How to Record a Wire Transfer in Sage 100

Sage 100 (formerly known as Sage MAS 90 or 200) offers robust tools to manage vendor payments, including wire transfers. If you’re running version 4.40 or later, follow these instructions to accurately record a wire transfer in your system.

Step 1: Enable Wire Transfers (If Not Already Enabled)

  • Open Accounts Payable, Setup menu, Accounts Payable Options

  • Check the box labeled Enable Wire Transfers

Step 2: Manual Check and Payment Entry

  • Go to Accounts Payable, Main menu, Manual Check and Payment Entry

  • On the Header tab enter the following information:

    • Bank Code

    • For Payment Type, select Wire Transfer

      • Note: The Check No will default to the next Wire Transfer Number (e.g., W12345)

    • Check Date

    • Check Amount - Enter the amount of the wire transfer

    • Vendor Number

    • Wire Transfer Number 

Step 3: Distribute Payment Amount

Once the basic information is entered, proceed to allocate the wire transfer amount. You can distribute the payment across existing invoices, expense accounts, or both.

  • Click the Lines tab

Option 1: Distribute to an Expense Account

To distribute a portion against an expense account rather than an invoice, do the following:

  • Click the Create G/L Distribution button (with the number sign), or press ALT+G.

  • At the General Ledger Distribution window, select the G/L account numbers and amounts for distribution.

  • Click Accept

  • If the full amount is not distributed, or if it is over-distributed, "The general ledger distribution invoice is out of balance. Do you want to change the invoice amount to match the distribution?" appears.

    • Click No to correct the distribution.

    • Click Yes to apply a portion of the amount to an invoice.

Option 2: Distribute to an Existing Invoices

 To distribute a portion of the wire transfer against existing invoices, do the following:

  • Click Select Invoices button, or press ALT+S.

  • Select the invoices.

  • Click Accept

Option 3: Apply to New Invoices

To apply a portion of the wire transfer to new invoices, do the following:

  • Type the invoice number in the Invoice No field

  • Click Yes at the "Is this a new Invoice?" dialog box

  • Enter the information in the following fields:

    • Invoice Date

    • Invoice Amount

    • Discount Amount (if applicable)

    • Click Accept or press TAB until the cursor is on the next line. The General Ledger

    • Distribution window opens. Distribute the expense, and click Accept

Step 4: Print and Update the Register

  • Once all the distributions are completed, click Print

  • Print and Update the Manual Check and Payment Register

 

By following these steps, you can seamlessly manage vendor payments via wire transfers in Sage 100. Keeping your financial records accurate and up-to-date is crucial for effective accounting and compliance.

If you have other questions about wire transfers in Sage 100, Ardent Consulting is at your service. Our team of experts is ready and eager to help you navigate your system challenges and optimize your business' potential. We prioritize your business’ health and are committed to supporting your journey every step of the way.

Doug Clark