What is clearing account in SAP FI - Financial Accounting?

SAP Term: clearing account

• Component: FI

• Component Name: Financial Accounting

• Description: An account to which postings are recorded temporarily. Clearing accounts are auxiliary accounts that exist for technical reasons and which are cleared repeatedly. Postings may need to be made to a clearing account because of: A time gap between accounting transactions GR/IR clearing account Organizational task distribution bank clearing account Accounting transactions requiring clarification

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• Key Concepts: 
  A clearing account is a type of asset account used in SAP Financial Accounting (FI) to temporarily store the difference between two accounts. It is used to reconcile the differences between two accounts, such as when a customer pays an invoice with a different amount than what was originally invoiced. The clearing account is used to record the difference between the two amounts until it can be reconciled.
  
  How to use it: 
  In SAP FI, a clearing account is used to reconcile the differences between two accounts. When an invoice is paid with a different amount than what was originally invoiced, the difference is recorded in the clearing account until it can be reconciled. The clearing account can also be used to reconcile differences between other accounts, such as when a customer pays an invoice with a different currency than what was originally invoiced.
  
  Tips & Tricks: 
  When using a clearing account in SAP FI, it is important to ensure that all transactions are properly recorded and reconciled. It is also important to ensure that all transactions are properly documented and that any discrepancies are addressed promptly.
  
  Related Information: 
  For more information on using clearing accounts in SAP FI, please refer to the SAP Help Portal or contact your local SAP support team.