Processing Wires Guidelines
- Wires are managed by Office of Treasury Management
- The WIRE TRANSFER AUTHORIZATION form may be found on ABLE
- Wires may be made in US Currency or Foreign Currency (Payment should be consistent with the currency used on the invoice or reimbursement)
- USD wires are allowable provided the amount is $1,000 or more
- Foreign currency Wires are not subject to a minimum dollar amount
- FAS Finance P2P Methods of Payment http://finance.fas.harvard.edu/methods-payment
U.S. Currency Wire
- Existing PO:
- Write the PO# in the web voucher # field
- Payment Request:
- Write the PR# in the web voucher # field
- Foreign Currency (FX) Wire
- Existing PO
- In order to have a record that goods were received, receive the quantity in HCOM.
- Close PO by emailing a close request to AP Customer Service firstname.lastname@example.org with CC Silke. This assures that no duplicate payment will be processed.
- Follow the instructions below.
- Existing PO AND Payment Request
- Create a PR in HCOM after the PO is closed. Convert the foreign invoice amount by:
- Using OANDA currency converter
- Increase the amount by 10% (this allows for fluctuations between time PR is created and wire is processed).
- The foreign currency amount on the wire transfer form should be the amount from the invoice (not the PR amount or the amount plus 10%). Tick Foreign Currency FX box and write in the foreign currency name.
- Make sure the account name is completed (This should be the same as the payee on the web voucher or payment request.)
- Bank Details - double check bank name, address, account number, ABA#, SWIFT or Sort Code.
- Make sure payment details are completed (e.g., Invoice #, Contact info). This will allow the payee to apply the funds correctly.
- In HCOM
1. Attach Invoice.
2. Attach the OANDA conversion document.
3. 10% calculation (you may do this on the OANDA document).
4. HCOM transaction summary report highlighting closed PO and received quantity.
- Paper Flow
- Once PR is approved complete the wire transfer authorization form
- Write the PO or PR # in the web voucher # field.
- Send the completed wire transfer form, invoice, OANDA document and HCOM transaction summary sheet for approver's signature (Gerry), making a copy for the department file. Leave both in Gerry's tray.
- Approver (Gerry) will send wire transfer package to Accounts Payable and leave a copy to be filed by Dayle.
- Please run a transaction summary report (after 5 business days) to ensure wire has been processed.
- Once funds have been wired, the committed funds report, will show the difference between HCOM and actual amounts. The PR on CFR is then closed by emailing AP Customer Service email@example.com with CC to Silke.
Why do foreign currency wires require PO close out and PR processing?
- AP depend on the department for currency conversionsAP ledger is in USD and not multi-currency.
- Foreign currency invoices cannot be matched automatically with POs.