When creating a new lease that starts mid-month, Property Matrix automatically calculates a prorated rent amount based on the exact number of days between billing cycles.
Calculation Method:
The system prorates rent according to the days remaining from the lease start date to the next billing cycle.
Example:
Lease created on June 5th.
Billing date set for the 1st of each month.
Next billing date: July 1st.
Calculation:
June has 30 days.
4 days (June 1-4) have already passed.
Remaining days for June: 30 - 4 = 26 days.
Prorated Rent Amount:
This calculation ensures tenants are billed accurately based on their actual occupancy period.