How to allow tenants to pay bi-weekly?
We have taken over 3 commercial properties who have lease terms allowing them to pay in 2 equal payments 2x/month (i.e. 1st and 15th or 15th and 31st). Is there a way to set up the tenants payment schedule to reflect this? I We are supposed to charge a late fee if they miss either of the payment dates for the portion of the rent they are late on.
I suppose I could hack the system and add the tenants 2x to the property each tenants paying 1/2 the rent on different due dates, but I think that could get messy if I ever needed to provide them with statements.
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Hey Kelcy, we're going to have a more automated way of handling different recurring schedules very soon. It's almost complete. However, in the meantime, you can always queue up a bunch of bi-weekly charges on the account with the bill date and due date post-dated. These won't show as billed and or due until those respective dates. It will just add the future receivables.
I wouldn't add multiple tenants, I'd do it like above, OR, add the full amount of the rent, have it recur monthly, and allow the tenants to submit 2 payments (partial payments). The only downside here is that you wouldn't get the late rent tracking, if you needed it for whatever reason.
Hope that helps. When we have the custom recurring charges available, you'll be able to add bi-weekly receivable charges to the system and this will work exactly as you expect. Thanks!
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