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userbradley
March 24, 2021
Question

I have a clearing account for client money that we make commission on. However, my QB bank balance is more than the bank balance and clear acc is negative. How do i fix?

  • March 24, 2021
  • 1 reply
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1 reply

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EmmaM
March 24, 2021

Hello Userbradley, we'd need to look at the figures and how you are posting the commission transactions, are you able to post a screen shot of a commission transaction you have created so we can look at this further. Thanks

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userbradleyAuthor
March 29, 2021

See below - for rent in and out i select transfer to landlord clearing account.

 

additionally, the difference which is is our commission i transfer to the clearing account also, along with the profit sent to our business account when it is received.

 

However, the balance of the clearing account doesnt show 0 but a large negative balance (which roughly equals the difference between the quickbooks rental account balance and our actual balance.

 

I am unsure how to correct both balances?

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EmmaM
March 29, 2021

Hello Bradley, So you recording as a transfer to the clearing account you set? Is that an income account or a  liability account  or expense we can not see that information on the screenshot? For it to be negative and money made it may be down to the type of chart of account being paid into.

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