Does Monthly Rent need to be set up differently

If a tenant has chosen to pay monthly, you will need to change the way the tenant is set up. This is because Monthly is normally calculated on the daily amount of rent x by 365 days and divided by 12.

Which is different from making it just 4 weeks' rent.

In the Tenant Edit screen, put in a new rent change with the amount and the new frequency.

Monthly_rent.PNG

NOTE: If this is an existing tenant and you are changing from weekly, then you will need to do a rent change back to daily and then another rent change to monthly in order for this to work. (remember to line up your dates) 

Under Payment Details, change the amount to the monthly amount and the frequency to M

monthly_rent_1.PNG

Save and close

Then you receipt as normal. The only report that you can use now is the Tenancy Details report, the Summary of Rent report will not work with Monthly as it is designed around NZ Tribunal and they only do weekly or fortnightly rental agreements. This may change in the future.

 

How do you work out rent per day? It works like this: take the monthly rent and multiply it by 12 to find the total yearly rent. Then divide the sum by 365 to determine the daily rent. Once you find the daily rent, you multiply it by the number of days the tenant will occupy the unit.

If you have a weekly rent and wish to make your payments monthly then there is a formula we use to do this calculation. We multiply the weekly rent by the number of weeks in a year. This gives us the annual rent. We divide the annual rent into 12 months which gives us the calendar monthly amount.

If you have a weekly rent and wish to make your payments monthly then there is a formula we use to do this calculation. We multiply the weekly rent by the number of weeks in a year. This gives us the annual rent. We divide the annual rent into 12 months which gives us the calendar monthly amount.

 

Reaching out to our support team:

When creating a support request please ensure you have placed as much information as possible to help the support agent to investigate your query. I.e., full contact details, contact number, company name and items regarding the issue you are experiencing. I.e., tenant/owner/supplier/property name, a copy of a report (if possible).

If you require additional assistance, click here to submit a support request or click on the pink/white Help button from within Palace.

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