Creating profit and loss (P&L) statements is a critical aspect of financial management for property managers and business owners. These statements offer vital insights into a company's financial performance, revenue, and expenses, playing a pivotal role in informed decision-making and year-end accounting. Traditionally, generating P&L statements has been a manual, time-consuming, and error-prone process, leading to challenges in maintaining accuracy and efficiency. In response to these challenges, Clearing provides a comprehensive platform that simplifies P&L statement creation, automates financial reporting, and streamlines trust accounting and bookkeeping processes.

Clearing, a leading platform in Short-Term Rental property financial management, has introduced an innovative feature to simplify P&L statement creation. This feature streamlines financial reporting, enabling property managers to gain comprehensive insights into their revenue and expenses while minimizing errors. Clearing's P&L statement offers configuration options, allowing users to tailor their financial reports to their specific needs. With the ability to adjust date ranges, filter data, and export reports, this feature ensures that financial reporting is efficient, accurate, and stress-free.

Log in to your Clearing account using your credentials and navigate to the “Reporting” section in the side menu.

Within the Reporting tab, locate and select the "Profit & Loss" (P&L) option. This will be your gateway to creating P&L statements.

Clearing's P&L statement feature offers various customization options. You can create P&L statements by asset (property), by homeowner, by bank account, by category, or for the entire business depending on your reporting needs.

To create P&L statements by asset, locate the “Asset” option, Click on the drop-down arrow, and choose the specific asset for which you want to create a P&L statement for.

To create P&L statements by homeowner, locate the “Homeowner” option, and choose the specific homeowner for whom you want to create a P&L statement.

If you want to filter data by a specific bank account or a specific category, Clearing provides these options as well. Locate the “Account” and “Category” options, Click on the drop-down arrow, and choose the specific accounts or categories for which you want to create a P&L statement.

You can also easily adjust the date range to generate monthly or yearly statements. This feature ensures that your financial books are always up to date, providing a clear overview of your financial performance. Put the desired date range in boxes, it will filter the data accordingly.

Clearing's platform allows you to display all transactions which will give you an overview of the entire business’ P&L statement. This is the default view. You can also uncheck the “Hide 0$ categories” option to display your entire chart of accounts, even those without a dollar value associated with them.

Once your P&L statement is ready, you can click on “Export PDF” to export it as a PDF. This feature simplifies the sharing process with your bookkeeper or accountant for reconciliation and year-end accounting purposes.

Take advantage of Clearing's powerful P&L statement feature to effortlessly create precise financial reports, gain in-depth insights into your revenue and expenses, and simplify your year-end accounting.

Are you ready to revolutionize your financial reporting and effortlessly create P&L statements within Clearing?

Connect with us today for a live demo and discover how to effortlessly create P&L statements in Clearing for seamless financial reporting.

Visit our knowledge base today to dive deep into Clearing's features and unlock the full potential of Clearing. Your journey to simplified financial management and seamless year-end accounting begins here.

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