https://help.myob.com/wiki/x/0Qic
ANSWER ID:9395
The Use Clearing Account option is used when you want RetailManager to export detailed journals of your accounting information into an Undeposited Funds Account in your MYOB accounting software. The Prepare Bank Deposit function can then be used in your MYOB accounting software and this process may assist when reconciling your banking accounts.
What changes are made to a journal when the "Use Clearing Account" option is used?
A clearing account is used to split up the banking details into separate journals so that individual entries to each payment type, apart from cash, can be clearly identified. The net result of all journal entries exported will result in the clearing account having a nil balance.
- Go to the Setup menu and choose Options.
- Click Accounting then click the Chart of Accounts tab.
- Specify the Undeposited Funds Account that has been set in your MYOB accounting software as the bank account. See our example below.
- If the Use Clearing Account option has been selected on the Export tab, a clearing account must also be specified on the Chart of Accounts tab as shown below. Note: If banking export groups are being used then the account specified for each group must be the Undeposited Funds Account. See your User Guide for more details.
- Click OK.
Example
Joes Liquor Store cashed up RetailManager and his breakdown in takings for the day was:
$80.50 in Cash
$824.24 in EFTPOS
$174 in Cheque
Below is an example of the cash up journal when the Use Clearing Account option is NOT selected.
This will post the cash up totals to the nominated bank account.
Below is an example of the cash up journal when the Use Clearing Account option IS selected.
This shows each payment type broken down into separate journals moving in and out of the clearing account. The journal will also post the individual amounts tendered for all payment types apart from Cash so you can see each cheque that was received and EFTPOS amount processed.