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trevor-lindley
Level 2

A client generates many transfers Between bank accts. A Clearing account has been suggested to improve reconciliation Should this be a bank account?

 
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Best answer June 18, 2020

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Rebecca_A Product Champion
QuickBooks Team

A client generates many transfers Between bank accts. A Clearing account has been suggested to improve reconciliation Should this be a bank account?

Hi Trevor, 

 

Thanks for reaching out. Are both of the bank accounts connected to QuickBooks? If yes, you should be able to add the Transfer from the 'From' account's feed and then 'Match' the deposit on the receiving end. 

 

If the bank feeds are not connected you can still show both sides of the transaction using a Transfer (from +New) out of and into each account. 

 

In regards to using a Clearing Account, this is also an option however we would not be able to give you advice on which specific type to use. This will really depending on how you need your P&L and Balance Sheet to reflect the movement of funds. 

 

-Rebecca 

View solution in original post

1 Comment 1
Rebecca_A Product Champion
QuickBooks Team

A client generates many transfers Between bank accts. A Clearing account has been suggested to improve reconciliation Should this be a bank account?

Hi Trevor, 

 

Thanks for reaching out. Are both of the bank accounts connected to QuickBooks? If yes, you should be able to add the Transfer from the 'From' account's feed and then 'Match' the deposit on the receiving end. 

 

If the bank feeds are not connected you can still show both sides of the transaction using a Transfer (from +New) out of and into each account. 

 

In regards to using a Clearing Account, this is also an option however we would not be able to give you advice on which specific type to use. This will really depending on how you need your P&L and Balance Sheet to reflect the movement of funds. 

 

-Rebecca 

View solution in original post