INTER PROJECT BALANCES

Hello there, -elpa-org-uk.

I can help you process your customer transactions. 

After you have created another project, you can clear out the balance in your existing project by using a Clearing or Wash account. A Clearing Account is an account you use to move money from one account to another account when you cannot move the money directly. This account normally has a balance of $0.00 because you always take out the same amount that you put in.

Just follow these simple steps on how to set up the account:

1. Sign in to your QuickBooks account and go to Accounting on the left-side panel.
2. Select Chart of Accounts.
3. On the Chart of Accounts screen, click the New tab.
4. Choose Bank for the Account Type. You may choose any detail type you want for your clearing account.
5. Type in the Name for the clearing account.
6. Make sure you do not type in any amount on the balance before clicking Save and Close.

Here's how to learn how a clearing account works:

1. Go to the + Menu.
2. Select Journal entry.
3. Add the Account Receivable (A/R) account from which you are moving money.
4. Enter the Clearing account.
5. Save the Journal Entry.
6. Create a second journal entry.
7. Add the Clearing account.
8. Enter the AR account to which you're moving money, then click Save and close.

I highly suggest reaching out to an accountant about the process you'll need to make so that we don't mess up your books. They can also advise which transactions and accounts to use that's fit to your business preference.

Feel free to use these links to manage your sales transactions: 

• Record invoice payments in QuickBooks Online 
• Common custom reports in QuickBooks Online

Let me know if there’s anything else you need help in managing your accounts in QuickBooks. I’d be more than happy to assist you. Take care, and keep safe.