This is the first time I am setting up Stessa Rent Collection - trying it out for the first time with a new tenant.
In my case, when a tenant moves in NOT on the first of the month:
- I still make them pay a full month’s rent in addition to the security deposit, and the SECOND month, they pay the prorated amount for the first month; this is to make sure they have the funds for a full months rent, but also, in this specific case, this is the required method by the HOA
- The prorated amount I prefer to use is (Annual Rent / 365 * number of days in the first month) - so for the above, it needed to be $1532.71 (18 days out of 365 days in a year; 12 months of $2590/month).
I have not been able to figure out:
- How can I edit the Rent charged amount? It looks like I cannot change the amount - or even the dates (maybe I could have set it to be 31 days into the 2nd month)?
- Is there no way to implement what I have stated above in #1 - where first month is a full month, and the second month is the prorated amount?
- How can I have it calculate the prorated amount to be based off of 365 days in the year?
The only thing I can figure out is to set a negative balance on the 1st day (in my case, March 14) that is the difference (28.99) between the prorated amount I need to charge (1532.71) and what it is calculating (only based off of the month, not 365 days), and ask the tenant to still pay a full month’s rent before move-in, and the 2nd month will reflect the actual prorated amount due on the 1st.
Is this the ONLY way to implement this? Or am I missing something?
Thanks for any help in advance.