Clearing account comes under the accounts that will assist in moving the money from one account to another account, when the user is unable to move money directly. It should be noted that normally this account has a balance of $0.00 because you always take out the same amount that is put in. These accounts are also referred as barter or wash account. In this post, we will be talking about the steps and procedure to set up a clearing account in QuickBooks desktop successfully.
Thus, read ahead carefully or you can ring up to our experts
at 1-844-405-0906, and they will ensure to provide you with immediate technical
assistance.
Steps to set up a
clearing account in QuickBooks desktop
The user can follow the below steps to set up a clearing
account in QuickBooks. Let us have a look:
·
Firstly, the user needs to start from the lists
menu and select the chart
of accounts tab
·
And then, right click anywhere and click on the
new option
·
After that select the bank radio tab and click
on the option add new account in the new window
It should be noted when you pick from multiple types of
accounts, the best is a bank account.
·
The user is then required to make payments into
a bank account using receive payments or make deposits
·
After that, the user can make payments out of a
bank account using write checks or pay bills
·
A bank appears on the balance
sheet and it is on the statement of cash flows to balances and
accepting changes in balances
·
The user is then required to use a bank account
in the form of a clearing account for allocating the expenses to overhead or
class with the help of zero check
o
Also, click on continue tab
o
And enter clearing account, barter account, or
wash account in the account name field
o
Avoid entering an opening balance
o
And click on save and close tabs
Still doubtful of the process to successfully set up
clearing account in QuickBooks desktop. If yes, then reach out to our 24/7
QuickBooks premier support team of professionals at 1-844-405-0906,
and let them handle the situation on your behalf.
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