What is a Clearing Account?
A clearing account can be confusing if you’re not familiar with accounting terms, but it’s actually quite straightforward. Clearing accounts are crucial for accurate financial record-keeping and transaction management. Let’s break down what is a clearing account and why it’s important. Understanding Clearing Account A clearing account, often known as a wash account, acts as a temporary holding place for funds before they move to their final destination. Think of it as … Read more