Source : Webster's Revised Unabridged Dictionary (1913)

Clearing \Clear"ing\, n.
   1. The act or process of making clear.

            The better clearing of this point.    --South.

   2. A tract of land cleared of wood for cultivation.

            A lonely clearing on the shores of Moxie Lake. --J.
                                                  Burroughs.

   3. A method adopted by banks and bankers for making an
      exchange of checks held by each against the others, and
      settling differences of accounts.

   Note: In England, a similar method has been adopted by
         railroads for adjusting their accounts with each other.

   4. The gross amount of the balances adjusted in the clearing
      house.

   {Clearing house}, the establishment where the business of
      clearing is carried on. See {above}, {3}.

Source : WordNet®

clearing house
     n : a central collection place where banks exchange checks or
         drafts; participants maintain an account against which
         credits or debits are posted