements Project
1
New Enhancements to Reimbursement Process
• “My Reimbursements”
– New secure web site on U@PENN that allows faculty,
staff and students to log in to see if a reimbursement
request has been processed and a check issued or funds
deposited into their bank account
• EFT
– Electronic Funds Transfer; those people who have
signed up for direct deposit through Payroll will have
their reimbursement checks deposited directly into the
same bank account that they have designated for their
paychecks
EFT / My Reimbursements Project
2
“My Reimbursements”
• How does it work?
– Penn employees and students log on with their
PennKey and password
– They will be able to see reference #, payment date,
payment amount, description, bank name and routing
number (if applicable) and payment site
• Sample “My Reimbursements” screens
EFT / My Reimbursements Project
3
EFT / My Reimbursements Project
4
EFT / My Reimbursements Project
5
EFT / My Reimbursements Project
6
Electronic Funds Transfer (EFT)
• Who is eligible for EFT?
– Penn employees and student workers who have direct
deposit through Payroll will automatically have their
reimbursements deposited (no additional action or sign
up is required)
• What are the benefits of EFT?
– Faster reimbursements because:
• Reimbursements no longer are issued as checks and sent out
through Intramural mail
• No more stale dated checks
• No more checks going to old or incorrect addresses
• No need to take checks to the bank to be deposited
EFT / My Reimbursements Project
7
EFT Timeline
• When will this new functionality start?
– Targeted for 2nd week in December
• What is the EFT processing timeline?
– C-forms are entered into BEN Financials
– Reimbursement information will be transmitted
electronically to Wachovia twice weekly
– Wachovia then transmits that information to individual
banks
– Entire process - from Ben Financials to Wachovia to
individual bank - takes 3 to 5 business days
EFT / My Reimbursements Project
8
Business Administrators
• Can Business Administrators see if a
reimbursement has been processed?
– Yes, you can still go into the BEN Financials system to
see if a travel reimbursement has been processed via
Invoice Inquiry
– Access to a Payee’s “My Reimbursements” page will
be limited to the Payee only and requires a PennKey
and password
EFT / My Reimbursements Project
9
New information that will be needed
• To ensure that the right people are paid, we will need
PennIDs as well as vendor numbers for all student and
employee payments
– PennIDs will be loaded into BEN Financials
– Last four digits of social security numbers will still be required for
non-employees
• The C-1 form and the C-368 form have been modified to
capture PennIDs
– Be sure to use the revised C-1 form and C-368 form
– New forms can be downloaded from the Comptroller’s web site
beginning 12/1/06
– Forms that don’t contain the correct vendor number and PennID
will be returned
EFT / My Reimbursements Project
10
Additional Questions
• How do people sign up for direct deposit?
– Penn employees and student workers can sign up for
direct deposit through the Payroll office if they have not
already done so. ALL people who have payroll direct
deposit will have reimbursements directly deposited to
the same account
• Will travel advances be direct deposit?
– No. All travel advances will be issued as checks
• How will we be communicating this new
functionality?
– Almanac, The Bottom Line, U@Penn and
Comptroller’s web pages
EFT / My Reimbursements Project
11
Any additional questions?
EFT / My Reimbursements Project
12