Kickstart Your Journey with Clearing: A Comprehensive Guide to Getting Started
Kickstart your journey with Clearing to revolutionize your rental property financial management. Discover step-by-step instructions to get you started now!
May 8, 2023
Benjamin
As an innovative software blending technology and finance, Clearing is excited to launch our financial management solution - built specifically for Short-Term Rentals.
If you're a property manager or real estate investor looking to take control of your financial management, streamline your processes, and gain a competitive edge, then you're in the right place.
This article will guide you through the necessary steps for revolutionizing your rental property financial operations with Clearing, and set the foundation for automating your bookkeeping and accounting processes.
Our Mission
At Clearing, our roots can be traced back to a defining moment of realization: property managers and real estate investors - especially in the Short-Term Rental industry - need a better way to manage their finances and trust accounting.
Born from this insight, we embarked on a journey to revolutionize rental property financial management.
Our mission at Clearing is to provide you with a streamlined bookkeeping process, so you can take permanent vacation from managing your property finances, and focus on the things that matter, like growing your business and providing elegant guest experiences.
Getting Started with Clearing
This step-by-step guide is your key to unlocking the full potential of Clearing's powerful software.
You'll not only save precious time with our efficient onboarding process, but you'll also gain the confidence you need to ensure you are getting the most out of our platform’s capabilities.
Ready for a smoother, more streamlined financial management experience?
Dive in to this article, complete the onboarding, and let Clearing elevate your approach to rental property financial management.
Step 1: Navigate to www.getclearing.co and click “Get Started”
Throughout our landing page, there are various buttons that say “Get Started”. Find whichever you prefer, and click it to begin the process!
Step 2: Create your account details
After clicking the “Get Started” button, you are now ready to enter your credentials for logging into our system. You can use any email here, just understand that this user will become the account admin - you will be able to add new users and adjust permissions through the platform later on.
Step 3: Confirm your email
Once you have entered your desired account information, you will be asked to confirm your email. This is a verification step to ensure you entered your email in properly.
Step 4: Start your application
Once you have entered your email and password details, and verified your email, you are now ready to start the application process.
Clearing needs to collect basic business and personnel information to ensure that we comply with the standards set out by our backing financial institution, Evolve Bank and Trust.
First, you will need to provide your legal first and last name:
Step 5: Identity verification
Identities need to be verified to help the fight against funding terrorism and money laundering. Federal law required all financial institutions to obtain, verify, and record information that identifies each person that opens an account with Clearing. By providing the last four digits of your social insurance number, date of birth, and residential address, we are able to verify your information successfully.
Step 6: Provide some basic business information
In order to ensure that your business complies with the legalities associated with operating a business in your jurisdiction, we need to know your business designation. Currently, we are able to accept the following business types:
- Corporation
- LLC
- Partnership
- Sole Proprietorship
- Trust
- Unincorporated Association
Select your business type from the list of accepted business designations, and continue to fill out the business information required as per your business type.
When completed, click “Continue” to proceed.
Step 7: Verify your business
In order to verify your business, we need to collect the EIN number and the physical address of the business.
Step 8: List all beneficial owners
In order to comply with regulatory requirements, we need to identify anyone who owns 25% or more of the organization. Please add them in the form, or skip if you don’t have any beneficial owners with 25% or more ownership of the organization.
Once completed, you can certify that the information provided is complete, and click “Continue” for the final review and submission.
Step 9: List all beneficial owners
As a final step, you can now review all the details. Once confirmed, click “Confirm & Submit Application” in order to process the application.
The information submitted gets sent to our banking partner, Evolve Bank & Trust.
While this does not mean you need to switch banking providers, they still like to confirm the details pertaining to your account in order to allow the use of Clearing’s services. If they need more information, we will get back to you. Review times can vary, but in general, you can expect to hear back from them within 1-2 business days regarding your approval.
While the approval process is underway, you can start configuring your account.
Step 10: Select your Property Management Platform
Choose your property management platform from the dropdown list of options provided. Fill in the required fields based on the property management platform that you choose. Proceed by clicking the “Continue” button in order to complete the rest of your onboarding.
Step 11: Pull your properties into Clearing
Once the integration is competed, you should now see each listing in the popup on your screen.
From here, you can name each property as an assets for internal reference, and create segmented groups of listings (for example, all listings in one building).
Step 12: Connect your Stripe account
Follow the button and prompts for connecting your Stripe account. You can add multiple Stripe accounts if you have more than one.
Step 13: Connect your Airbnb account
Install the Chrome extension, called GetClearing, and open your Airbnb account in a different browser tab. Ensure you are logged into Airbnb as you complete the extension installation. If it doesn’t work automatically, you can click the “Refresh” button to manually trigger the integration.
To confirm the connection occurred properly, you can try checking the status. Once confirmed, click “Continue” to go to the next onboarding step.
Step 14: Connect your QuickBooks account (if applicable)
If you are using QuickBooks and intend to continue, click the “Connect” button and follow any prompts that come with it. Once completed, click “Continue” to proceed with your onboarding.
Step 15: Add any existing bank accounts or credit cards
In order to centralize all transactions, we use Plaid to connect all your bank accounts and credit cards. There are no limits to the amount of cards or bank accounts you can connect, but general practice would be to only link cards or bank accounts that are relevant for the business.
Step 16: Map listings and groups to QuickBooks classes (only if you have connected QuickBooks previously)
Create a mapping between your QuickBooks classes and your listings (assets in the platform). This will significantly improve the categorization and bookkeeping aspects within QuickBooks, when reconciling transactions.
Step 17: Set up Two-Factor Authentication (2FA)
We take security very seriously and we highly recommend that you implement multi factor authentication in order to ensure your information is protected with the highest level of security.
Step 18: Celebrate!
You have now completed your onboarding into Clearing!
Click “Go to the dashboard” in order to start exploring the system!
Ready to Streamline Your Rental Property Financial Management?
You've taken the first step towards an easier, more efficient approach to managing your rental property finances by reading this guide. Now, it's time to act. If you're ready to experience the power of Clearing, our team is waiting to help you get started. Reach out to our sales team now for personalized assistance, tailored to your unique needs.
If you haven’t started already, and you are confident in getting started on your own, you can follow the steps in this article and sign up directly: Get Started!
Remember, at Clearing, our aim is to enable you to take a permanent vacation from managing your property finances, allowing you to focus on what really matters, like growing your business and providing exceptional guest experiences.
Stay tuned for more knowledge articles and exciting product announcements that will further enhance your financial management processes!
Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.
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