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Payment Clearing Account Explanation
Step 1: Create the bank rule for automating Guesty payout reconciliation
If you're using the payment clearing account (which you likely are), we recommend to create a bank rule within QuickBooks to automatically transfer all Guesty bank statement lines to clear out the Guesty Payment Clearing Account.
QuickBooks: Steps to create the bank rule
In QuickBooks, click on the gear icon at the top right and select "Switch to Accountant view" at the bottom right of the popup menu. Note: If you see "Switch to Business view", then you're already in Accountant View and can proceed to the next step.
On the left menu, click "Banking" and select "Rules".
Click "New rule".
Give the rule the name "Guesty Payouts".
Select "Money in" and choose any bank account in which you receive your Guesty payouts.
For the condition, set "Description", "Contains" and then type in the text "Guesty"
For transaction type, select "Transfer" and for account, select the "Guesty Payment Clearing Account".
Step 2: Apply above bank rule to past Guesty payouts in QuickBooks
If you've performed a Historical Import in Tallybreeze, then you'll want to make sure that the above bank rule gets applied to any associated Guesty Payouts in your bank reconciliation in QuickBooks.
This mainly applies if you've already been using QuickBooks for some time and you have Guesty payouts already reconciled from the past. In this case, you should undo all of those items in your bank reconciliation and apply the above bank rule to those items. Why? This will avoid double counting income from historical data.
DONE!
This concludes our guide to setting up a bank rule in your accounting software for your Payment Clearing Account. Refer back to your checklist for next steps.
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DISCLAIMER: Tallybreeze is a software product that automates bookkeeping processes defined by you, the user. We are not your accountant or financial advisor and any information we provide does not bind us into an accountant-client relationship. Any template, guide, tips, software preset or recommendation provided in any of our correspondence, within the Tallybreeze product, within our support documentation or within our publications are for informational purposes only and must not be considered individualized advice. This includes, but is not limited to, any information about your general ledger, chart of accounts, how to allocate transactions, how to classify financial events; any information about balancing, reconciling or auditing any bank account, payment clearing account, undeposited funds account or any other kind of account. While Tallybreeze may, at its own discretion, support users in their learning of the Tallybreeze software product itself, we are not obligated to provide individualized or one-on-one training. In any case, we do not recommend that you act upon any information you do not fully understand and we strongly advise you to seek the advice of a third-party accountant, CPA or tax advisor to interpret, understand and validate any information, accounting strategy, bookkeeping method, Tallybreeze setup or any software configuration.