Overview
Wires are disbursed from the Settlement/Postings panel and then need to be processed in Accounting/Review Outgoing Wires, so that they can be sent to the bank. If an outgoing wire integration is utilized, wires are sent to the bank during this process. If an outgoing wire integration is not utilized, they will need to be marked as Issued after they are manually sent from the bank.
Enabling the Office Options
Admin/General Setup/Offices/Edit/Accounting
- Input Wire: Require “For Credit Of”: If this option is enabled, wires disbursed from files in this office will require the For Credit Of field on the Disburse Single panel to be completed before a wire can be disbursed.
- Input Wire: Require ABA Number to be 9 Digits: If this option is enabled, wires disbursed from files in this office will require that the ABA/Routing Number field on the Disburse Single panel have nine digits entered before the wire can be disbursed.
- Input Wires: Use Federal ABA Database: If this option is enabled, wires disbursed from files in this office will use the Fed’s database to validate the ABA/Routing Number that’s entered on the Disburse Single panel. If an invalid ABA is entered, the user will not be able to disburse the wire.
- Outgoing Wires: Allowing Combining Wires with Different Transactees but Same Name, Bank ABA: If this option is enabled, users will be able to combine wires to different partners in Accounting/Review Outgoing Wires as long as they have the same ABA, account number, address, and name. Transactees can be different but have the same name if there are multiple partners with the same name but different addresses or if multiple partners had their name overridden on Settlement/Postings by using Alt Name/Address.
- Review Wires: Lock Editing after Review: If this option is enabled and a wire in this office is in the Needs to be Initiated or Needs to be Issued status, a user will not be able to edit the wire information without the user role for Ledgers: Edit Wire Information After Receipt/Disbursement Issued enabled for the wire’s ledger.
- Review Wires: Lock Wire when Viewing Details: If this option is enabled, wires in this office will be locked if a user is viewing them in the Accounting/Review Outgoing Wires panel. When the user with the lock closes the wire, the wire will be unlocked. A wire that is locked will not be able to be viewed by another user until it is unlocked.
- Review Wires: Mark Wire Issued when Confirmation Number Entered: If this option is enabled and the user has the ledger role right for Ledgers: Review Outgoing Wires: Mark Issued, the user entering a Confirmation Number on an outgoing wire will also cause the system to mark the wire as Issued.
- Review Wires: Requestor and Marking Users Must Be Unique: If this option is enabled, wires disbursed from files in this office will need to have up to four different users touch the wire: one each to disburse it and to click Mark Reviewed, Mark Initiated, and Mark Issued.
- Wires: Show Secondary Beneficiary: If this option is enabled, users will be able to select the Use Secondary Beneficiary check box on wires disbursed from files in this office, which allows for additional fields for wiring information. These fields are typically used for smaller banks whose wire funds pass through an intermediary bank first.
Enabling the User Roles
Admin/Internal Users
- Admin: Party: Edit Wire Information: This role right allows the user to set wiring instructions on partners, buyers, and sellers. This role also allows users to save wiring instructions to partners, buyers, and sellers when new instructions are added when disbursing wires to parties on files.
- Ledgers: Combine Wires: This role right allows a user to combine multiple wires to the same transactee into a single wire by using the Combine button.
- Ledgers: Edit Check/Wire Information after Receipt/Disbursement: This role allows a user to edit check and/or wire information on items that have already been receipted or disbursed.
- Ledgers: Edit Check/Wire Information after Receipt/Disbursement Initiated: This role allows a user to edit check and/or wire information on items that have already been receipted or disbursed and initiated.
- Ledgers: Issue Self-Created Wires: This role allows a user to issue a wire that the user disbursed.
- Ledgers: Manage Default Wire Information During Disbursement: If the user has this role and either Ledgers: Party: Override Wire Information or Admin: Party: Edit Wire Information, and the user enters new wire information when disbursing funds, the user is asked if the new instructions should be saved to the party. If this role isn’t enabled, the user isn’t prompted and the wire information will only be used once.
- Ledgers: Party: Override Wire Information: This role enables the user to override wire information that’s been saved to a party and pre-populated when funds to that party are disbursed. If this option isn’t enabled, the pre-populated information is read-only.
- Ledgers: Review Outgoing Wires: Mark Initiated: This role enables the user to mark outgoing wires as Initiated.
- Ledgers: Review Outgoing Wires: Mark Issued: This role enables the user to mark outgoing wires as Issued.
- Ledgers: Review Outgoing Wires: Mark Reviewed: This role enables the user to mark outgoing wires as Reviewed.
- Ledgers: Review Outgoing Wires: Reject: This role enables the user to reject outgoing wires. This might be necessary if the wiring instructions were entered incorrectly or customer-specific criteria, such as having enough funds wired into the file to cover the amount being wired out of the file, are not met.
