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									Procedure 3401 PR.6
Requesting a Wire Transfer DRAFT
Revision Date: 7/12/11


       Overview ...............................................................................................................................................................1
       Step 1 – Process Vendor Setup ..............................................................................................................................1
       Step 2 – Complete the Request for Wire Transfer .................................................................................................1
       Step 3 – Attach Supporting Documentation and Obtain Necessary Approvals .....................................................2
       Step 4 – Submit the Form and Supporting Documentation ...................................................................................3
       Step 5 – Payment Processing .................................................................................................................................3
       Contacts – .............................................................................................................................................................4


Overview
This procedure provides guidance with respect to domestic and international payments via wire transfers.
A wire transfer is an acceptable form of payment for amounts of $100 or more which cannot be made via
a check or purchasing card.

Step 1 – Process Vendor Setup

If the vendor is not a vendor in the Oracle system, you must complete the Vendor Set Up Form
3205FR.01.

    Step 2 – Complete the Request for Wire Transfer

Complete Form 3401FR.03 . Please refer to the 3401FR.03 instructions noting the following:

            Payment should be in the currency stated on the invoice or contract.
            Vendor Name and the Bank Account Name must be the same
             Generally, the University will pay the vendor that provided the services or goods, not a
             third party: Payment to a third party is permitted only when it is expressly provided in
             the agreement for the provision of services or goods.
            Required Bank Account Information:
                 o U.S. Bank Account – Please do not send wire transfer, send as ACH. Contact
                     Accounts Payable with the ABA Number (i.e., routing number) and Bank
                     Account Number
                 o United Kingdom and Europe Bank Accounts – SWIFT1 Number (BIC Code) and
                     International Bank Account Number (IBAN)
                 o Other Non U.S. Bank Account – SWIFT Number, Bank Account Number and
                     Bank Branch information (i.e., bank name and address)
                 o Please confirm wire instructions with the vendor. It can be very difficult to
                     retrieve funds outside the United States in the event of incorrect wire instructions.


1
    Society for Worldwide Interbank Financial Telecommunications (SWIFT)
                                                                    Procedure 3401PR.6 – Requesting a Wire Transfer




Step 3 – Attach Supporting Documentation and Obtain Necessary Approvals

A. General Requirements for all Wire Transfer Requests:
The Request for Wire Transfer (Form 3401 FR.03) must include either:

          Original authorized invoice (OK-to-Pay invoice2) (Procedure 3401 PR.04); or
          Check Request Form (Procedure 3401PR.02)
Note: Any wire transfer of more than $25,000 utilizing funds from sponsored project accounts must have
Grants and Contracts Financial Administration (GCFA) approval.



B. Additional Requirements and Restrictions for International Wire Transfer Requests Only:
The following additional requirements and restrictions may apply to payments to International
Payees:
    Original wiring instructions:

    In order to minimize errors in processing international wires, attach the email, fax or original
    invoice that includes the vendor’s wiring instructions.

          Required Documentation and U.S. Tax Withholding/Reporting:

    U.S. immigration regulations impose restrictions on certain payments to non U.S. payees.
    Further, the Internal Revenue Service (IRS) requires the University to report payments and
    withhold federal income tax on certain payments to non U.S. payees.

    Please refer to General Payment Policy 3401 and Payment Requests for International Payees
    for payment restrictions, required documentation and tax withholding and reporting
    requirements for payments to international payees.

          U.S. Office of Foreign Assets Control (OFAC) Restrictions:

    Yale is prohibited by law from engaging in certain business and financial transactions with
    designated countries, entities and individuals. Designated countries, entities and individuals,
    as well as a description of the prohibited transactions, are available at the OFAC website:
    http://www.treas.gov/offices/enforcement/lists/.

    Current countries subject to OFAC sanctions are Belarus, Cuba, Iran, North Korea, Sudan, Syria,
    Venezuela, Burma,, Liberia, Iraq, the Balkans, Ivory Coast and Zimbabwe (subject to change).
    Because this list is subject to change, please visit the OFAC website


2
 An invoice not associated with a purchase order. Typically, amount is < $2,000 and sent directly to department by
vendor for payment approval.


