If you are using a Clearing Bank Account, a journal entry will be created that you can import back into QuickBooks which will debit your Clearing Account to zero it out and credit your operating bank account for the lump sum amount of the net deposits. To import the journal entry, in QuickBooks, go to:
- File
- Utilities
- Import
- IIF Files
- Browse to the drive where your Telpay resides
- Select 'Billpay'
- Select 'Telpay' and select your access number folder
- Select “TGLEXP”
- Select 'Quick.IIF' File
- If you check your "Chart of Accounts” you will notice that your Clearing Account is now at zero
