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This is task 2 of 4 for setting up electronic payments (see previous task or an overview of all tasks).

When you record a transaction you want to pay electronically, the transaction is posted to a temporary holding account until you create the electronic payment file. This type of holding account is called a clearing account or a suspense account. The payment sits in this account until you're ready to create a payment file to upload to your bank for processing.

Check your accounts list for an account named ‘Electronic Clearing Account’ (Accounts command centre > Accounts List).

Here's a sample of what an electronic clearing account looks like (from AccountRight's sample company file, Clearwater):

If this account doesn’t exist in your company file, you need to create it (see Set up accounts) and then make set this account as the linked (default) account for electronic payments.

When you're done, continue with 3. Record the bank details of suppliers.

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