Managing funds for multiple homeowners and property assets in a Short-Term Rental business can be a complicated task. The conventional practice of receiving funds in a single bank account often leads to the mixing of funds and issues related to visibility, transparency, and organization. Clearing offers a powerful solution to address these challenges by introducing Sub balances for efficient fund management. This feature empowers property managers to separate funds and group funds for specific properties and homeowners, providing enhanced control and flexibility over property finances.
Clearing's Sub-Balances revolutionize fund management by offering unparalleled transparency and control over rental property finances. By separating funds with Sub-Balances, property managers can improve the organization of funds, streamline transactions, and ensure owner visibility into the financial management of their specific properties. This feature can serve as an effective tool for efficiently handling working capital for specific Short-Term Rentals and making vendor payments from specific Sub-Balances much easier.
Simple Steps to Setting Up Sub Balances in Clearing
Step 1: Access the Sub-Balances in Clearing
Log in to your Clearing account and navigate to the "Accounts" section in the side panel. Inside the accounts interface, click on "Bank accounts" option.
In the bank accounts management interface, click on “Account details” option located just below your clearing account.
Once done, a pop up menu will appear on right side of your screen. Choose the “Sub-balances” option to access the Sub-balances management interface.
Here you can see the already created Sub-balances and available balances for each Sub-balance.
Step 2: Create a New Sub-Balance
Click the “+ Add new sub-balance" button to create a new sub-balance.
Assign a name to each new Sub-balance.
Click on “Open another sub-balance” if you want to create multiple sub-balances at once.
Step 4: Automate the Money Routing Process
Automate trust accounting by creating rules that automatically transfer funds from zero-balance accounts to specific Sub-Balances.
Additionally, you can monitor the inflow and outflow of funds within each Sub-Balance by navigating to the “Transactions’ section.
Enjoy the benefits of Clearing's Sub-Balances feature and upgrade your financial management practices by separating funds, grouping funds for specific properties, and providing owner visibility into your fund management for each of the properties they own.
Ready to unlock the full potential of Clearing' Sub Balances and revolutionize your fund management?
Request a free live demo to explore this feature in more depth and learn how to utilize Sub-Balances effectively today.
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Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.