Accounts Section

Refresh Connection For External Bank Accounts or Credit Cards

Plaid is a financial aggregator used in Clearing to securely connect and receive transaction notifications from linked bank accounts & credit cards.

Plaid ensures secure connections without storing sensitive information like bank credentials, relying on both Plaid and your bank directly for secured authentication.

No, Clearing does not have access to your banking credentials.

The connection with Plaid ensures a secure link without storing sensitive information.

Login credentials and transactions are handled directly by Plaid and your bank, maintaining your privacy and security.

You can refresh the balance of a bank account by clicking on the "Account details" under the desired account in the "Accounts" module, and choosing the option to refresh the balance.

This ensures that you have the most up-to-date information regarding your available balance.

The balances will be updated automatically every time you login.

The Clearing main balance allows you to collect payments if you are in the U.S. and approved by our bank partner.

It acts as the primary account with an account number and routing number.

You can also create Zero-Balance Accounts with unique account numbers (sweep accounts) to access the main balance through different account numbers which can help with allocating transactions to a specific asset/homeowner, or category.

Yes, funds in the Clearing main balance are FDIC insured up to $250,000 through our bank partner Evolve Bank & Trust, an FDIC member.

The main balance is held with our bank partner, Evolve Bank and Trust, ensuring the safety of your funds within the FDIC limit.

A sub-balance is a portion of your main balance, acting like a reserve account.

A sub-balance doesn't have its own account number but it can be used to segregate funds within the main balance.

Funds can be moved between sub-balances and the main balance, offering flexibility in managing different financial aspects.

Incoming funds through zero-balance accounts can be routed to specific sub-balances by creating percentage-based routings.

For transactions coming through a zero-balance account, you can set rules to allocate a certain percentage to a designated sub-balance.

This automated mapping ensures efficient fund management.

Sub-balances can be opened after ensuring you have funds in the main balance.

Click on account details for the Main Clearing balance account.

Then click on the sub-balance tab, and then click "Add new sub-balance".

Follow the instructions in the sub-balance creation form.

Remember that a minimum of $1 in the main balance is needed to open a sub-balance.

A zero-balance account in Clearing allows you to access the main balance through unique account numbers.

It serves as a way to segregate funds, enabling you to link specific transactions or expenses to different accounts.

You can create and manage these accounts as per your needs.

Zero-balance accounts are versatile and can be used to collect funds for different purposes.

They are especially handy when dealing with various property expenses.

You can create rules to automatically categorize transactions based on the specific zero-balance account they are associated with.

An external bank account, in the context of Clearing, refers to a financial account that is held with an external financial institution outside of Clearing's platform.

Users can link their external bank accounts to Clearing to facilitate various financial transactions, manage balances, and categorize expenses.

Clearing uses Plaid, a financial aggregator, to securely connect with these external bank accounts and receive transaction notifications without storing sensitive information such as login credentials.

This linkage allows users to view account balances, categorize transactions, and use external bank accounts as a source of funds for making payments within the Clearing platform.

Yes, you can make payments from external bank accounts linked in Clearing.

In the payment category, you can choose the source of funds, and for most institutions, Clearing has connections to facilitate payments.

To link an external bank account, click on "Link external account" from the "Accounts" module.

Select the financial institution you've linked or add a new one.

Linking an account from an existing institution involves selecting a financial institution you've already linked during onboarding.

For a new institution, you go through the linking process as if it's the first time, providing the necessary details for the new financial institution.

If the balance of your external account is unavailable, it could be due to issues with the connection.

You can troubleshoot by refreshing the connection, or checking for any troubleshooting options provided through Plaid.

Similar to bank accounts, credit cards can be linked by clicking "Credit Cards" from the "Accounts" module, and following the process after clicking "Link external card".

Click "Link external card" for existing institutions and provide login credentials.

For new institutions, use "Link a Card - New Institution" and complete the steps.

Use the "Reconciling account" feature by clicking on "Menu" from the "Transactions" module.

Select the account, review transactions, adjust starting and ending balances, and save the reconciliation for future audits or continued reconciliation.