- Ledgers: Review Outgoing Wires: Unlock Plugin: This role enables a user to unlock a wire that has been locked by a wire integration. Wires are locked by wire integration plugins once they’re initiated with the bank. Wires that have been rejected by a bank integration can be voided without this role.
- Ledgers: Void Initiated Wires: This role allows a user to void a wire that’s been initiated. If it’s been initiated through a bank plugin, the user would also need the Ledgers: Review Outgoing Wires: Unlock Plugins role right.
- Ledgers: Void Issued Wires: This role allows a user to void a wire that’s been issued.
Setting up Wiring Instructions for Partners, Buyers, or Sellers
Admin/Partners/Wire Information
- Click Add.
- If this set of instructions should be the default set of instructions used for this partner, check Default.
- Enter the Name. This will be displayed in a drop-down when disbursing wires to this partner and will be what the user picks when deciding which instructions to use.
- Enter an ABA/Routing Number.
- If the office option for Input Wires: Use Federal ABA Database is enabled, the Bank Name will populate automatically. If that option is not enabled, enter a Bank Name.
- Enter an Account Number.
- Enter a name in the For Credit Of field. This is the name on the account.
- Save.
- Select the appropriate options:
- Default to Wire when Disbursing: If this option is selected, disbursements to this partner will default to wires instead of checks.
- Don’t Show Popup when Using “Disburse All”: This option will become available if the Default to Wire when Disbursing option is enabled. If this option is also selected, disbursements to this partner will default to wires and users disbursing will not be given the pop-up option to change them to checks or select wiring instructions.
- Do Not Require Outgoing Supporting Documents: If the option for Require Supporting Document for Outgoing Wire is enabled on the ledger used on the file, this option will exempt wire disbursements to this partner from having to have a supporting document attached before saving the disbursement. This would most likely be used for disbursements to internal partners, where supporting documents like wiring instructions wouldn’t be necessary.
- Exclude from Outgoing Wire Report: This option will exclude wires to this partner from the Outgoing Wire Report that can be generated on Settlement/Postings.
- Allow Outgoing Wire Reversal: This option will allow wires to this partner to be reversed. See the article for reversing outgoing wires for more information.
- Don’t Allow “Move to TAC”: This option will become available if the Allow Outgoing Wire Reversal option is enabled. If this option is also selected, wires that can be reversed will not be allowed to be moved to the Trans After Closing panel.
- Automatically Flag Outgoing Wires as: This option will set the selected flag on wires disbursed to this partner. Flags are displayed in Accounting/Review Outgoing Wires and users can display wires by flag type.
- Require Accounting Code: This option will prevent users from disbursing wires to this partner unless an accounting code is set on all the items that make up the disbursement. Users with the internal user role right for Settlement: Override Disbursement Restriction: Require Accounting Code can override this setting when disbursing.
- Require Actual Settlement Date: This option will prevent users from disbursing wires if an Actual Settlement Date has not been set on the General panel of the file. Users with the internal user role right for Settlement: Override Disbursement Restriction: Require Actual Settlement Date can override this setting when disbursing.
- Exempt Requestor and Issuer be Separate: If the office option for Review Wires: Requestor and Marking Users Must Be Unique is enabled, selecting this option will exempt wires disbursed to this transactee from this requirement. If this option is checked, the same user would be able to request the wire and perform all the Review… steps.
- Click Save.
File/General/Edit Buyer or Edit Seller
- Click on Wire Information.
- Click Add.
- Enter an ABA/Routing Number.
- If the office option for Input Wires: Validate ABA Using Federal Database is enabled, the Bank Name will automatically be populated. If the office option is not enabled, enter a Bank Name.
- Enter a beneficiary Account Number.
- Enter a beneficiary name in the For Credit Of field. This is the name on the account.
- Click Save.
Disbursing a Wire
Settlement/Postings
- Select a disbursement and click Disburse Single.
- Select Wire from the Method drop-down, if it’s not already selected.
- If a set of wire instructions are set as Default, they will be selected in the Wire Instructions drop-own and automatically fill all the pre-populated fields.
- If wiring instructions are available on the party, but not currently selected, select them in the Wire Instructions drop-down. The pre-populated fields will automatically be filled.
- If there either aren’t instructions available on the party or the current instructions are not available, select the blank option in the Wire Instructions drop-down.
- Enter an ABA/Routing Number.
- If the office option for Input Wires: Validate ABA Using Federal Database is enabled, the Bank Name will automatically be populated. If the office option is not enabled, enter a Bank Name.
- Enter a beneficiary Account Number.
- Enter a beneficiary name in the For Credit Of field. This is the name on the account.
