Do I need the electronic clearing account?

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Experienced Cover User
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Experienced Cover User
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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. 

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Ultimate Partner
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Re: Do I need the electronic clearing account?

@Verdant 

 

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.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner

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