A/P WHEN BEING PAID THRU A WIRE TRANSFER? 1

[Guest_imported]

I HAVE INVOICES ON MY A/P MODULE WHICH ARE BEING PAID THRU A WIRE TRANSFER. MY STAFF ACCOUNTANT USUALLY GO TO MANUAL CHECK ENTRY AND APPLY THE PAYMENT, WHICH I DON'T LIKE BECAUSE IT CREATES A CHECK # WHICH IN REALITY DOES NOT EXIST. HE CAN'T DO IT THRU THE G/L BECAUSE THERE AREN'T INVOICES TO SELECT HERE. HOW WILL YOU GUYS DO IT?

HOW DO YOU APPLY A PAYMENT TO A/P WHEN BEING PAID THRU A WIRE TRANSFER?

 

[Guest_imported]

I FORGOT TO MENTION...WE USE MAS200

 

[markJW]

You might try this. In the AP Module, go to Manual Check entry. For the check number, enter APP1. Enter the other pertinant data, then go to the Lines tab. You can apply payment against the invoice there. If you have more than one, use APP2, APP3... I believe it will debit AP and credit Cash, but I'm not sure. I've only used the APP(x) method of manual check to clear credits that need to be applied to invoices.

 

[BeRight]

I'm pretty sure that doing a manual check entry is the only way to handle a wire transfer payment.

 

[KSAP]

I used the manual check entry and I used as a check number (wirexxx) whatever will be helpful in the Vendor masterfile especially if it is method of payment on a regular basis. If you use bank rec it will also be ther so you can reconcile. You don't have to have a std check number when using manual check entry,

Kelly

 

[nctechbear]

We handle wire transfers for the payment of invoices. The method that we use:

A) Create a new bank code (W) for wires. This has the same general ledger accounts that our normal checking account has.

B) When a wire is issued, we use the sequential numbering function of the next check, and record that information on the wire transfer form. This way we have a complete audit trail of all wire transfers.

Using the method of APP1. . . does have limits. After 999 transactions you will start to get double applications to an invoice and it makes it harder to decipher which transaction paid what invoice. The method that we use has been quite satisfactory. It's been verified through our CPA as meeting GAPP requirements.