To: Departmental Administrators
From: Electronic Funds Transfer Project Team
Re: EFT Phase 2 – Important Announcements
Dear Departmental Administrators,
Starting March 2, 2023, we will begin a gradual onboarding of existing U of T vendors to EFT payments. EFT payment runs will continue to run weekly on Tuesdays.
Please note the following changes to business processes:
- All payments after onboarding must be paid through EFT. You can quickly identify vendors that have been set up for EFT payment by using the custom U of T vendor matchcode search and selecting payment method ‘E’. Read this article to find out more.
- Onboarded vendors will have a single EFT Vendor account in SAP. As a result, duplicate vendor master records will be blocked for posting. Any open items in the blocked duplicate vendor will be paid by cheque, but no new postings will be permitted.
- Payments above $50,000 will not be processed if documentation has not been attached, which includes EFT and other select vendor groups. When posting vendor payment postings above $50,000 users will receive a reminder to attach backup documentation. If backup documentation has not been attached, users will receive follow-up custom email reminders listing the documents that require attachments, with instructions on how to attach supporting documents. Watch this video to learn more.
EFT Project Team