Wire Transfer Entry - Cost Center Information

If the cost center feature is enabled in the Enterprise Installation screen, Spectrum will prompt for a wire transfer cost center in the heading portion of Wire Transfer Entry. This cost center will be used as a default during the entry. A Cost center field is also provided on each detail line for expense distribution. As the cost center is recorded, Spectrum compares the bank account’s list of shared cost centers with cost centers in the operator’s assigned scheme; if there are no common cost centers, then that cost center is not allowed.

For ‘Bank’ wires, in the detail portion of the screen, Spectrum provides a cost center on each detail distribution line, defaulting to the cost center specified in the heading portion of the screen. Spectrum verifies that the operator is authorized to assign the cost center. In addition, Spectrum verifies that the cost center is valid for the bank account coed of the detail line.

For ‘Payment to third party’ wires, in the detail portion of the screen Spectrum will verify authorization for the G/L account code by comparing the entry to the list of allowed cost centers for that G/L account. Spectrum compares the G/L account’s list of shared cost centers with cost centers in the operator’s assigned scheme; if there are no common cost centers, then that G/L account code is not allowed. Validation is also performed if the operator attempts to change or delete an existing distribution line. Spectrum provides a cost center on each detail distribution line, defaulting to the cost center specified in the heading portion of the screen. Spectrum verifies that the operator is authorized to assign the cost center. In addition, Spectrum verifies that the cost center is valid for the G/L account code of the detail line.

For ‘Payment to third party’ wires, when the operator’s scheme includes override settings for ‘Non-job’ entries, in Cost Center Scheme Maintenance, this screen will validate the cost center assigned to detail lines based on these overrides. The override cost center(s) supersede the cost center list defined for the scheme in general. Spectrum will compare the cost center assigned in the entry screen detail with ‘Non-job’ override cost centers in the operator’s assigned scheme; if the cost center is not included, then that cost center will not be allowed on the detail line.

In the detail portion of the screen for both ‘Bank’ and ‘Payment to third party’ wires, when multi-company distribution lines are added, cost center validation is performed based on settings in the destination company. When the Enterprise Installation option for Cost centers is set to Yes in the destination company, then the cost center designated on the distribution line must be valid in that other company. Spectrum will also verify that the cost center is valid for the G/L account or bank account, and the operator in that other company. When the Enterprise Installation for Cost centers is set to No or Pending in the destination company, then the Cost center field will not display on that line of the invoice. The cost center will not default if the detail company.