Why Property Manager does Proration of Payment Amount when the Lease is Starting in the Middle of the Month ? (Doc ID 2743454.1)

Last updated on JUNE 17, 2022

Applies to:

Goal

Why Property Manager does Proration of Payment Amount When the Lease is Starting in the Middle of the Month ?

Example:
Lease has Billing Term with Below details:
Start Date: 05-Jan-2021
End Date: 04-Jan-2022
Schedule Day: 5
Actual Amount: 5000
Frequency: Monthly

Result:
13 Cash Items over 13 periods (Months) are generated:
1st Period ==> from 05-Jan-21 Until 31-Jan-21 (27 Days)
11 Periods ==> divided equally from Feb-21 until Dec-22 (11 Full Periods "Months" )
13th Period ==> from 01-Jan-22 Until 04-Jan-22 (4 Days)

Solution

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