Clearing Account | Why Your Ecommerce Accounting System Needs This
This video talks about clearing accounts – what they are and why you need them. You may already be familiar with the concept of a clearing account if you’ve used Undeposited Funds in QuickBooks. For ecommerce businesses, the concept is the same. If you have made sales with a shopping cart with the deposit in transit, you don’t want the individual transactions cluttering up your bank account. These transactions should live in their own clearing account for easier identification and reconciliation.
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Catching Clouds, co-founded by a Patti Scharf (CPA) and Scott Scharf (ecommerce tech geek), has been focused on ecommerce accounting since 2012. Now we’ve brought our knowledge and experience to YouTube to help share important ecommerce, accounting, and business information with everyone who’s looking for it.
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