In Sage 300, under Inventory Control / Setup / Account Sets - the second GL account in the list is for a Payables Clearing Account.
Why do we need a payables clearing account in inventory?
The Payables Clearing Account is used for receiving goods. When you receive stock - whether you receive through IC or PO, the entry that is sent to the General Ledger is DR (Debit) Inventory, CR (Credit) Payables Clearing.
This updates the value and quantity of your inventory, and creates an accrued payable value for the goods, which have now been received, but not yet invoiced.
This is where the Payables Clearing Account gets its name... the invoice, which ultimately goes through Accounts Payables, clears out the entry created by the receiving of the goods. Since the invoice has now been processed, the accrual entry (in Payables Clearing) has been removed, and the invoice becomes a true payable - waiting in AP Trade until you write a cheque to your vendor.
Learn more about ERP.