Using a Telpay clearing account will save you time in reconciling your bank statement. You only need to set up ONE clearing account which can be used for posting both payables and payroll. If you post your payments and/or 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.
Set up your clearing account by following the steps below or, watch a tutorial video.
1) Go to your 'Chart of Accounts' in Sage 50
2) Select 'File' and from the drop down, select 'Create'
3) Name the new account 'Telpay Clearing' and then select "Save and Close'
Please note that the "Type" of account should remain as a Group Heading.
4) On the Telpay for Business main menu, under 'System Administration', select 'Payments and A/P Settings'
5) Name your chart of accounts 'Telpay Clearing' exactly how it shows in your chart of accounts in Sage 50 where it asks for your clearing account.
Please note, anything typed in your Bill Payment and Accounts Payable Settings will automatically be in upper case