Interested in recording your transactions in Routable to a clearing account in Xero? We put together a simple guide to set you up for success.
What are clearing accounts?
Clearing accounts are used on an interim basis to record transactions until there comes a time to post them to a permanent account.
Why would a business need a clearing account?
When there’s a steady stream of income coming in or going out, a clearing account can be useful in keeping track of what’s in transition or will need to be handled within the coming weeks.
Before you get started...
We recommend following these simple steps to ensure your clearing account process is smooth:
- First, make sure that your Routable <> Xero integration is set up correctly.
- Then, make sure that you've matched your Routable bank accounts to the correct Xero bank accounts.
- Last, ensure you've added clearing accounts on Xero. Here's their step-by-step guide.
Turning on clearing accounts
Once you complete the above three steps, you’re welcome to turn on clearing account functionality by clicking the "Use clearing accounts" button found in your Settings > Xero integration page.
Once turned on, you'll have the ability to match how transactions on Routable (using a bank account of your choice) are mapped to a:
- Money-in clearing account; and/or a
- Money-out clearing account
Click the "Match" button next to the bank account.
Search for the clearing account you have in mind, and click on it.
Make sure you've selected an option for both the Money-in and Money-out clearing account options.
Don't forget to click "Update clearing accounts" in the bottom right corner.
What if I only need a Money-in or Money-out match?
Simply click the "Match... to bank account" option. This will make sure your choice will match to the bank account referenced instead of a clearing account.
Am I all done?
If you've matched each bank account to a clearing account you should be set!
Now, all money-in and money-out will be recorded to your preferred accounts in Xero.
If you ever want to confirm which clearing accounts are matched to your bank account, click the "Matched" tab.
You should see a list of every clearing account in Xero that is matched to a bank account in Routable.