Reversing and Reissuing a Wire Transfer in Sage 100: A Step-by-Step Guide

Managing wire transfers in Sage 100 can sometimes be complex, especially when errors occur that require reversing and reissuing payments. This guide will walk you through the process of reversing a wire transfer and reissuing it correctly within Sage 100, ensuring your accounts are accurate and up-to-date.

Reversing a Wire Transfer in Sage 100

To reverse a wire transfer, follow these steps:

1. Navigate to Accounts Payable/Main/Manual Check and Payment Entry

  • Payment Type: Select "Wire Transfer Reversal."

  • Check No.: Enter the wire transfer number to reverse.

  • Recall Invoice Paid: Choose "Yes."

2. Select Lines

3. Verify the Invoice: Ensure the invoice details are correct, then accept.

4. Print and Update: Complete the process by printing and updating the records.

Reissuing a Wire Transfer in Sage 100

After reversing the wire transfer, you can reissue it correctly:

1. Navigate to Accounts Payable/Main/Manual Check and Payment Entry

  • Payment Type: Select "Wire Transfer."

  • Transfer Date: Enter the date of the original transfer.

  • Transfer Amount: Enter the correct amount.

  • Vendor No.: Enter the correct vendor number.

 2. Click on Lines

  • Line 1: Select the reversed invoice number and pay the invoice.

  • Line 2: Create a GL distribution.

3. Verify and Accept

  • Ensure the GL account and amount are correct, then accept.

  • Print and update the records.

Bank Reconciliation of Wire Transfer Reversals and Reissues in Sage 100

Finally, reconcile your bank to reflect these changes:

1. Navigate to Bank Reconciliation/Main/Reconcile

  • Clear the wire transfer reversal and the corrected wire transfer, then accept.

 2. Print Bank Reconciliation Register

  • Document Type: Select "All Types."

  • Print Cleared Documents: Select "All Documents."

  • Bank Code: Enter "A."

  • Ensure the "Out of Balance By" amount is zero to remove cleared documents as of 12/31/2999.

By following these steps, you can efficiently manage wire transfer reversals and reissues in Sage 100, ensuring your financial records are accurate and your reconciliations are balanced.

If you have questions about reversing and reissuing wire transfers, or need other support with managing your 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's potential. We prioritize your business’s health and are committed to supporting your journey every step of the way.

Doug Clark