How to Create a Bespoke Rent Collection Frequency

Arthur allows a custom rent collection frequency to be set up outside of normal frequencies used in the industry.

For example, if a student tenant moved into your property in October and you agreed they could pay three months of rent in January, three months in April, and three months in July in line with a student loan.

Step 1

To set up a bespoke frequency go to Financials > Custom Frequencies:

 

Step 2

Select Add Custom Frequency:

Choose either:

  • calandar months – used when building legal quarters
  • recurring start dates – used when collecting rents on odd dates. e,g student collections

 

Calandar months

“For Legal Quarter Collection Frequency, Select “Calendar Months” and “Put in Day and Multiplier which will be 1”

The traditional English quarter days are: March 25, June 24, September 29 and December 25. In Scotland the traditional quarter days or term days are: 28 February, 28 May, 28 August, 28 November. The modern quarter days: 1 January, 1 April, 1 July, 1 October.

 

Recurring start

This works on multiples of monthly rent

Enter:

  • The month you are collecting on (e.g. 1st collection = 3rd month, 2nd collection= 6 month, 3rd collection= 9 month)
  • Day in the month the rent will be collected
  • A multiple of the months rent that needs to be collected each time (e.g Month 3 = rent *3, Month 6 = rent *3, Month 9 = rent*3 )  *Arthur currently only offers a multiple of the monthly rent by a whole number not a fraction*

 

Where to view new frequency

Now, when you go to create a tenancy, you can select your bespoke frequency rate from the “Rent Frequency” drop down menu.

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