Applies to: ConnectWise Manage, Datto Autotask PSA, Xero and QuickBooks Online
Part of the streamlining of the reconciliation process is the facilitated by using a Clearing Account for unallocated funds to be directed to until matched against the appropriate invoice.
How do I get there?
To set up your Wise-Pay Clearing Account, access your Chart of Accounts in Xero and QuickBooks Online.
What do I do?
Here's how to do it:
- Add New Account – in Xero (or QBO)
- Go to Settings > Chart of Accounts > Add Account
Account Type: Current Asset (or other Current Asset in QBO)
Code: Limited to 10 characters, usually number in the same range as other asset accounts (Account Number in QBO)
Name: Wise-Pay Clearing
Tax: Tax Exempt or BAS Excluded (not an option in QBO)
- Select options (in Xero):
Show on Dashboard Watchlist, and
Enable payments to this account