- Click Save.
- The disbursed wire will show in a Pending status on Settlement/Postings.
Reviewing Outgoing Wires
Accounting/Review Outgoing Wires
- Select an Office.
- Select the Ledger that has the wire.
- The Status will default to Need to be Reviewed.
- Select the wire and review it. Click Mark Reviewed.
NOTE: If the office option for Review Wires: Marking Users Must Be Unique is enabled, the user who marks the wire as reviewed will have to be different than the user who requested the wire.
- Change the Status to Need to be Issued.
- If a banking integration is not being used, view the wire and provide the information to the bank to initiate it. Click Mark Initiated.
- If a banking integration is being used, clicking Mark Initiated will send the wire information to the bank.
NOTE: If the office option for Review Wires: Marking Users Must Be Unique is enabled, the user who marks the wire as initiated will have to be different than the user who requested the wire and the user who reviewed the wire.
- If a wire integration with a bank is used, the step above is the last step. When the wire is issued, the bank will send the confirmation number back to Resware and Resware will associate the confirmation number with the wire, and mark the wire as Issued.
- If a wire integration with a bank is not used, change the Status to Need to be Issued.
- When the wire has been issued at the bank, either highlight the wire and click Mark Issued or edit the wire, enter a Confirmation Number, and click Save.
- If the office option for Review Wires: Mark Wire Issued when Confirmation Number Entered is enabled and the user entering the confirmation number has the ledger role for Ledgers: Review Outgoing Wires: Mark Issued enabled for the ledger, entering a confirmation number will mark the wire as Issued.
- Entering a confirmation number, typically a Federal reference number, is recommended as if gives users a reference number to provide to customers as proof that the wire left the company’s account and hit the Fed.
- Once a wire has been issued, both the Status and Wire Status will show Issued. The confirmation number will also be displayed and the Outgoing Wire Log will show a history of the actions taken on the wire.
- Issuing a wire also makes it available to reconcile in Accounting/Reconciliation.
Rejecting a Wire
Accounting/Review Outgoing Wires
- If a wire should be rejected, which may happen if the wiring instructions are incorrect or it is shouldn’t have been disbursed yet, select the wire and click Reject.
- Click Yes to confirm that the wire should be rejected.
- Enter a Reason for Rejection. This will be emailed to the user who requested the outgoing wire.
- Click Save.
- The wire will have a Status of Void, a Wire Status of Rejected, and be voided on the file.
Wires Declined by the Bank
File/Actions
- If the Outgoing Wire Declined by Bank trigger is in use, the trigger will fire and add and start the specified action.
- See the Adding actions and triggers to an action group section for more information about configuring this.
File/Settlement/Postings
- The Wire Status column will show Declined.
- Highlight the wire and click Void.
- Confirm that the wire should be voided by clicking Yes.
- A new expected disbursement will be created. Highlight the expected disbursement click Disburse Single to re-disburse the funds.
Adding Actions and Triggers to an Action Group
The following triggers are related to outgoing wires and may be used, but are not required. An action would need to be created in Admin/Action Lists/Global Actions for each trigger that will be utilized.
- Wire Declined: This trigger is fired when an outgoing wire is declined by the bank. It’s only used with bank integrations.
- Wire Out: This trigger is fired when a wire is disbursed from the file.
- Wire Rejected: This trigger is fired when an outgoing wire is rejected in Accounting/Review Outgoing Wires.
Admin/Action Lists/Action Groups
- Select the action group that should have these actions and triggers and click Edit Actions.
- Click Add Action.
- Select an Action.
- Check the Dynamic option. This means that the action will not be added to the file until a trigger or another action adds it.
- Set a Start Task Responsible Party Coordinator.
- Set a Complete Task Responsible Party Coordinator.
- Click Save.
- Repeat for as many action as will need to be added to the group. This is likely equal to the number of triggers that will be utilized.
Admin/Action Lists/Action Groups
- Click Edit Triggers.
- Click Add.
- Select an External Trigger.
- In 1 – Marking Done Creates Action, select the Group that contains the action that should be created and the Action that should be created.
- In 3 – Marking Done Affects Action, selection the Group that contains the action that should be affected, the Action that should be affected, select the Task, and check Mark Done.
- Click Save.
- Repeat for all the triggers that will be utilized.
FAQ
On the edit disbursement panel, does the note field get sent to the bank?
Yes, it goes in the OBI information.
If the bank declines the wire, does this wire show in the Review Outgoing Wires panel under status of Declined by Bank?
Yes, it shows in Accounting/Review Outgoing Wires as declined. The wire log on the file itself also shows as declined. The bank will need to be contacted to determine why it was declined, if the reason is not obvious.