Electronic clearing account

Question

Hi Everyone&nbsp;I am oping someone can help with this.&nbsp;There were payments entered via spend money into the electronic clearing account on 30/6/21 totalling $16K&nbsp;However these were not processed from the bank until 1/7/21.&nbsp;This means the electronic clearing account is showing a balance of $16K when it should be $0. I don't know why this is happening.&nbsp;Any ideas of how to clear this out? All bank accounts are reconciled and balance.ThanksSPS we are using Account Edge but I couldn't pick this from the list, no longer supported :-(

lrbooks61 · Answer

If you are looking at the balance sheet as at 30/6/ then the electronic clearing account will show those entries as they were sitting there at that date.

If they were not processed until the 1/7 then the Balance Sheet as at 1/7 will show $0 in electronic clearing

The onlt way to get rid of the figure in the balance sheet would be to delete and redo the payment as at 30/6

Either way it only moves between Electronic Clearing or the bank account- The bank will show an outstanding payment for the $16k as at 30/06

Hope that helps

Lisa

smm · Answer

Thanks for your reply&nbsp;LRBooks61&nbsp;I've already tried that, I thought that would be the obvious solution.I htink it's due to a GJ entry that the accountant's office has entered. If only I could get them to reply...Many thanks again.SMM&nbsp;

lrbooks61 · Answer

You are probably correct then&nbsp;you can check yourself&nbsp;go into the balance sheet and drill down into the electronic clearing account or account list and see if there is a journal entry for the 30/6&nbsp;&nbsp;lisa

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