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  • 2. Set up an electronic clearing account

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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. 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):

Example electronic clearing account

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

 

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titleTo create a clearing account

To create a clearing account

If you've checked your accounts list but can't find an electronic clearing account, here's how to create it:

  1. Go to the Accounts command centre and click Accounts List.
  2. Click the Asset tab.
  3. Click New.
  4. Set up the account like this example. You can give the account whatever number you choose to suit your accounts list.
    Example electronic clearing accountImage Added
  5. Click OK to save the account.
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titleTo set the clearing account as your linked account for electronic payments

To set the clearing account as your linked account for electronic payments

  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.
  3. Click OK.

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

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Electronic payments

1. Record your bank account details

3. Record the bank details of suppliers

4. Record the bank details of employees

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