Feature Release: Introducing Split Transactions for Accurate Bookkeeping in Clearing

Discover Clearing's Split Transactions feature and maintain accurate bookkeeping by splitting mass purchases into multiple categorized transactions.

August 14, 2023


Feature Release: Introducing Split Transactions for Accurate Bookkeeping in Clearing

Managing financial transactions that involve bulk payments for multiple expense line items belonging to multiple properties can be a complex task. When a single transaction, such as a credit card payments encompasses purchases for various properties, accurately allocating each expense line item to distinct transactions becomes crucial for maintaining precise bookkeeping. Existing systems often provide an overall view of each transaction, but lack individual insights for how much of that transaction should be allocated to each property, which hinders keeping accurate records per listing or property group. To address this challenge, a solution is needed to empower users with the ability to easily split transactions, whether revenues or expenses and allocate them to specific listings, enabling accurate books per property and facilitating precise financial operations and reconciliation processes.

Clearing offers a comprehensive solution to this challenge by introducing the “Split Transactions” feature in its interface. This feature enables users to seamlessly split a transaction and allocate specific expenses between multiple properties, ensuring accurate books per listing. Clearing's Split Transactions feature streamlines financial operations, enhances trust accounting and enables users to split an expense to reconcile it in different accounts.

Clearing's Split Transactions feature is a powerful tool that allows managing and splitting expenses between properties or individual transactions. Within the Clearing platform, users can select the desired transaction that they want to split, whether a revenue or an expense transaction, and complete the update in a few seconds. Using the Split Transactions feature, they can enter the desired allocation amounts for each property or category. The platform automatically calculates the remaining balance to be allocated, ensuring precise expense distribution. Users can continue adding allocations until the remaining balance reaches zero, indicating that the transaction has been fully allocated.

Say goodbye to the complexities of managing bulk payments for multiple properties and welcome a streamlined process that allows you to split transactions to allocate each expense line item to individual categories or assets, ensuring accurate bookkeeping.

Take control of your financial transactions and unlock a new level of precision with Clearing's Split Transactions feature!

To see Clearing's Split Transactions feature in action and learn how to leverage its benefits, we invite you to connect with us for a free personalized live demo.

Eager to learn how to use Clearing's Split Transactions feature like a pro!?

Explore our knowledge article to uncover valuable insights and step-by-step instructions on splitting transactions, allocating expenses between properties, and maintaining accurate books per listing to enhance automated transaction management and streamline financial operations.

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

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