Reconcile a bank clearing account

I'll share some information on how reconciliation works in QuickBooks Online, Jacky.

The process of reconciling an account is to ensure the accuracy of financial data between your bank in QuickBooks and your real-life bank.

Your process is correct if the basis for reconciling your clearing account is a statement from Onesaas or Shopify. However, it isn't correct if you're doing it using your actual bank statement. Note that some banks may have delays in posting transactions. 

For more details about reconciliations, check out: Reconcile an account in QuickBooks Online.

Moreover, I've got some resources you can read about what to do if QBO doesn't match your bank statement for a guide:

• Fix issues at the end of reconciliation.
• Troubleshoot issues while reconciling in QBO.
• Fix issues for accounts you've reconciled in the past.

The Community is always here to help if you have other concerns about reconciling accounts and managing transactions in QuickBooks. Wishing you continued success. 

HI @GlinetteC 

seems that my reply was not successfully posted....  

In fact I am not sure I understand exactly what you mean:

  //Your process is correct if the basis for reconciling your clearing account is a statement from Onesaas or Shopify. However, it isn't correct if you're doing it using your actual bank statement. Note that some banks may have delays in posting transactions. //

As a recap, we are using the clearing account to record the shopify orders, in order to match the payments to our bank (which is normally deposited few days after the order date).  My question was: do we need to reconcile the clearing account?   We made the corresponding entries to our bank account when payment received and the balance is correct.

Can you please clarify? Thank you.

Best regards,

Jacky

Hi there, @sychan.

I'm here to help share insights about reconciling a clearing account in QuickBooks Online.

A clearing account is ideally used to hold transactions and take them out when the time is right. Saying you're using the clearing account in question as the holding account of your Shopify orders, I'm guessing your transactions stay in the account for you to match then the payment comes in.

If this is so, yes, you can reconcile the clearing account to ensure your list of entries corresponds to the number of payouts you received. For account reconciliation, kindly read and use this article to learn more: How to Reconcile Accounts to Match with the Transaction Statements?.

However, I still recommend contacting your accountant for the best accounting practices to follow making sure the amount of ending balance entered is correct while working with your reconciliation. Use this link if you haven't found someone you can work with: QuickBooks Certified ProAdvisor.

I'm adding this reference that'll guide you anytime you need help while doing or fixing a reconciliation: The Reconcile Workflow in QuickBooks. You may also review reports to get the data of your past reconciliations: How to View, Print, or Export Reconciliation Report?.

If you've got questions other than working with your transaction reconciliation, please let me know in the comments. Use the Reply button below and include my name, @JonpriL, so that I can continue assisting you. Take care always and stay safe!

Thanks @JonpriL for your further advice.

After off-setting the amt received in the clearing account, I tried to reconcile and find that's a difference, which is exactly the remaining balance of payment to collect.

That's why I asked if it's not necessary or not to reconcile this clearing account.

Anyway, I will seek help from my accountant.  thank you.

Regards,

Jacky