Set up a clearing account

Advanced setup > Set up electronic payments > Task 2: Set up a clearing account

Task 2: Set up a clearing account

When you record a transaction you want to pay electronically, you need to post the transaction to a temporary holding account until you create the electronic payment file. This holding account is called a clearing account.

Check your accounts list for an account named ‘Electronic Clearing Account’. If it doesn’t exist, you need to create it. Note that the clearing account must be a banking account, that is, an account with a Bank or Credit Card account type. For information on creating an account, see Easy setup assistant.

Before you can post transactions to the electronic clearing account, you need to make this account the linked (default) account for electronic payments.

To link the clearing account

1	Go to the Setup menu, choose Linked Accounts and then Accounts & Banking Accounts. The Accounts & Banking Linked Accounts window appears.

2	In the Bank Account for Electronic Payments field, type or select the Electronic Clearing Account.

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▪	Task 3: Record the bank details of suppliers

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