QuickBooks Desktop clearing account instructions

If you have a QuickBooks Desktop account, one way to reconciling expenses is to set up a payroll holding account with the title: Gusto Payroll Clearing Account in order to isolate the Gusto payroll expenses and the individual bank transactions. This will effectively match and reconcile both items using only aggregate amounts.

Note: This process will not have any financial statement implications. It will only assist in the closing of the books.

  1. Pull up the imported Gusto payroll entry, done via IIF file import, in the actual bank account register. To do this, navigate to File > Utilities > Import > IIF file.
  2. In your Chart of Accounts, create a bank account titled “Gusto Payroll Clearing Account.”
  3. Pull up the Gusto entry from your actual bank account register.
  4. Change the bank account drop down at the top of the entry to the payroll clearing account.
  5. Pull up the live bank feed and locate the Gusto cash withdrawals.
  6. For each cash withdrawal select the payroll clearing account in the account field and select Add under batch actions.
  7. Pull up the register for the payroll clearing account.
  8. Make sure our ending balance is zero.
  9. In Gusto, edit the accounting integration and upload our chart of accounts containing the new payroll clearing account. Also select the payroll clearing account drop down (this eliminates steps 2-4 in the future).
  10. Moving forward you can simply continue to transfer all cash withdrawals to the clearing account.

 

Awesome

Thanks so much for your feedback!

Did this article solve your problem?