SAP Business One Certification Practice Exam

Which two payment means typically involve a clearing account in the incoming payment transaction?

1. Checks and cash

2. Bank transfer and credit card

3. Credit card and checks

4. Cash and bank transfer

The correct answer is: Credit card and checks

The correct answer involves payment means that often require a clearing account due to the way transactions are processed and the nature of their reconciliation. When dealing with checks and credit cards, both payment methods require a process where the payment amount is initially recorded into an intermediary or clearing account until the funds are confirmed or transferred to the company’s main account. With credit card transactions, the payment is processed by a third-party provider, and there is usually a delay before the funds are settled into the business's bank account. The clearing account serves as a temporary holding place for the transactions, helping businesses manage fluctuations in cash flow and ensure that paperwork and transactions are reconciled appropriately. Checks also necessitate a clearing account as they take time to clear. Once a check is deposited, the funds may not be immediately available until the bank processes the check, making it essential to track these transactions in a clearing account until they are confirmed. The other options do not necessarily require a clearing account in the same way. For instance, cash typically does not involve a delay in access to funds since it’s usually available immediately upon receipt. Bank transfers may vary, but they are often processed directly between accounts without a need for an intermediary clearing stage in the same sense as checks and credit cards