Welcome to the Community. I understand the importance of getting track of your finances accurately. I'll gladly share additional information to help you resolve your concern.
Yes, I agree with you. You can use a clearing account is used to move money from one account to another without moving it directly.
This account is also called a Barter or Wash Account with a balance of $0.00 because we always take out the amount we put in.
Here's how:
- Hover your cursor over the Accounting menu and select Chart of Accounts.
- On the Chart of Accounts tab, click the New button.
- Choose Bank for the Account Type. You can choose any detail type you want for your clearing account.
- Enter the Name for the clearing account.
- Then, select Save and Close.
You can also check this article for more details: Set up a clearing account. Although it’s for QuickBooks Desktop (QBDT), it will also apply to QuickBooks Online (QBO).
I’d also recommend working with your accountant for additional guidance. They can advise your further with the process and ensure the accuracy of your book. However, if you’re not affiliated with one, you can check our ProAdvisor page to help you find one.
Once everything is settled, you might want to read this link that will serve as your guide in reconciling your accounts effectively: Reconcile an account in QuickBooks Online.
Let me know if there’s anything else you need help with managing your accounts in QuickBooks. I'll be around. Have a great day ahead!