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                                                              Procedure 3401PR.6 – Requesting a Wire Transfer



    http://www.treas.gov/offices/enforcement/lists to view an updated list of designated
    countries, entities and individuals.

    A transfer of funds may constitute a prohibited transaction. Please contact the Director,
    International Agreements and Export Control Licensing
    (http://www.yale.edu/grants/policies/exportcontrols.html), to review possible transactions
    which may be subject to OFAC regulations. This review should occur prior to procuring
    services or goods and prior to submitting a request for payment.
                Individuals traveling internationally on University business:
           Please note that in addition to risks involving personal safety, most countries limit the
           amount of cash (including, currency, travelers checks, gold coins and bars, bonds and
           other negotiable instruments) an individual may carry into a country and require a
           customs declaration upon arrival or departure. These limitations vary from country to
           country. Making payments via a wire transfer for certain expenses (e.g., lodging,
           program costs) may minimize the need to carry large amounts of cash while traveling.

Step 4 – Submit the Form and Supporting Documentation
Submit the form with required documentation to Accounts Payable, Shared Services, 344
Winchester, Attention: Wire Processing.

The form with required documentation may also be delivered to the Accounts Payable drop box
located in Treasury Services, 2 Whitney Avenue, 1st floor.

Step 5 – Payment Processing
A. Initiating and Approving Payment Request
The Accounts Payable Department reviews and processes all Requests for Wire Transfer and
will obtain the required approvals by Accounts Payable and the Controller’s Office.

Once the Request for Wire Transfer is approved and processed, Accounts Payable will send the
request to Treasury Services to initiate the payment.

B. Processing Time
Completed Requests for Wire Transfer submitted with required documentation will generally be
processed and paid within 4 business days of receipt by the AP Department for transfers of U.S.
currency and 6 business days for transfers of foreign currency. Requestors should allow
adequate time for processing the request.

Important Note: Requests for Wire Transfer that are incomplete or do not include required
documentation will be delayed pending completion of the form or receipt of required
information. Requests with incorrect information (e.g., bank account number, amount, bank
account name) will also be delayed. If a Request for Wire Transfer is incomplete, incorrect or
missing documentation, the requestor will be notified that the transaction has been placed on
hold pending receipt of additional information.




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                                                              Procedure 3401PR.6 – Requesting a Wire Transfer



Department administrators may contact the Accounts Payable help desk at ap.holds@yale.edu or
432-5394 or 432-5077 in order to follow up on the status of a wire transfer request. Status
inquires are encouraged only after the normal processing time of 4 to 6 business days from
submission of the request has elapsed.
C. Confirmation of Payment:
Upon request, Treasury Services can provide confirmation that the funds have been transmitted
by the University. The payment confirmation does not, however, verify receipt of funds by the
vendor’s bank or bank account. Because Treasury Services cannot confirm that transmitted
funds have been received by the vendor, a business administrator may wish to contact the
recipient of the funds to ensure payment has been received. The confirmation provided by
Treasury Services often facilitates the posting of funds to the recipient’s bank account.

Note: Funds transferred to non U.S. banks may not be posted to a recipient’s account for several
days or weeks.

D. International Wire Transfer Fees and Charges:

          Due to the administrative costs associated with international wire transfers, the University
           assesses a fee of $100 for each international wire transfer that is returned for incorrect
           wire instructions or must be investigated because the vendor claims non receipt. This fee
           is charged to the department; it is not deducted from the total wire transfer amount.

          A non U.S. bank that receives funds may charge a fee for processing the wire payment.
           This fee is generally deducted from the wire transfer amount unless the vendor has a
           separate payment arrangement.

          In addition to U.S. withholding and reporting requirements, the funds may be subject to
           federal, state or local fees or taxes in the recipient country.

Contacts
                     Subject                   Phone                         Email

              Treasury Services              432-4474


              Vendor Set Up                  432-5394

              Accounts Payable               432-5394            aphelpdesk@yale.edu

              Tax Withholding,               432-5530
              Reporting and
              Documentation
              Immigration Issues             432-5530

              Grants and Contracts           436-8455            www.yale.edu/grants
              Financial
              Administration
              Prohibited                     785-3817
              Transactions/ OFAC



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                          Procedure 3401PR.6 – Requesting a Wire Transfer



           Restrictions




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