Using 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.

Step 1. Create a Wise-Pay Clearing Account

In Accounting Package


  • Add New Account – in Xero (or QBO)
  • Go to Settings > Chart of Accounts > Add Account
    • Account Type: Current Asset (or other Current Asset in QBO)
    • Code: limited to 10 characters, usually number in the same range as other asset accounts (Account Number in QBO)
    • Name: Wise-Pay Clearing 
    • Description: optional
    • Tax: Tax Exempt or BAS Excluded (not an option in QBO)



Select options (in Xero):
  • Show on Dashboard Watchlist, and 
  • Enable payments to this account
  • Save


Step 2.  Configuring Wise-Pay Clearing Accounts for Payments

  • Log into Wise-Pay
  • Configure > Merchants



  • Edit the Account Merchant


  • On the Merchant Configuration tab
  • Update Bank Account for Payments to the new A-101 Wise-Pay Clearing account
  • Save 


Next > Overview of Automatic Payments