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Electronic Funds Transfer (EFT) Updates for uSOURCE

The University has introduced an initiative to enable select suppliers to transition from receiving payments in the form of a cheque to an electronic funds transfer (EFT).

For uSOURCE suppliers participating in this initiative, the following screens will have changes to accommodate EFT payment information:

Purchase Order – Billing Options


Payment terms will be net 25 days; for suppliers not setup for EFT, payment terms will remain at net 35 days.

Invoice

  1. Payment Method: For suppliers that have not transitioned to EFT, the payment method will show Cheque.
  2. Cheque No./EFT No.: If the payment method is EFT, the value shown is the EFT clearing number. For suppliers that have not transitioned to EFT, the cheque number will be shown.

uSOURCE invoices greater than $50,000 will require a supporting document attachment in FIS before the EFT payment is released; similarly, a Goods Receipt is still required in uSOURCE for the invoice to be paid.

For more information, visit Electronic Funds Transfer (EFT) Initiative – FIS Documentation.