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Join nowToday we are going to learn about Clearing accounts and how to use them when an equity account cannot be selected when creating a vendor expense. Open your QBO and follow along.
Okay the last two not necessary to the process but rather than journal entries for when you pay out of pocket for business purpose use a clearing account. For cash or checks from personal you can also use your Petty Cash or Cash on Hand bank account. In fact you could simply use your Cash account instead of a separate clearing account even for credit card based purchases
Hope this helps
I know this is a while ago but would this be markedly different for QBD?
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