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Where are transactions coming from?
Transactions come from external sources such as your external bank accounts, external credit cards, Clearing's main account balances, sub-balance accounts, zero-balance accounts, and manual journal entries.
What is the difference between main and sub-transactions?
In the context of Clearing, main transactions and sub-transactions refer to different levels of detail within a transaction.
Main Transactions represent the overarching or parent transaction coming from your external bank account or credit card. They typically provide an overview but may not capture all the finer details of the transaction.
Sub-Transactions are the detailed breakdown of a main transaction. They provide a more granular view of how the total amount in the main transaction is distributed among different categories, assets, or homeowners. Sub-transactions are used when a transaction needs to be split into multiple components for accurate accounting.
Use Case Example:
Imagine a main transaction for an Airbnb deposit of $500. The main transaction would represent the net total amount received. Sub-transactions could break down this $500 into individual line items, specifying amounts for different assets or homeowners associated with one or multiple bookings. For instance, $300 for Asset A, $400 for Asset B, and -$200 for Asset C.
This breakdown ensures that each portion of the transaction is accurately accounted for and attributed to the correct asset or homeowner.
Can I edit the date of a transaction?
Yes, you can manually edit the transaction date in the transaction details.
Exercise caution when doing so, as it alters the original transaction date received from the bank.
How can I filter the list of transactions?
You can apply various filters, including date range, amount, category, and more.
This helps you quickly find specific transactions, such as uncategorized or unmatched ones.
How can I export transactions?
Navigate to the "Export Transactions" option and choose the desired month.
You can export either main transactions or both main and sub-transactions, depending on your preference.
To find this option, select "Export" from the "Transactions" module.
How can I import transactions?
For manual import, prepare a CSV file following the provided format.
Then, use the "Import Transactions" option to upload the CSV file.
You can find this option by clicking on the "Transactions" option from the side menu and selecting "Import Transactions".
How can I import sub-transactions into a specific main transaction already in my account?
If you need to import sub-transactions into an existing main transaction using a list of sub-transactions present in a CSV file, you can do so using the "Import Transactions" function through the "Transactions" module.
When prompted, select the transaction in the relevant dropdown.
A step-by-step video is available here.
How can I create a manual expense?
Utilize the "Create a new transaction" option to manually input an income or expense journal entry.
Fill in the details such as date, amount, merchant, category, and asset.
How can I create recurring expenses?
When creating a manual transaction, you have the option to make it recurring.
Specify the recurrence frequency (e.g., monthly) and set the start and end dates to automate the entry process.
Where can I find the memo of a transaction?
The memo of a transaction is available in the transaction details. You can view and edit the memo associated with each transaction for better record-keeping and clarity.
How can I apply a markup on an expense?
For expenses, use the "Markup" section in the transaction details to add a percentage markup. This is useful when charging homeowners slightly more than the actual expense. Owners will only see the total amount and wonât be aware that a markup has been applied.
What are pending transactions?
Pending transactions may indicate a delay in processing the transaction.
They will eventually be converted to a transaction if the transaction goes through.
How can I create a charge to an owner without making it an expense for me?
To create a billable charge to an owner and deduct it from their payout without making it an expense for you, follow these steps:
Create a journal entry with a $0 expense amount.
Use the "Markup" section to enter the desired amount to charge the owner.
Set the accounting field to "to owner."
This method is ideal for situations where you perform maintenance or repairs on a property without incurring actual expenses but you still need to charge the owner for the work done.
Iâm missing transactions, what should I do?
Navigate to account details and use the "Find missing transactions" option to retrieve the latest transactions.
If issues persist, refresh the connection to the external account.
If you still encounter problems, please reach out to [email protected].
Transactions are stuck in pending status, what should I do?
If transactions remain pending, try finding missing transactions by clicking on the Account details and refreshing the bank account connection.
If issues persist, please contact support at [email protected].
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 of the knowledge base for more information.
How do I attach an asset to a transaction?
In the transaction details, you can select the relevant asset from the dropdown menu. This will associate 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 ensure the correct owner is attached to the transaction along with the appropriate category.
This will ensure the expense is reflected in their statement.
How can I split a transaction?
For transactions involving multiple assets or homeowners, use the "Split transaction" option.
This allows you to allocate amounts to different categories, assets, and owners for accurate accounting.
It's especially useful for allocating 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 and organization.
How should I use the accounting field?
The "trust accounting" field in Clearing helps you flag transactions based on their association with the owner, management, or their irrelevance to either. This feature is especially useful in property management for tracking and allocating 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, as well as booking revenues due to the owner. Anything flagged âTo Ownerâ will be attached to the owner statement and not included 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 handled by the management rather than the property owner. Any transaction or booking financial flagged âTo Managementâ will be included 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. This 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 clarity and automation to the financial management process, ensuring that transactions are appropriately categorized and allocated based on your specified criteria.