Likewise, if a clearing account exists for some other purpose, it could be used. But that would temporarily distort the balance of the selected account until the transaction fully clears. Theoretically, since the net effect of an inter account transfer leaves the clearing account with a zero (or undisturbed prior) balance, any account could be used. Using a clearing account is like temporarily storing cash in your pocket until you can transfer it to your wallet. Normally, the debits and credits cancel each other, so the balance of the clearing account returns to zero when all activity is complete. Amounts are debited and credited in offset to one another, sometimes almost simultaneously, but other times days apart, after some aspect of a transaction is cleared or appears on a statement. (Without explaining all the details here, that would result in duplication of transactions.) Therefore, receipts and payments that are part of an inter account transfer must be processed via a clearing account.Ĭlearing accounts are used to temporarily lodge transactions that will eventually be posted to regular accounts. Moreover, whether posting any bank transaction to an account manually or by receipt rule or payment rule, receipts and payments cannot be posted to Cash at bank and a specific bank account. But when transactions are imported via an electronic bank statement, the imported statement includes only one or the other transaction, never both. ![]() When a transfer is recorded in Manager’s Inter Account Transfers tab, the program combines the two transactions on a single entry screen, then invisibly records them to their separate bank accounts. A deposit to the destination account (a receipt). ![]() ![]()
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