5 Clearing Bank
From TrueERP wiki
Clearing Bank
Do you understand why the Payroll Bank is used as a Clearing Bank Account Only?
When a Pay Staff has been run, the payments are allocated by default to the Payroll Bank Account within ERP. This account is a Clearing Account therefore the funds need to be transferred regularly between Payroll Bank and the Actual Bank Account where the wages are being debited from.
N.B. Under no circumstances should the Payroll Clearing account be replaced in preferences with an actual Bank account as these transactions will not be reconcilable as a bank account.
Please refer below for instructions on creating the Journal Entry for the transfer.
Select the Accounts tab Select the Journal Entry button Select the Payroll Bank account from the drop-down Account list. Debit from the Payroll Bank the total amount that has been posted to this account and has been paid out of your Bank Account. Credit your Bank Account (the actual account the payroll funds have been debited from). Select 'SAVE'
