Why Use Sage 100's Transaction Journal Entry to Process a Bank Transfer?

A transaction journal entry empowers you and your staff to make rapid batch entries in Sage 100 for various types of transactions, such as cash disbursements, cash receipts, and bank transfers.

If you use a transaction journal entry for a bank transfer in Sage 100, you can reference the appropriate bank transfer number and its transaction date, yet keep your data-entry process quick. When you integrate the Bank Reconciliation module with your General Ledger, your transaction journal entry will also update your bank transfer transactions to your Bank Rec module.

How to Create a Transaction Journal Entry for a Bank Transfer in Sage 100

Completing this process is straightforward, and it saves you a lot of time. After navigating to the appropriate entry screen in your Sage 100 system, you will enter some of your bank transfer information and then let your Sage system fill in the rest of the information using defaults. You will quickly repeat your data entry process for each transaction, using a different line for each entry. Finally, you will save and post all your transactions at one time.

1. Begin this process from the Transaction Journal Entry screen.

To get to this screen:

Select General Ledger in your modules list.
Click Transaction Journal Entry in the main menu. The Transaction Journal Entry screen will open.

Note: If batch processing is enabled for Transaction Journal Entry, the Transaction Journal Entry Batch window will appear. You can create a new batch or select an existing batch.

2. Enter data into the Transaction Journal Entry screen.

In the Transaction Journal Entry screen above, notice that certain fields are outlined in red and others are highlighted in yellow. You must enter data yourself into the red-outlined fields, but your Sage 100 system will fill in default information for you in the yellow fields.

Note: MM is the journal for the Money Market Transfer. To create or modify the default settings for source journals, click Format. Please review the settings for the MM journal at the end of this article, so you can ensure that your source journal follows the proper default behavior.

In the Source Journal field, enter a source journal to post your transaction journal to.
Enter the entry number.
Enter the posting date.

If you have set up your MM journal properly (see the section at the end of this article), many fields will fill in default information for you, saving you time and effort. The following fields should fill with default information from your Source Journal Format settings:

The Journal Comment field
The Offset Account No. field
The Description field
The Offset field

If your Bank Reconciliation module is integrated with your General Ledger, you will see a Bank Reconciliation Information section at the bottom of your Transaction Journal Entry screen. In that section:

Enter the Transfer No. This will display in the Bank Reconciliation module.

3. Next, click the Lines tab in the Transaction Journal Entry screen.

Here is where you will enter applicable information for each transaction. Since you are entering a bank transaction, you will fill in the following fields: (outlined in red in the image below)

Bank Code
Doc Reference
Transfer amount

In this section, too, various fields will fill in default information for you. These fields are:

Posting Date (this will default to the current date)
Account No. (this will default from the Source Journal Format settings)

4. If necessary, you can repeat this process by filling in a new line for each transaction.

5. Click Accept. This will save your transaction journal entry.

6. Click the Print button to post your journal entry and print the Transaction Journal.

Important Note: Settings for the MM Bank Transfer

Below, you will see the settings for the MM Bank Transfer source journal format.

Conclusion

Performing a bank transfer by creating a transaction journal entry allows you to quickly and accurately record transfers while ensuring that your financial data stays consistent across your Sage 100 modules. Once you enter in a few of the details, your Sage system will automatically fill in many default fields for you, reducing errors and saving time.

If you have the Bank Reconciliation module integrated with General Ledger, each bank transfer entry will seamlessly update both your General Ledger and your Bank Reconciliation modules. This streamlines your reporting and reconciliation processes, so you can improve efficiency, maintain audit-ready records, and have a clear, reliable way for you and your staff to track and document bank transfers.

Next Steps

If you have questions about creating a transaction journal entry for a bank transfer in Sage 100, Ardent Consulting is at your service. Our team of experts is ready and eager to help you navigate your system challenges and optimize your business’s potential. We prioritize your business’s health and are committed to supporting your journey every step of the way.