Do I need the electronic clearing account?
I am currently setting up a new set of accounts for a new side business. I am wondering why I need the Electronic Clearing account? What does it actually do? In our other Business file, there are no transactions for this account over the last year. We use undeposited funds all the time, to reconcile individual payments to our Eftpos and cash deposits, but have never used the Electronic Clearing account.
Welcome to the MYOB Community Forum, I hope you find plenty of useful information.
There are two reasons why you keep the Electronic Clearing Account.
First is, if you use the Electronic Payments feature you need a clearing account for that.
The other is because there is a Linked account for the Electronic Clearing Account and you need to have one.
Once you set up the linked accounts you can make the Electronic Clearing Account an Inactive account and the link will remain in place but the account will no longer show in your choose from lists.
