How to Use Clearing's Trust Accounting Field for Enhanced Transaction Management

Discover how to use Clearing's Trust Accounting Field to define billing responsibility for each transaction or sub-transaction. Gain control over your financial processes with our comprehensive guide!

May 9, 2024


How to Use Clearing's Trust Accounting Field for Enhanced Transaction Management

Effective transaction management is crucial for property managers to maintain financial accuracy and transparency. However, without clear delineation of billing responsibilities, managing transactions can be challenging, leading to errors and discrepancies. Recognizing this challenge, Clearing has introduced a powerful solution: Trust Accounting Transaction Field. This feature allows property managers to define billing responsibility for each transaction, ensuring accurate statement generation for property owners and management companies.

Clearing's Trust Accounting Field revolutionizes transaction management by providing users with the tools they need to define billing responsibilities accurately. With this feature, property managers can effortlessly allocate transactions to property owners or management companies, ensuring that each party is billed correctly. By streamlining the billing process and enhancing financial transparency, Clearing enables property managers to optimize their operations and minimize errors.

Simple Steps to Use the Trust Accounting Transaction Field in Clearing

Step 1: Access the Transactions Section in Clearing

Log in to your Clearing account and navigate to the "Transactions" tab in the side menu. Locate the transaction for which you want to define billing responsibility.

Step 2: Define Billing Responsibility

Once you've identified the transaction, look for the “Trust Accounting Field” in line with transaction. Click on the field and choose the appropriate option based on the billing arrangement for the transaction.

If the transaction is billable to the property owner, select the corresponding option to ensure it appears on the owner's statement. Similarly, if the transaction should be billed to the management company, select the relevant option to include it on the management statement. If the transaction should be excluded from billing, select the appropriate exclusion option to omit it from financial reporting.

Step 3: Apply Billing Responsibility to Sub-transactions

The Trust Accounting Field functionality extends beyond individual transactions to sub-transactions as well. For sub-transactions embedded within individual transaction, click on “Open sub-transactions” option.

Now identify the sub-transaction for which you want to define billing responsibility. Click on the Accounting field and choose the appropriate option based on the billing arrangement for the transaction.

Step 4: Review and Confirmation

Double-check your selection to ensure accuracy. Review the transaction details and confirm the billing responsibility assignment. You can also automate this by creating rules using the “by Merchant”, “by Category”, “by Type”, or through the custom rules on transactions or bookings. See the relevant knowledge article on rule creation to learn how this can be set up in Clearing.

Gain the power to precisely allocate transactions between property owners and management companies, ensuring accurate billing and transparent financial reporting utilizing Clearing's Trust Accounting Field. Streamline your billing processes, minimize errors, and optimize your financial management workflows.

Are you ready to take your transaction management to the next level?

Connect with us today for a personalized demo and discover how Clearing's Trust Accounting Field can revolutionize your approach to transaction management.

Explore our comprehensive knowledge base today to dive deep into Clearing's features and embark on a journey to revolutionize your transaction management experience.

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

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