Managing financial transactions and bookkeeping can be challenging for property managers, especially when dealing with multiple merchants and various transactions. Manually classifying and allocating transactions can be time-consuming and prone to errors. That's where Clearing's automation rules come in, offering an optimal solution to automate the bookkeeping process, ensuring precise categorization and allocation, while reducing the time and effort required for financial management.

With Clearing's automation rules, property managers now have the opportunity to streamline their bookkeeping procedures. By implementing these rules, they can automate the classification and allocation of transactions, saving valuable time and increasing accuracy. This automation frees up property managers to focus on more strategic aspects of their businesses, such as decision-making, expansion, and guest experience.

By leveraging Clearing's automation rules, property managers can experience improved efficiency and increased accuracy.

Automation rules in Clearing are triggers that automatically assign categorization based on different types of classifications: “By Account”, “By Merchant”, By Category”, “By Asset”, “By Type”, “By Status” and “By Booking Type”. These rules streamline the categorization process by automatically applying predefined rules to transactions, eliminating the need for manual intervention. When a transaction is processed, Clearing's automation rules come into play, determining the appropriate classification based on the associated account, merchant, category, asset, type, status or booking.

To set up automation rules for specific accounts within Clearing, navigate to the 'By Account' option. This allows you to create rules that apply to the Main Account or any of your Zero-Balance Accounts. When setting up the automation, you will assign a designated "Category" and/or "Asset" to a particular type of transaction. These assigned rules will be stored and utilized in the future for similar transactions, ensuring consistent and streamlined categorization.

To provide an example, let's consider a property manager who has a virtual Zero-Balance account. This property manager aims to establish an automation rule that ensures all transactions processed through this account are consistently labeled as "Marketing." Additionally, they have associated this transaction with a specific asset, such as a particular unit in their portfolio. As a result, all future virtual transactions will be automatically categorized as marketing transactions and assigned to the designated asset. This automation rule guarantees consistent labeling and streamlined categorization for the property manager's financial transactions.

To establish guidelines for specific sellers or merchants, navigate to the 'By Merchant' option in Clearing. This feature allows you to assign transaction categories to ensure consistent and uniform categorization for transactions associated with those particular merchants. By utilizing this functionality, you can streamline your financial management process and maintain standardized categorization for transactions from specific sellers or merchants.

Let's take the example of Brandsmart as a merchant. By assigning a category to transactions from Brandsmart, such as "Laundry," you can ensure consistent categorization. Each time a transaction is received from Brandsmart, you can apply the predefined laundry category to it. Moreover, by clicking on the "Apply Rule" option, you can automatically categorize all historical transactions from Brandsmart under the laundry category. This feature simplifies the process of categorizing transactions and ensures that all past and future transactions from Brandsmart are accurately labeled for easy reference and analysis.

To create rules by category to automate the allocation of transactions, navigate to the ‘By Category’ option in Clearing. Here you can select one or multiple categories and set accounting rules on transactions and booking financials and click on “Apply selected rules” button to automatically allocate the transactions to particular category.

To classify specific assets, such as homes or apartments, navigate to the 'By Asset' option in Clearing. Here, you can assign labels or tags to each asset for easy tracking and analysis. By selecting a tag, it will be automatically applied to all transactions associated with that particular asset. This streamlined classification system enables efficient monitoring and analysis of transactions related to specific assets, enhancing your financial management capabilities.

To classify specific transaction types related to third-party integrated platforms like Airbnb or Stripe, access the 'By Type' option in Clearing. This feature allows you to categorize transaction types such as adjustment fees, host fees, or cancellation costs. By utilizing this functionality, you can ensure consistent classification for transactions, based on the type of transaction that it is. This streamlined approach simplifies tracking and analysis, enabling you to effectively manage and evaluate transaction types specific to Airbnb, Stripe, and similar third-party integrated platforms.

To create rules to decide which booking status to include by default in the owner statement, navigate to ‘By Status’ option in Clearing. Here you can check the type of status you want to exclude from owner statement.

Furthermore, you can apply rule on existing bookings and also delete the bookings with that particular status by clicking on “three dots” button inline with each status and selecting the relevant option.

To create rules to decide which booking type to include by default in the owner statement, access the ‘By Booking Type’ option in Clearing and follow the instructions as described in Step 2.6.

Transform your bookkeeping today and experience the power of automated financial management.

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