Short-Term Rental (STR) management property managers grapple with multifaceted challenges affecting their operational efficiency. Handling vacation rental bookings, intricate commission calculations, and the creation of precise owner statements constitute a time-consuming and complex process. Analyzing all booking financials, understanding payouts from diverse Online Travel Agencies (OTAs), and automating commission calculations add layers of complexity to a property managers financial operations. The intricacies of trust accounting and automated bookkeeping further compound the challenges. Recognizing these complexities, Clearing emerges as the solution, offering a transformative feature to streamline the process of effective booking financials management, providing property managers with unparalleled control and precision.

Clearing introduces a robust solution to manage Short-Term Rental booking financials effectively. The platform consolidates bookings from various OTAs and direct booking websites into a centralized "Bookings" tab. Users can filter and analyze bookings based on multiple criteria, customize owner statements to only include certain bookings, and calculate commissions manually or automatically. The platform's adaptability caters to the intricate needs of Short-Term Rental property managers, offering granular control and insights into each transaction.

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).

Within the "Bookings" tab, explore different filter options. Filter bookings based on criteria such as Booking Details, Channel, Assets, Owners, Type, and Status. This granular control ensures you can focus on specific aspects of your booking data.

For booking revenue you wish to include in the statement for property owners, ensure the "Yes" toggle is turned on (this can be automated as well). This step is crucial for transparent financial reporting and ensures that the relevant bookings are considered in owner statements. To filter your booking list and only show bookings that are included in statements, toggle this option on as shown in the image below.

For each booking, you can see information such as the channel the booking originates from, booking details, and the recognized date. To see more details on this, click open.

Once opened, you will have access to more control over the booking financials.

Here you can also set the recognized date for each booking according to the time of check-in, check-out, or a custom date. This feature is particularly useful for future bookings, allowing you to align recognition of the transactions with specific milestones your business operates within. Further, it ensures revenue that has not been collected yet is not shown to owners as they will be expecting a larger payment if this is the case.

To further delve into the financial details associated with each booking you can click on the "Open" button inline with each booking. This includes a breakdown of individual line items from payouts, enabling a meticulous analysis of the financial aspects tied to each booking. The following is an example showing the finances.

Click on the “Rules” button in the left hand menu, then click "On Bookings". Once here, go to "Commission" to assign commission formulas as per your requirements, providing flexibility tailored to your business needs. Further details related to automating commission calculations can be found in this knowledge article.

If needed, you can customize commission values for specific bookings.

Clearing allows property managers to override automated commission values, providing the autonomy to adapt commission calculations based on unique circumstances. This is done in the individual booking details, by clicking the "Open" button on a booking as defined in Step 4.

Diving deeper into the "Open” option for each booking, you can also have a look at details of each transaction, including the date, associated accounts, and a breakdown of line items from the PMS. This functionality is invaluable for trust accounting and automated bookkeeping, ensuring transparency and accuracy in financial transactions.

When you scroll down on this tab, the booking details, you can also see the bank transactions and associated cash deposit dates. This will only be available if money has been deposited into a connected bank account related to that specific booking.

With that, we have gone into more details related to the booking details in Clearing, and how the booking details are tied to the transaction data from your bank account.

Take advantage of Clearing's innovative feature to effortlessly manage and analyze your booking financials. Experience the benefits of streamlined vacation rental management with automated financial calculations, easy handling of booking details, and precise customization for enhanced financial clarity and control.

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