How to Record Bank Transfers with Transaction Journal Entry in Sage 100

Sage 100 ERP has the ability to do a one-step transfer between bank accounts. In previous versions you needed to create two separate deposits in Cash Receipt Entry – one positive to move the cash into the receiving bank account, and one negative to remove the cash from the sending bank account. (See the Tech Tip on Bank Transfers on our website for further information.) Now you may simply transfer the funds using General Ledger Transaction Journal Entry.

You may want to create a new source journal to record bank transfers. In this example, we have used the source journal “TR” for transfers.

1. To record a bank transfer, open the Transaction Journal Entry program. Enter the source journal you wish to use and select the next entry number.
2. Press the Format button.
3. Enter the Offset account to be used. The offset account should match the account for the Bank Code of the sending bank account. Select to have the offset account credited by the amount of the transfer.
4. In the Line Options section, select Bank Transfer as the Transaction type. Transfers are recorded between the bank code selected in the Bank Code field on the Header tab and the bank code selected for each line on the lines tab. Bank transfers may be recorded from a single bank code to multiple bank codes. The bank code selected in the “Transfer Funds to Bank Code” option is used as the default for the bank code on the Lines tab, and may be changed on a line-by-line basis.
5. After you have completed the Transaction Journal Format screen, press “OK”. Go to the Lines tab. On the lines tab enter the GL account for the receiving bank and enter the amount to be transferred. When the transaction is updated to Bank Reconciliation, an entry will be made for the bank code transferring the funds and another entry will be made for the bank code receiving the funds.

Support

If necessary, seek the assistance of Acute Data Systems to help provide assistance with this process.