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clearing Accounts [message #224592] Wed, 14 March 2007 13:32 Go to next message
Messages: 8
Registered: March 2007
Junior Member
Can anybody plz tell me, what is the use of
Charge account
Clearing account
cash clearing account
asset clearing account and why are are maintained
Re: clearing Accounts [message #224681 is a reply to message #224592] Thu, 15 March 2007 02:27 Go to previous message
Messages: 66
Registered: July 2005
Location: Chennai, India
These are all offset accounts

1. Charge account is used to offset the AP Accrual balances or you will charge it to expense.

When you create invoice, usually AP accrual or expense account is debited.

2. Clearing Account - This is used during inter company transfer or Global purchasing.

3. Cash clearing account - Offset account used to find out the intransit amount (Checks issued/received, but not cleared by bank)

4. Asset clearing account - This account is used to find out the assets value, issued from inventory but asset is not added in FA.

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