Mystery Deposit No More: The EFT Deposit Notification Form Is Here

When the bank memo says
“University of No,” the investigation begins.

Last time, we introduced you to the case of the “mystery deposit.” These are electronic payments that arrive in UVA's bank account without enough information to easily determine where they belong. Now, the solution we previewed is ready for broader use.

The EFT Deposit Notification Form gives departments a simple way to tell Central Accounting about incoming electronic payments before they arrive, helping deposits get matched and posted to the right place in Workday faster.

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Meet the EFT Deposit Notification Form

If your department knows an electronic payment is headed UVA's way, the form lets you provide the clues Central Accounting needs to identify it.

You don't need to know every detail. You'll provide basic information such as:

• Who is sending the payment
• Approximately when and how much you expect to receive
• What the payment is for
• The FDM information needed to distribute the funds
• Whether the payment will recur

You can also choose to receive a notification when the deposit posts, which is particularly helpful for reconciliation.

Once the payment reaches UVA's bank, the information from your form can be matched against the incoming bank transaction. When there's a match, Central Accounting can get the deposit into Workday without the email detective work that unidentified deposits often require.

65%+ automatically matched

During the June pilot, more than 65% of submitted forms were automatically matched and processed with zero manual touch.

When Should I Use It?

Use the EFT Deposit Notification Form for incoming electronic payments  (including ACH, EDI and wire transfers) when there isn't another established process already tracking the money.

Examples might include conference income, royalty income, ticket sales, sales and services revenue, supplier refunds, or other electronic payments.

Timing tip

Complete the form in advance whenever possible. If the deposit has already arrived, submit the form no later than two business days after it posts.

The form does not replace existing processes for checks, cash, RDS deposits, or payments already handled through another established process.

What if the payment is recurring?

Mark a deposit as recurring when you expect it on a regular schedule and for roughly the same amount. (For example, a monthly contract payment of approximately $1,200.) If the amount changes significantly from payment to payment, submit each separately.

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Actual Mysteries From the Case Files

Why does giving Central Accounting a heads-up matter? Because the bank's clues can be remarkably cryptic.

One deposit arrived labeled simply “Shenandoah Telec.” After some digging, it turned out to be conference income for an academic department.

Another appeared as “University of No.” A search produced eight possible universities before the payment was finally traced to the University of North Carolina at Chapel Hill and several grant payments.

The new form gives Central Accounting the information it needs before “Shenandoah Telec” becomes the beginning of an email chain.

Ready to Lose the Mystery?

If your department expects an electronic payment, submit the EFT Deposit Notification Form as soon as you know the payment is coming. Estimates are welcome; you don't need to wait until you have an exact date or amount.

Go to the EFT Deposit Notification Form

Questions or think a mystery deposit might be yours? Contact AskFinance@virginia.edu for help.