Let me address your inquiries and share some information. Kelly159.
A Clearing account hold funds until they can be transferred from one account to another when you cannot move the money directly. To use the account effectively, you should keep the balance at zero.
Amounts on the clearing account will be moved to the retained earnings account at year end. Since this account should have a zero balance, I recommend getting in touch with your accountant. They can assist you in making sure your books are accurate.
Additionally, I've included the resources listed below to assist you in tracking and managing specific tasks in QuickBooks Online:
You're welcome to post again if you have further questions or concerns in QuickBooks. Have a great day.
