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):
If this account doesn’t exist in your company file, you'll need to create it and then set this account as the linked (default) account for electronic payments. UI Expand |
---|
title | To create a clearing account |
---|
| To create a clearing accountIf you've checked your accounts list but can't find an electronic clearing account, here's how to create it: - Go to the Accounts command centre and click Accounts List.
- Click the Asset tab.
- Click New.
- Set up the account like this example. You can give the account whatever number you choose to suit your accounts list.
Image RemovedImage Added
- Click OK to save the account.
|
UI Expand |
---|
title | To set the clearing account as your linked account for electronic payments |
---|
| To set the clearing account as your linked account for electronic payments- Go to the Setup menu, choose Linked Accounts and then Accounts & Banking Accounts. The Accounts & Banking Linked Accounts window appears.
- In the Bank Account for Electronic Payments field, type or select the Electronic Clearing Account.
- Click OK.
|
When you're done, continue with 3. Record the bank details of suppliers. |