In Short-Term Rental property management or vacation rental management, keeping accurate financial records for future bookings can be a perplexing challenge. When revenue payouts from Stripe hit the bank account, these transactions are automatically recognized based on that date, creating confusion for property managers and homeowners alike. Imagine receiving payment today for a reservation scheduled months ahead; this misalignment between payout and booking date can puzzle both property managers and homeowners who receive periodic homeowner statements. The default recognition process doesn't always align with the booking date, making accurate accrual accounting a puzzle. This is where Clearing steps in as the solution to this challenge by empowering users to easily adjust the recognized date of these transactions and account for revenue in the month of the actual booking.
Clearing, a leading platform in vacation rental financial management, has introduced a user-friendly feature that allows property managers to adjust the recognized date associated with their individual bookings. This feature ensures that revenue is accounted for in the specific month of the reservation, aligning financial records with booking dates and ensuring accurate accounting for future bookings. With bookkeeping automation and recognized date configurability capabilities, Clearing simplifies reconciliation of financial transactions allowing property managers to confidently close their books, faster than ever before.
Simple Steps for Changing the Recognized Date of Future Bookings in Clearing
Step 1: Access the Bookings Section in Clearing
Log into your Clearing account and navigate to the “Bookings” section in the side menu. This is where you'll find a centralized view of all your bookings, regardless of their source (e.g., Airbnb, Vrbo, Booking.com, your direct booking website, etc).
Step 2: Choose the Booking you want to Adjust
Scroll through your bookings until you find the specific one for which you need to adjust the recognized date.
Step 3: Adjust the Recognized Date
Once you have chosen the booking you want to adjust, look for the "Recognized on" option. If this value needs to be changed, then click "Open" to see more options related to booking details.
Click on the "Recognized date" option and customize the date according to your teams revenue recognition needs.
When you enter the “Rules” dashboard and click the "On bookings" tab, you can set the default "Recognized date" by using that option. Clearing currently allows for two system default recognized dates. These are, recognize on "Arrival" date, and recognize on "Departure" date. Click on the particular option you prefer, or you can opt for a "Custom date" by clicking on and adjusting the "Recognized date" option in the individual bookings. If you'd like to split larger bookings over a months end, to be even more accrual based, you can also do this in the booking details of a booking that goes over a month's end.
Take Advantage of Clearings innovative recognized date feature and effortlessly adjust the date that financial transactions should be recognized to align your financial records accurately with booking details.
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Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.