Part of the streamlining of the reconciliation process is the facilitated by using a Clearing Account for unallocated funds to be directed to until matched against the appropriate invoice.

How do I get there?

To set up your Wise-Pay Clearing Account, access your Chart of Accounts in Xero and QuickBooks Online.

What do I do?

Create a Wise-Pay Clearing Account

Here's how to do it:

  1. Add New Account – in Xero (or QBO)
  2. Go to Settings > Chart of Accounts > Add Account

    Account Type: Current Asset (or other Current Asset in QBO)

    Code: Limited to 10 characters, usually number in the same range as other asset accounts (Account Number in QBO)

    Name: Wise-Pay Clearing

    Description: Optional

    Tax: Tax Exempt or BAS Excluded (not an option in QBO)

  3. Select options (in Xero):

    Show on Dashboard Watchlist, and

    Enable payments to this account

    Save

 Configure Wise-Pay Clearing Accounts for Payments 
Here's how to do it:
  1. Click Configure then select Merchants
  2. Edit the Account Merchant
  3. Select the Merchant Configuration tab
  4. Update Bank Account for Payments to the new A-101 Wise-Pay Clearing account
  5. Save