Payment Timing for ACH Expense Reimbursement

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drepouille
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Re: Payment Timing for ACH Expense Reimbursement

Postby drepouille » Wed Jul 17, 2019 5:15 am

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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Re: Payment Timing for ACH Expense Reimbursement

Postby drepouille » Wed Jul 17, 2019 2:44 pm

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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Re: Payment Timing for ACH Expense Reimbursement

Postby drepouille » Thu Jul 18, 2019 6:06 pm

All right! All EFTs for my ward now show as Cleared! Now we are ready for our audit this Sunday.
Dana Repouille, Plattsmouth, Nebraska

murdock20m
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Re: Payment Timing for ACH Expense Reimbursement

Postby murdock20m » Sat Aug 10, 2019 3:55 pm

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

Postby t0008sa » Mon Nov 04, 2019 9:19 am

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

Postby russellhltn » Mon Nov 04, 2019 10:24 am

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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