How to Set up a Clearing Account in QuickBooks Desktop?

Are you interested in learning the steps to set up a clearing account in QuickBooks? Well, in that case reading the post till the end will definitely work. A clearing account is used to move money from one account to another when the user is not able to move the money directly. It usually carries 0 balances and is also termed as barter or wash account. This account can be used for different purposes. In this post, we will be discussing the complete set of steps to set up a clearing account in QuickBooks. Thus, make sure to go ahead with the post or the user can also contact our QuickBooks support professionals using our support line i.e., 1-844-405-0906 for any further tech assistance.

Steps to set up a clearing account

The user can try performing the below set of steps to set up a clearing account. Let us have a look:

·         The very first step is to choose Chart of Accounts from the Lists menu

·         After that right click on the chart of accounts and choose new tab

·         The user will then have to select the bank radio tab in the add new account window

·         Once done with that when selecting from several types of accounts, the user is recommended to use a back account as:

o   You can pay into a bank account via Receive Payments or Make Deposits.

o   You can pay out of a bank account via Write Checks or Pay Bills.

o   A bank account appears on the balance sheet and on the statement of cash flows to balances and changes in balances.

·         To allocate expenses to overhead or class using a zero check, you must use a bank account as your Clearing account.

 

·         The next step is to choose continue tab

·         And also enter clearing account or barter account in the account name field

·         The user is recommended to avoid entering the opening balance

·         And also choose save and close tabs respectively

 With this, we come to the end of this post where we hope that the information shared in above might work in dealing with the setting up process of clearing account successfully. However, if the user came across any sort of issue, or if the user needs our support at any point of time, then he/she can contact our QuickBooks support professionals right away at +1-844-405-0906. We are a team of technically sound professionals who work to provide the best support services immediately. 

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