About This Webinar

For many years QuickBooks Desktop had something unique by way of an account called, “Undeposited Funds.” The idea was that if you get 2 or more checks from customers, you will want to group them together so that you can include them in the same deposit total in the bank account. This way your deposit in QuickBooks Matches your deposit in the actual bank account.

This is the essence of a clearing account.

But Undeposited funds is very limiting. You cannot easily sort or group transactions in the “Payments to Deposit” view, and in QuickBooks Online’s version, if you have many many payments to group the dialogue is unwieldy.

By setting up either bank accounts or other current assets to be used as clearing accounts you have much more flexibility in terms of organizing the transactions, and of course you can reconcile the account to “$0.00” every month to make sure it is clearing out properly.

The concept of clearing accounts is central to the eCommerce accounting workflow and we will talk about that in this webinar. But first we’ll look at some other use cases that aren’t necessarily unique to eCommerce.

If you use clearing accounts you will find that this is a really clean and efficient way to group transactions that either need to be added or otherwise netted out to equal a total that will hit the bank account. Then the transaction in the bank account only has to be booked to the clearing account, and the clearing account zero’s out while everything is recorded with bulletproof accuracy!

Sign up for this webinar now and reserve your spot.

• Yes! These will be recorded!
• Yes! You will get access to the recordings.
• Yes! This is 100% free!

PROUDLY SPONSORED BY: 

Ecommerce Automation and Intelligence for QuickBooks

Automate your accounting, inventory, listings, and other workflows by seamlessly syncing ecommerce channels with QuickBooks.