Receiving Electronic Payments
Vendors prefer to send funds electronically, which saves them time, money and paper. If your vendor has decided to go with Electronic Payments instead of Checks, please refer to the following policy and guidelines in ensuring a smooth transition.
Payments from Vendors
All ACH/EFT type transactions are processed differently and often require an authorization
form to be completed. Departments should never complete these forms but forward them
to Institutional Accounting. The form will be completed by Institutional Accounting and where applicable signed
by an authorized signer on Dartmouth's bank account. A scanned copy will then be forwarded
to the requesting department.
If an online account must be established with the vendor in order to receive Dartmouth funds, the originator must take responsibility in communicating this to Institutional Accounting. In most cases, there's a link that requires banking information which will need to be completed by Institutional Accounting and approved by an authorized signer on Dartmouth's bank account. If this is the case, please contact Institutional Accounting.
In the event the originator of the online vendor account leaves the department or Dartmouth, they need to ensure that there is adequate coverage in the overseeing of the account's activity going forward. Please provide Institutional Accounting the individual's name that will be the contact for this vendor account.
Departments expecting a payment by wire transfer, ACH or EFT should send a notification to Institutional Accounting and provide the following information:
- Name of Sender – Individual person or company name or sending bank name
- Expected Amount – If the exact amount is not known, provide estimated dollar amount
- Expected Date – If this is known
- A copy of the Invoice
- Chart string(s) – including all 6 segments – for funds to be posted in GL
- Whenever wire instructions are given out, the sender should be reminded to include
detailed reference information such as the receiving department name, a staff member's
name, student name and ID number, or alumni name (for donations). Using a project
name or an invoice number as a reference is not sufficient enough for Institutional
Accounting to determine which department the wire is for, since each area uses a unique
invoice numbering method.
- If you have any questions regarding receipt of funds, please reach out to Institutional Accounting for assistance.