How to Set up a Clearing Account in QuickBooks Desktop?

• Posted by Devin Smith March 16, 2021 Filed in Technology #Set up a Clearing Account in QuickBooks  #Set up a Clearing Account in QuickBooks Desktop  241 views
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  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 to as barter or wash accounts. In this post, we will be talking about the steps and procedures 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 a 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.

  Also Read:

  How to Change the Primary Contact for QuickBooks Desktop?

  How to Write Off Bad Debts in QuickBooks?