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2. Set up an electronic clearing account

This is task 2 of 4 for setting up electronic payments (see previous task or an overview of all tasks).

When you record a transaction you want to pay electronically, the transaction is posted to a temporary holding account. This type of holding account is called a clearing account or a suspense account. The payment sits in this account until you're ready to create a payment file to upload to your bank for processing.

Check your accounts list for an account named ‘Electronic Clearing Account’ (Accounts command centre > Accounts List).

Here's a sample of what an electronic clearing account looks like (from AccountRight's sample company file, Clearwater):

Electronic Clearing Account

If this account doesn’t exist in your company file, you'll need to create it and then set this account as the linked (default) account for electronic payments.