Overview
Reversing incoming wires is useful when wires are claimed to the wrong file, have already been cleared, and need to be removed from the file to which they were claimed and claimed to the correct file. The reversal process sends the wire back to Fund Claims, whether the wire is claimed from a clearing account or from the same settlement account as the file is using, and allows it to be claimed by another file without losing the reconciliation information. When the office option is enabled, the user role is enabled, and a wire has been cleared on a reconciliation, the Void button changes to a Reverse button.
This demonstrates how to reverse incoming wires.
Enable the Office Option
Admin/General Setup/Offices/Edit/Accounting
- Click Fund Claims: Reverse Incoming Wire
Enable the User Role
Admin/Internal Users
- Enable the general access role for Ledgers: Reverse Incoming Wire
- Select a Ledger
- Enable the ledger-specific role for Reverse Incoming Wire
Reversing a Wire Claimed from a Settlement Account
Settlement/Postings
- Highlight the cleared incoming wire and click Reverse.
- Confirm that the wire should be reversed by clicking Yes.
- Provide a Reversal Reason.
- This will be emailed to the user who claimed the wire and will be attached to the wire’s claim log.
- Click Save.
- An offsetting wire and new expected receipt will display in the Receipts area.
- The wire will be put back into Fund Claims to be claimed into another file.
- There is a displayable column called Rejected From File that will display the most recent file number from which the wire was reversed.
- The reconciliation will show all three entries as cleared. Their net total is the total of the single incoming wire that hit the bank.
Reversing a Wire Claimed from a Clearing Account
Settlement/Postings
- Select the wire that needs to be reversed and click Reverse.
- Confirm that the wire should be reversed by selecting Yes.
- Provide a Reversal Reason.
- This will be emailed to the user who claimed the wire.
- Click Save.
- Confirm that the wire should be moved to TAC by clicking Yes.
- A new expected receipt will be created in the Receipts area.
- An outgoing wire for the receipt amount will be created in the Disbursements area.
- The wire will use bank account information on the clearing account from which it was claimed and the transactee will be the name of the account holder set on the clearing account.
- Disburse the outgoing wire as normal. When the wire comes into the clearing account, Fund Claims will create the fund item in the clearing account and it will become available to be claimed to another file.