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How do I categorize transactions?
On the Transactions page, each transaction has a category field. You can manually categorize transactions by selecting the appropriate category. Additionally, you can create rules to automate categorization. Please check the Rules section for that.
How do I attach an asset to a transaction?
In the transaction details, you can select the relevant asset from the dropdown menu. This associates the transaction with a specific asset.
How do I bill an expense transaction to an owner?
Use the accounting field to push an expense transaction to an owner. Set the accounting field to âto ownerâ and make sure to attach the right owner to the transaction, as well as the right category, and it will reflect in their statement.
How can I split a transaction?
For transactions involving multiple assets or homeowners, use the "Split transaction" option. Allocate amounts to different categories, assets and owners for accurate accounting. This is a great use case to allocate expenses from the same transaction to multiple assets or owners.
How can I group transactions to the same merchant?
Manually change or create merchants to group transactions. Use custom rules on transactions for automated merchant association, enhancing efficiency.
How should I use the accounting field?
The "trust accounting" field in Clearing refers to a feature that helps you flag transactions based on whether they should be associated with the owner, management, or if they are not relevant to either. This field is particularly relevant in property management scenarios where you need to track and allocate expenses or revenues to different stakeholders. Here's a breakdown of the options within the "trust accounting" field:
To owner:
Transactions flagged as "To Owner" indicate that the associated expense or revenue should be attributed to the property owner. This is typically used for expenses that the property owner is responsible for. This is also relevant for booking revenue that are due to the owner. Anything flagged âto ownerâ will be attached to the owner statement and not in the management statement.
To management:
Transactions marked as "To Management" signify that the expense or revenue should be allocated to the property management. This is useful for tracking expenses that are handled by the management rather than the property owner. Any transaction or booking financials flagged âto managementâ will be in the management statement and not in the owner statement.
Exclude:
Transactions marked as "Exclude" mean that the transaction is not relevant to either the owner or the management. It could be a transaction that doesn't need to be considered in statements or accounting for either party. It is the same as leaving the field blank.
By utilizing the "trust accounting" field, you can automate the process of determining whether a transaction is associated with the owner, management, or should be excluded from consideration. This adds a layer of clarity and automation to the financial management process, ensuring that transactions are appropriately categorized and allocated based on your specified criteria.