Clearing Account

Do I need a “Telpay Clearing Account” in my accounting software to process payroll?

Using a Telpay clearing account will save you time in reconciling your bank statement. If you post your payroll to your operating bank account you will need to reconcile each item in your operating bank account to the bank statement. If you use a Telpay clearing account all individual payroll amounts will be posted to this account allowing you to reconcile the lump sum payroll amount to the bank account on your bank statement.

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