Understanding your statement
September 11, 2020
Understanding your Owner Statement will ensure you keep up to date with your property and maintain an accurate payment record for each rental period.
A whole rental period is the frequency in which the tenant pays their rent (weekly, fortnightly, monthly).
A part rental period is a section within that period ( e.g. 3 days of a weekly whole rental period).
It is important that PropertyMe displays the part payment rather than the approximate day for accurate record keeping. In the example above Amanda’s daily rent works out to be to $14.29. As a result of that the $50 she has paid does not exactly match up to 3 days or 4 days of rent. For PropertyMe to display an exact date would be incorrect. If we round down the tenant would be missing out, if we rounded up, the owner would be missing out.
Paid to date
The Paid to Date you will see around PropertyMe refers to the final date of a fully paid period.
For Example: If a tenant has a Paid to Date of the 2nd of November with $100.00 Part Paid and Weekly Rent of $200.00. If they pay another $100.00, when this is added to the Part Paid amount it will advance the Paid to Date to the 9th of November as the agreed rent has been paid and has completed the next period. So this will now display as Paid to Date of the 9th of November with $0 Part Paid.
EFFECTIVE PAID TO DATE
The Effective Paid to Date which you will see in Owner Statement or in the Contacts section refers to the Paid to Date plus any Part Paid Amounts.
For Example: If a tenant has a Paid to Date of the 2nd of November with $100.00 Part Paid and Weekly Rent of $200.00 which is a Daily Rate of $28.57. With their Part Paid amount of $100.00, this is seen as a payment of 3.5 days of the Weekly period. So they have paid to the 2nd of November in full but another 3.5days of Rent. We then round up to the next full day. So they have effectively paid to the 6th of November including the Part Paid amounts. Even though they haven’t technically paid that full day of rent, they have made a part payment towards that day so a tribunal member would see that as a payment attempt.
PART PAID AMOUNT
Part Paid refers to an amount paid beyond a set period amount.
For Example: A tenant has rent of $300.00pw but paid $310.00. This money would be disbursed to the owner to clear it from your trust and will be marked as a Part Paid amount towards the new period.
You may come across this in the 2 examples below:
Here the tenant has completed a period of payment taking their Paid to Date to the 9th of November. Meaning that they have paid for all periods until the 9th of November. They have $281.00 as a part paid amount to their next period (Their weekly rent is $400).
As a Further Example: As the Daily rate of rent is $57.14, then this Part Paid amount of $281.00, in PropertyMe, is seen as 4.92 days. We round this to 5 full days as they have made that ‘effort’ to pay towards a full day.
Understanding your PropertyMe statement can help you, as a property owner or tenant, know the payment terms for the rental period.
