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Creating and Managing Accounts

Is there a way I can create a holding account in chart of accounts for payroll journals from dates in 2018 until I have finished entering all bank transactions; then match the payroll with the transactions that were entered in the bank?

This is for a nonprofit that allocates percentages of salaries between program grants.  It is tedious to enter all in so I wanted to enter all of the bank statements which has the total payroll in there; but, later enter all of the salaries with their allocations without debiting the bank account again (which would throw off the totals).

 

Thank you for your help.

Best answer 03-11-2019 03:31 PM

Accepted Solutions
QuickBooks Team

Re: Creating and Managing Accounts

Appreciate the complete details of your concern, @kisic.

 

I'd be glad to help walk you through creating a clearing account in QuickBooks Desktop.

 

Here's how:

  1. Go to Lists menu.
  2. Choose Chart of Accounts.
  3. Right click anywhere in the Chart of Accounts, then select New.
  4. In the Add New Account window, select the Bank radio button.
  5. Select Continue.
  6. In the Account Name field, enter Clearing AccountBarter Account or Wash Account.
  7. Do NOT enter an opening balance.
  8. Click Save & Close.

That should do it! Feel free to click the Reply button if you have follow-up questions about managing your accounts in the Chart of Accounts. I'm always here for you.

3 Comments
QuickBooks Team

Re: Creating and Managing Accounts

Appreciate the complete details of your concern, @kisic.

 

I'd be glad to help walk you through creating a clearing account in QuickBooks Desktop.

 

Here's how:

  1. Go to Lists menu.
  2. Choose Chart of Accounts.
  3. Right click anywhere in the Chart of Accounts, then select New.
  4. In the Add New Account window, select the Bank radio button.
  5. Select Continue.
  6. In the Account Name field, enter Clearing AccountBarter Account or Wash Account.
  7. Do NOT enter an opening balance.
  8. Click Save & Close.

That should do it! Feel free to click the Reply button if you have follow-up questions about managing your accounts in the Chart of Accounts. I'm always here for you.

Frequent Explorer **

Re: Creating and Managing Accounts

I don't have another question at this time; but, I'm sure I will.

Thank you so much!

QuickBooks Team

Re: Creating and Managing Accounts

Hi there, kisic.

 

I'm happy to see that my colleague juVielL was able to clarify everything. That being said, I'm also looking forward to hearing from you again.

 

The Community is full of experts possessing knowledge in all facets of QuickBooks, so please reach out to us here if there's anything you need. We're always happy to help you along your road to victory. Wishing you and your business continued success.