Setting Up a Sweep Account

If you use zero-balance accounts (ZBA), otherwise known as sweep accounts, to fund your different transactions, learn how to sett up these accounts in Spectrum.

  1. On the Site Map screen, click Cash Management > Maintenance > Accounts.
  2. Complete the Account Code File Maintenance screen for the new ZBA account. Click OK to save your new account.
  3. When it is time to make a payment that you want to fund with the new ZBA, click Cash Management > Data Entry > Direct Checks.
  4. In the Bank account code field, enter the ZBA code.
  5. Complete the rest of the screen for the transaction to create a check and click OK. Repeat for each additional payment you want to make from this account.
  6. When the statement arrives, create a wire transfer to fund the ZBA. On the Site Map screen, click Cash Management > Data Entry > Wire Transfers.
  7. In the Bank account code field, enter the bank account code from which the transfer should be drawn.
  8. In the Wire Transfer section, complete the remaining fields.
  9. In the Distribution section, press Enter to accept the default Comp code.
  10. In the Bank account field, enter the ZBA created to which you are transferring funds.
  11. In the Amount field, enter the dollar amount you want to transfer.
  12. Repeat steps 10- 11 for any additional zero-balance accounts you are funding.
  13. Click OK until you return to the main menu.

    At the end of the statement period, any credit balances remaining in the ZBA will represent the sum of any outstanding checks.