This issue of the Financial Management Office Newsletter includes information about the following:
- UPDATE: eTravel Workflow Enhancements
- Reporting Requirements for Cash Payments Received more than $10,000
- Bank of Hawaii Merchant Service Operations
The Financial Management Office Newsletter is distributed monthly. Should you have any questions about this newsletter, contact Amy Kunz via email: amykunz@hawaii.edu.
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UPDATE: eTravel Workflow Enhancements
Target Audience: Fiscal Administrators and Fiscal Support Staff
In the July FMO newsletter article, it was announced a new eTravel workflow enhancement will be implemented prohibiting travelers from approving their own travel as Account Supervisor, Fiscal Authority and Adjuster.
Upon further review, the enhanced workflow modification implemented on July 1 was deemed in compliance with AP 8.851. The mod originally scheduled to deploy on August 1 will not be implemented.
If there are any questions regarding these changes, please email etravel-help@lists.hawaii.edu.
Reporting Requirements for Cash Payments Received more than $10,000
Target Audience: All
With the start of the upcoming Fall semester, there will be increased activity on campus for tuition and other payments received. Please refer to AP 8.760, IRS Compliance for Reporting Cash Payments Over $10,000, should cash payments be accepted by your department.
AP 8.760 provides guidelines and responsibilities for the proper recording, tracking and reporting of more than $10,000 received in cash, in any 12-month period, in a single transaction or in two or more related transactions in accordance with Internal Revenue Code (IRC) §6050I. The AP provides definitions of Cash and Related Transactions and provides the reporting procedures and a Tracking Spreadsheet.
Departments are required to provide the Treasury Office with the AP 8.760 Tracking Spreadsheet and completed Form 8300 within two business days following the date of the transaction. The Treasury Office will review and must submit the filing to meet the strict filing deadline of 15 days subsequent to the transaction. Penalties may be assessed for non-compliance and/or late reporting of required transactions.
Should you have any questions, please contact Joanne Yama at jyama@hawaii.edu.
Bank of Hawaii Merchant Service Operations
Target Audience: All
Bank of Hawaii (BOH) recently sent out an email announcement regarding an important update to the merchant services relationship for BOH customers. BOH announced an enhanced strategic partnership with Fiserv, a global leader in financial technology and payment solutions. BOH has recently agreed to sell their merchant services portfolio to Fiserv. The phased transition will take three years and be completed in 2028.
The initial three-year term of the University’s current contract with BOH for merchant services is through September 30, 2026, with an additional two-year extension period through September 30, 2028. BOH has assured the University that the University’s contract with BOH will be honored per contract terms. At this time, it is business as usual for merchant operations under the BOH Merchant Services contract. Additional information will be shared with the UH merchant personnel as it becomes available.
Should you have any questions, please contact Joanne Yama at jyama@hawaii.edu.