Question:

How should wire transfers for A/R payments and deposits be entered?

Answer:  

The entry procedure should be similar to a normal bank deposit with a few exceptions

 

Incoming wire transfers have come in at a prior date and there maybe bank wire charges that need to be recorded

It is recommended that a separate AR transaction code be set up">

For Cougar Mountain Software Support's Professional Version (V2012, V2011, V2010, V2009, V12-V6)

Reporting to the MAX Tech Tip Question: How should wire transfers for A/R payments and deposits be entered? Answer:   The entry procedure should be similar to a normal bank deposit with a few exceptions   Problem: Incoming wire transfers have come in at a prior date and there maybe bank wire charges that need to be recorded Possible Causes: None   Solutions: It is recommended that a separate AR transaction code be set up, such as 4WT but using the default 40 is acceptable.   Instead of putting in the check number in the transaction description, put in the wire transaction number.   The transaction date should be the date the bank activity date and the amount should be the Net funds received. It is recommended that each wire transfer be done in a separate batch so that they can be entered, reviewed and posted quickly.     A special code to record the bank's wire transfer fee (suggest 5WFE) and a GL Key or GL account number be used to expense this to some sort of bank fee expense account. It maybe necessary to do an apply unapplied credit after posting if the transactions have an offsetting amounts. If the transaction is a deposit or a payment in advance all the above apply except its a 6xxx series code not a 4xxx code. Preventing Reoccurances: None   Suggestions for Future Product Improvement None