Reverse a Wire Transfer

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Expand/Collapse item  Overview

Use this procedure to reverse a wire transfer. If you are not recalling an invoice associated with the wire transfer, you can use an expense distribution table to distribute the negative wire transfer amount using general ledger accounts and distribution percentages defined in Expense Distribution Table Maintenance.

Expand/Collapse item  Before You Begin

The wire transfer number must exist in check history. Wire transfer numbers in check history appear on the Vendor Maintenance Checks tab.

 

To use an expense distribution table, the Enable Expense Distribution Tables check box must be selected in Accounts Payable Options and a table must be set up in Expense Distribution Table Maintenance.

 

 

To reverse a wire transfer

  1. Select Accounts Payable Main menu > Manual Check and Payment Entry.

  2. In the Payment Type field, select Wire Transfer Reversal. For more information, see Manual Check and Payment Entry - Fields.  

  3. In the Check No. field, enter the number of the wire transfer to reverse.

  4. A message appears asking if you want to recall invoices paid by this wire transfer. Perform one of the following:

  5. Click Yes to populate the Lines tab with the invoice information.

  6. Click No to manually enter invoice information on the Lines tab.

Expand/Collapse item  If the Track Detailed Invoice/Payment History check box is selected in Accounts Payable Options

If there are missing invoices, the invoice numbers appear, and the invoices must be manually re-entered and distributed.

If the wire transfer was for general ledger distribution only, an invoice is created and posted to the vendor's Open Invoice file using invoice number CKXXXX, where XXXX is the wire transfer number.

Expand/Collapse item  If the Track Detailed Invoice/Payment History check box is cleared in Accounts Payable Options

Manually recall the original invoices. If the wire transfer to reverse was originally a wire transfer distribution to the general ledger or if the invoices included on the wire transfer reversal are no longer in history, do not recall the invoice.

If general ledger distribution is not used, the cash account is debited and the accounts payable account is credited.

  1. If the Accounts Payable module is integrated with Job Cost, a message indicates that Job Cost invoices have been recalled and that they must be manually distributed. Click OK.

  2. Click the Lines tab. A negative invoice amount appears in the Invoice Amt field.

  3. If you clicked No in step 4, click the Create G/L Distribution button. In the General Ledger Distribution window, distribute the negative wire transfer amount to the appropriate accounts, and click Accept.

  4. In Manual Check and Payment Entry, click Accept.

The wire transfer is reversed.

 

To reverse a wire transfer using an expense distribution table

  1. Select Accounts Payable Main menu > Manual Check and Payment Entry.

  2. In the Payment Type field, select Wire Transfer Reversal. For more information, see Manual Check and Payment Entry - Fields.  

  3. In the Check No. field, enter the number of the wire transfer to reverse.

  4. When the message asks if you want to recall invoices paid by this wire transfer, click No.

  5. Click the Lines tab. A negative invoice amount appears in the Invoice Amt field. Perform one of the following.

To let the system assign an invoice number:

  1. Click the Create G/L Expense Distribution button.

  2. In the Expense Distribution Table window, in the Expense Distribution Table field, enter a table code. For more information, see Expense Distribution Table - Fields. Click OK.

  3. In the General Ledger Distribution window, verify that the information is correct and make changes if needed. For more information, see General Ledger Distribution - Fields. Click Accept.

To manually enter an invoice number:

  1. In the Invoice No. field, type an invoice number. When the message appears asking if this is a new invoice number, click Yes.

  2. In the Exp Dist Table field, enter a table code.

  3. Move to the next line.

  4. In the General Ledger Distribution window, verify that the information is correct and make changes if needed. For more information, see General Ledger Distribution - Fields. Click Accept.

  1. In Manual Check and Payment Entry, click Accept.

The wire transfer is reversed.