Electronic clearing account should go back to $0
Hi guys,
I believed that Electronic clearing account should go back to $0 when a payment is made for outstanding payments? If I'm to reconcile on monthly basis where do I get the closing statement balance?
Thank you,
Monika
Hi Monicka11
Thanks for your post. You're correct that clearing accounts should reconcile back to zero and it's a really good idea to do this on a regular basis.
When reconciling a clearing account, enter $0.00 as the Closing Statement balance amount. Then tick the matching debit and credit transactions so the Calculated Statement balance and Out of balance figures are $0.00.
Please let me know if you need further help.
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