How to use a Wise-Pay Clearing Account


Part of the streamlining of the reconciliation process is facilitated by using a Clearing account for unallocated funds to be directed to until matched against the appropriate invoice.

Create a Wise-Pay Clearing Account

  1. Open your Accounting Package
  2. Open Chart of Accounts
  3. Go to Settings > Chart of Accounts > Add Account
    Account Type: Current Asset (Other Current Asset in QBO)
    Code: limited to 10 characters, usually number in the same range as other asset accounts
    Name: Wise-Pay Clearing
    Description: Optional
    Tax: Tax Exempt or BAS Exluded

Configuring Wise-Pay Clearing Account for Payment

  1. Log into Wise-Pay
  2. Configure > Merchants

  3. Click Edit
  4. On the Merchant Configuration Tab
  5. Update the Bank Account for Payments to: A-101 Wise-Pay Clearing Account
  6. Click Save