Payment Timing for ACH Expense Reimbursement

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drepouille
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Re: Payment Timing for ACH Expense Reimbursement

#11

Post by drepouille »

I just looked at the list of EFT expenses in LCRF. The last EFT marked as "Cleared" was created on 2 Jun 2019. From 21 Jun 2019 through today, we have created six more EFT expenses. All six still show as "Issued" while I am quite certain that all six have been deposited in the various bank accounts.
Dana Repouille, Plattsmouth, Nebraska
drepouille
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Joined: Sun Jul 01, 2007 6:06 pm
Location: Plattsmouth, NE

Re: Payment Timing for ACH Expense Reimbursement

#12

Post by drepouille »

Ah, progress. One of the six outstanding EFT expenses now shows as Cleared. It's the one payable to me from July 9th. Eight days isn't so bad. Now if we can just get the ones from June 21st to clear, it would make me feel even better.
Dana Repouille, Plattsmouth, Nebraska
drepouille
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Joined: Sun Jul 01, 2007 6:06 pm
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Re: Payment Timing for ACH Expense Reimbursement

#13

Post by drepouille »

All right! All EFTs for my ward now show as Cleared! Now we are ready for our audit this Sunday.
Dana Repouille, Plattsmouth, Nebraska
MurdockM
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Re: Payment Timing for ACH Expense Reimbursement

#14

Post by MurdockM »

I too have noticed more than one completed ACH reimbursement (member received funds) that subsequently show up on the following months UFS as an "Outstanding Reconciliation item".

Sincerely
a Ward Financial clerk
t0008sa
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Re: Payment Timing for ACH Expense Reimbursement

#15

Post by t0008sa »

I just talked to the GSC on this issue of ACH payments showing up as not cleared. I was told that banks have up to 6 (?!?!?!?) months to report these items as cleared, but that the most they had seen was about 3 months.
russellhltn
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Re: Payment Timing for ACH Expense Reimbursement

#16

Post by russellhltn »

t0008sa wrote:I just talked to the GSC on this issue of ACH payments showing up as not cleared. I was told that banks have up to 6 (?!?!?!?) months to report these items as cleared, but that the most they had seen was about 3 months.
Strange. Sounds like they're waiting until the transfer can no longer be disputed or some such.
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bfisher6
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Re: Payment Timing for ACH Expense Reimbursement

#17

Post by bfisher6 »

Does the status "issued" for an EFT indicate that the money has transferred to the recipient's bank account? I am more/less fine with the bank taking time to "clear" the EFT, but I would like to know that the recipient has the money. Obviously I would prefer a shorter amount of time for the transaction to be cleared, but I'm more concerned that the recipient is reimbursed timely than anything else. Again...does "issued" indicate that the recipient has received the money in their account?
If so, then am I correct that "cleared" is just the status to indicate that the bank has marked it as such?
If not, how do I know the recipient has received the money in their bank account?
I really don't want to have to email each recipient, each time we issue an EFT.

In the case of a check, "issued" would indicate that the check is printed, and as soon as it is "cleared" then we know that the recipient has cashed the check. Much easier.
eblood66
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Re: Payment Timing for ACH Expense Reimbursement

#18

Post by eblood66 »

You don't know for certain until it says Cleared. If it says Issued then it's in process. The funds may have been deposited but they may not have been. From what I understand there isn't anything the church can do to change this. They are just reporting the information they receive from the banks. But usually it only takes a few days regardless of how long it shows as Issued.

The recipient should receive an email telling them the reimbursement is being made. If it hasn't appeared in their account within 3-4 days after that, they can ask you to follow up with the Global Service Center to find out why.
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