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JoanDM1211
August 27, 2021
Solved

Clearing account

  • August 27, 2021
  • 1 reply
  • 22 views

I am still learning QBO. I have shopify and a local/physical store. I manually recording monthly shopify sales and  then debited the total amount to a clearing account. Once the shopify sales/payment reflected on the bank, i just categorized the deposits under clearing account to offset the journal entry I made.

Now for the sales coming from local store, I just do the "received payments" and then later on matched with the deposits reflected from the bank feeds. 

My problem now is that when I check on the registry of that clearing account, the payments from sales of local store were also included. It should not be the case because the balance of clearing account should match the shopify sales only.

I checked the information of product and services portion of QBO and note that the income amount of invoices is under Sales of product income. How is it that the payment from the invoice  also goes to the clearing account? Is there something i need to fix/ edit? 

Best answer by Jen_D

It's nice to see you here in the support page for QuickBooks, Joan.

 

I can share some insights on how you can correct the wrong posting of the funds in the clearing account. Normally, income from sales are reported based on the income account used on the items on the sale.

 

If there are incorrect posting of funds, try to review the items sold, and see if the Income Account is correct. Otherwise, you can open the clearing account register and check the transactions under it. This way you will see any duplicate postings and you can correct them.

 

I would like to share some links on how to handle Etsy transactions in QBO:

 

 

If you need anything else with this invoicing topic, please let me know in the comment below. I'll be right here to help you further with your Etsy entries. Have a happy week!

1 reply

Jen_D
Jen_DAnswer
Level 8
August 27, 2021

It's nice to see you here in the support page for QuickBooks, Joan.

 

I can share some insights on how you can correct the wrong posting of the funds in the clearing account. Normally, income from sales are reported based on the income account used on the items on the sale.

 

If there are incorrect posting of funds, try to review the items sold, and see if the Income Account is correct. Otherwise, you can open the clearing account register and check the transactions under it. This way you will see any duplicate postings and you can correct them.

 

I would like to share some links on how to handle Etsy transactions in QBO:

 

 

If you need anything else with this invoicing topic, please let me know in the comment below. I'll be right here to help you further with your Etsy entries. Have a happy week!

    J
    JoanDM1211Author
    August 28, 2021

    Hi Jen!

    Thank you for your response, I highly appreciated your support. I'd like to note thought that I map the products and services under Sales of product income.  It should not be mixed with clearing account because I used different account in categorizing shopify sales - that is Shopify sales sub account shopify sales income. 

    I am confuse as to why the deposits from the bank goes to clearing account.

    I'd like to mention also that when I received payment on my invoices, i used undposited funds and then create a bank deposits. I then matches this on the bank feeds.

    Did I do anything wrong in the process that lead the payment goes to shopify clearing account? 

    C
    Charies_M
    Level 9
    September 3, 2021

    Hi Angelyn! Thank you for your response. Yes, I make sure to pick the correct bank account in creating Bank Deposit. My problem however is that those payments for invoices / AR is showing under my Shopify Clearing account when I run the Balance sheet. I am doing something wrong but I can't figure what it is. 

    I make sure to match the bank deposits  to the bank deposit I made or to the invoice that the client paid and not as Shopify Clearing. Also checked the income account of my local store products and its under Sales of Product Income.

     


    Hello there, JoanDM1211.

     

    I appreciate the detailed information of the results of the steps you've taken while handling the sales transactions in QuickBooks Online (QBO).

     

    You did the right based on your scenario. In this case, let's try deleting and recreating the bank deposit to toggle the information and correct the results.

     

    If the issue persists, let's try accessing your account on a private window (incognito). There are times the browser is full of frequently access page that causes unusual behavior.

     

    Using a private window helps us verify a browser cache issue since this doesn’t store any cache files. To begin, you can provide them these keyboard shortcuts:

    • Press keys: Ctrl + Shift + N (Google Chrome browser)
    • Press keys: Ctrl + Shift + P (Mozilla Firefox & Microsoft Edge browser)
    • Press keys: Command + Shift + N (Safari browser)

    If this works, I recommend having them clear their browser's cache to refresh the system. If the issue persists, have them use other supported browsers. This way, we can verify if this is a browser-related issue.

     

    Feel free to visit our QuickBooks Help Articles page if you need some reference in completing your other tasks.

     

    Leave me a comment below if you have further questions. I would appreciate the opportunity to help you with your concerns.

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