Hi, here’s the problem in a nutshell:
Tenant moves in halfway through Februrary let’s say the 15th, and my rent is $1500/mo
150012=18,000/yr 18,000/365= 49.32/day 49.3214= 690.48 due
The program only takes the monthly rent and divides it by number of days in the month and since there are three different possibilities for days in the month the program is forced to change the daily cost from month to month which is inaccurate accounting.
1500/28=53.57/day 53.57*14=749.98 incorrect
Now another problem is I can not directly change that number on the tenant’s page. I have to change the rent rate to get that number right but then all following months rent is wrong. So the only thing to do is make up some bs credit to get rid of the remaining balance. Which I get, but looks strange to the accountant and anyone else who needs technical reporting.
Typo correction:
150012=18,000/yr 18,000/365=49.32/day 49.3214=690.48 due
for some reason asterick doesn’t show up as my operator
@hank.allen - I find the following to work for me. When recording a new tenant moving in in the middle of the month the contract states when the actual full rent will take affect, usually the 1st of the month. (Elsewhere in the contract I record & note that a prorated rent is received to account for that.)
I then add a charge of the exact prorated rent (no calculation is necessary), and put the description. I also add a separate charge for the deposit. This way the corresponding deposits in the bank account will link to those amounts. Then, the monthly rent will always record the accurate rent amount to be charged and should link to the amount that is deposited.