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EFT / My Reimbursements

Project

Division of Finance and ISC

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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

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“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

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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

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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

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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 InquiryInvoice Inquiry

– Access to a Payee’s “My Reimbursements” page will be limited to the Payee only and requires a PennKey and password

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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

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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

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Any additional questions?