I can't see my clearing account in the Prepayment account list
I can't see my clearing account in the Prepayment account list.
For prepayments, the clearing account must be a bank account in Xero. The bank account does not have to be a real bank account (Account number and BSB can be incorrect) to be used. When your settlement appears in your bank feed (to your real bank account), it will get reconciled to this prepayment clearing account (fake bank account) as well as the clearing account used for invoice payments.
Related Articles
I can't see my Revenue account in the Prepayment account list
I can't see my Revenue account in the Prepayment account list. The Revenue account must be a Revenue account type in Xero. You can do this by adding an account (+ Add Account) and choosing the revenue account type.Clearing Account & Reconciling Payments
Clearing Account & Reconciling Payments Overview This is leaning more towards the accounting side of things. To avoid confusion or to help you understand a bit more we recommend working through this with your accountant/book-keeper or a friend who is ...Clearing Account & Reconciling Payments
Clearing Account & Reconciling Payments This is leaning more towards the accounting side of things. To avoid confusion or to help you understand a bit more we recommend working through this with your accountant/bookkeeper or a friend who is “pretty ...Can Invoice payments and Prepayments use the same clearing account
Can Invoice payments and Prepayments use the same clearing account? Yes, but the account will need to be a bank account type in Xero. Your bank account in Xero does not have to be connected to a real bank account (Account number and BSB can be ...Before You Integrate with Xero - FAQ
Before You Integrate with Xero eXconnect & Xero Integration Connecting eXconnect to your Xero account is a powerful and flexible way to manage your invoices, customers and bills. With eXconnect and Xero integration you can: Synchronise and merge your ...