Clearing Accounts

A clearing account is a temporary account containing costs or amounts to be transferred to another account. Funds sit in a clearing account for a temporary period until they can be moved to where they belong.

Trust users can have as many clearing accounts as needed. Please contact RoomBoss to set up any Trust accounts you wish to use.

Using Clearing Accounts

Inside RoomBoss, an example usage might be a Building Clearing account with all costs at the building level paid from this account, then individual account owners charged and the clearing account credited.

Once set up, Clearing Accounts can be credited / debited as any other account. In the below example, we have a clearing account for property Hills Apartments.

A Journal Entry upload to our “HILLS APARTMENTS CLEARING” account for the the bills paid for a month might look like this:

To see this in our clearing account once it's uploaded, navigate to Trust → Clearing Accounts

Choose the HILLS APARTMENTS CLEARING account and Fetch Postings.

We then need to charge these amounts to the apartment owners which might be done with an upload like this:

Once both uploads are done, the HILLS APARTMENTS CLEARING account will look like this:

We can now reconcile the charges by removing (clearing) groups of balanced postings from the account by selecting them and clicking Clear Postings:

Repeat for any group of balanced charges:

It is possible to see postings that have been already cleared by selecting Show Cleared Postings and Fetch Postings:

This will show all cleared postings grouped as they are cleared. It is also possible to unclear postings from this view.

In order to maintain the cleared postings in a balanced state:

• Postings can only be uncleared by unclearing the whole group of balanced postings they were cleared with.

• It is not possible to void a cleared posting. In order to void a posting must be uncleared first.