April 10, 2020

9 thoughts on “Clearing Account | Why Your Ecommerce Accounting System Needs This

  1. Thanks for watching my video! What accounts do you use clearing accounts with (or should!)?

  2. When you say that one of the best uses for a clearing account is for Paypal accounts, I imagine this works equally well for Square transactions too.

  3. At 3:35 you show the AR account (Clearing Account) but you don't mention how to go about reconciling all of those individual transactions that got pulled in from the 3rd party that have individual sales order details. Your screenshot shows them as already reconciled but you don't talk about how you did that. What do we do with those transactions? In your video, it shows that you have about 40 of them.

  4. When using shopify in QBO would you need to have an integration app or could this be done manually (or with the help of hubdoc)? I'm trying to figure out how to leverage hubdoc to the best of it's ability without paying for other apps/services to manage ecommerce transactions. If you have any thoughts on how that could be accomplished, it would be greatly appreciated!

  5. I recently started watching your videos. Thanks for all the great information! How would you do this in QuickBooks Online?

  6. Thank you for this great info. I am trying to do this with square but I can't figure out how to manage the bank feeds to change the transactions from coming into my bus bank account to my fake square bank account.

  7. I've setup clearing accounts in wave accounting, which are working fine, but I am ending up with double counted sales in my cashflow statement, as the transfers are being accounted for as sales. Is this just a wave specific issue or would this happen in Xero too?

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