UAFR has updated its Anticipated Incoming Wire or ACH Transfer Form to better capture information required for proper tracking of any applicable accrual and/or deferral information. See below for highlights.
- Two new questions have been added to the form:
- The first new question asks whether the incoming wire or ACH is paying for the sale of goods. If the answer is “Yes”, then the form will prompt you to enter the date which the sale was completed.
- The second new question asks whether the incoming wire or ACH is paying for the sale if services. If the answer is “Yes”, then the form will prompt you to enter the start and end dates of the service period covered by the payment.
- Answers to these questions and completion of the related date fields (if applicable) are required, and the form cannot be submitted without answers to these questions.
- Capturing this data will help enable UAFR to properly identify any accruals (such as accounts receivable) or deferrals (such as unearned revenue) which need to be accounted for within the UI System’s audited financial statements.
- We strongly encourage any unit who plans on receiving an incoming wire or ACH transfer to complete and submit this form, even those units who have recurring wire or ACH receipts. This will help provide an accurate audit trail and will help UAFR determine if any type of accrual or deferral adjustment needs recorded to our financial statements.
- As a final reminder, the Anticipated Incoming Wire or ACH Transfer Form can be located at the bottom of UAFR’s Forms webpage.
Contact
If you have any questions on this process or form, reach out to one of our subject matter experts in either the Bank Wire or ACH Receipts section or the Accrual and Deferral Tracking section of UAFR's Who to Ask list.
