What is 'clearing transaction' in SAP FI - Financial Accounting?

clearing transaction - Overview

• Component: FI

• Component Name: Financial Accounting

• Description: An accounting transaction that initiates the clearing procedure. &EXAMPLE& An incoming or outgoing payment

clearing transaction - Details

• 
  Key Concepts: 
  A clearing transaction is a type of financial transaction in SAP Financial Accounting (FI) that is used to clear open items from a customer or vendor account. It is used to offset the amount of an open item against another open item, resulting in a zero balance. This type of transaction is often used when a customer or vendor has multiple open items that need to be cleared at once. 
  
  How to use it: 
  In order to use a clearing transaction, you must first select the customer or vendor account that contains the open items you wish to clear. Then, you must select the open items you wish to clear and enter the amount of the clearing transaction. Finally, you must enter the offsetting account and save the transaction. 
  
  Tips & Tricks: 
  When using a clearing transaction, it is important to make sure that the total amount of the clearing transaction matches the total amount of the open items being cleared. If there is a discrepancy, it can cause errors in your financial records. 
  
  Related Information: 
  For more information on clearing transactions in SAP FI, please refer to SAP Help documentation or contact your SAP support team.