Clearing account
A holding bucket for money in transit that should return to zero once both sides of a movement are recorded.
In Solo Superstars
Undeposited Funds and the processor clearing accounts are the clearing accounts in the default chart. A clearing balance that never returns to zero is flagged as a close exception.
Example
Undeposited Funds holds a $900 check from Friday to Monday, then returns to zero when the deposit is recorded.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- suspense account
- in-transit
Related
- Processor clearing — Where a card payment waits between the customer paying and the processor depositing it, net of fees, into your bank. One clearing account per processor.
- 1300 Undeposited Funds — The default holding account for customer payments received but not yet deposited to a bank account.
- Close exception — Something that blocks a monthly close: an uncategorized transaction, an unreconciled statement, an unbalanced clearing account.