Property managers in the short-term rental business face the complexity of managing funds for multiple homeowners and properties. The current practice of collecting all payments from various platforms into a single bank account leads to the commingling of funds, resulting in a lack of visibility, transparency, and organization. This poses challenges in separating funds and grouping funds for specific properties and homeowners, hindering efficient financial management.

With the latest product update, Clearing brings you an innovative solution to overcome these challenges. By introducing Sub-Balances, Clearing empowers property managers to separate and group funds for specific properties, homeowners, or any desired grouping type. This enhances visibility, transparency, and organization in fund management, enabling precise control and efficient financial workflows.

Sub-Balances revolutionize the way property managers handle funds. Within the account page, users can effortlessly create and manage separate balances for different groups, such as homeowners or group of properties. Each Sub-Ledger represents a distinct balance dedicated to a specific homeowner or property group. This level of granularity ensures accurate record-keeping and eliminates the commingling of funds.

With the flexibility of Sub-Balances, property managers can easily allocate working capital for specific Short-Term Rentals, make vendor payments from specific Sub-Balances linked to individual property owners, and manage transactions specific to each property or asset classification. Further, granular bookkeeping rules can be created that automatically move funds, or portion of funds, from a designated Zero-Balance Account (ZBA) to a specific Sub-Ledger, streamlining the trust accounting processes.

With Sub-Balances, owner visibility into fund management of specific properties is greatly enhanced. Property managers can now separate and group funds for specific properties, which provides transparency for property owners and allows them to get a snapshot of the financial aspects of each of their properties at any given time.

Say goodbye to mixing funds and embrace the simplicity and control provided by Sub-Balances. Upgrade your financial management practices today by using Clearing!

To witness the power of Sub-Balances in action, we invite you to connect with us for a free personalized demo.

To learn even more about how to use these Sub-Balances effectively, and further optimize your fund management, don't miss our knowledge article related to this topic.

Or, check out any of our blog articles to discover expert tips, strategies, and best practices for streamlining transactions, separating funds, and gaining transparent control over your property finances.

Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.