In the realm of property management, accurately managing financial transactions that involve bulk payments with line items belonging to multiple properties can be a daunting task. Often, a single transaction through a credit card includes purchases for different properties, leading to challenges in allocating each expense line item to distinct categories or properties.

Recently, Clearing introduced the Split Transactions feature to address these challenges, empowering users to efficiently split a transaction and allocate specific expenses to individual properties or categories. This ensures accurate books per listing and simplifies financial operations throughout the reconciliation process. With automated transaction management and the ability to split expenses between properties, Clearing enhances financial visibility and empowers the users to split an expense and reconcile it into different accounts more accurately.

Log in to your Clearing account and navigate to the "Transactions" section in the side menu.

In the Transaction management interface, choose the financial transaction that you want to split, whether it's a revenue or an expense transaction. Click on the “three dots” button located on the right side of the selected financial transaction and choose the "Split Transaction" option from the drop-down menu to initiate the splitting process.

Once you have clicked on the "Split Transaction” option, you'll be presented with a screen where you can enter the desired allocation amounts for each specific property asset, category, or homeowner. The platform will automatically calculate the remaining balance to be allocated, ensuring precise expense distribution.

You can continue splitting a transaction by clicking the “Add another sub-transaction” option until the remaining balance reaches zero, indicating that the transaction has been fully allocated.

You can also equally split a transaction into your desired numbers by just specifying the number and clicking on the “Run” option after adding the amount of transactions you need.

Once you have allocated expenses for all relevant properties or categories, review the details to ensure accuracy. If everything looks correct, click the "Submit" button. The platform will create new individual transactions with the allocated expense amounts for each property or category, as you have specified.

Ready to take control of your financial transactions and unlock a new level of precision with Clearing's Split Transactions feature?

Request a personalized demo now to explore the full potential of Clearing's Split Transactions feature and learn how to efficiently split transactions, allocate expenses between properties or categories, and maintain accurate books per listing.

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