Tenant Transfer Calculation

Please Note: The calculations in this tutorial assumes your facility does not allow partial payments.

How are the Tenant Transfer numbers calculated?

QuikStor Express calculates the post-transfer amount owed to a tenant, or the amount a tenant owes to the facility, in the following way:

First, any credits or debits are pulled out of the equation.  They will be transferred exactly as they started.

Then the daily rent is calculated for the unit being vacated, and the unit being moved into.  Let’s say, for example, that a tenant is moving from unit 5 with a rent rate of $30.00 per month to unit 12 with a rent rate of $90.00 per month.  The daily rate is calculated by taking the monthly rent (with all monthly charges) and dividing by the number of days in a month, which Express always assumes is 30.  So unit 5 has a daily rate of $1.00 ($30.00 / 30) and unit 12 has a daily rate of $3.00 ($90.00 / 30).

In order to simplify tenants’ accounts, Express keeps the current Paid To Date throughout the transfer.  In order to do that, it calculates the amount of rent that has already been paid for, and subtracts the amount due in the new unit for that same period.  In other words, if it there are six days between now and the tenant’s PTD, then our example tenant has paid for six days’ rent, or in this case $6.00 (6 days x $1.00 = $6.00).  Six days at Unit 12’s Daily rate of $3.00 means that to get to the same Paid To Date, the tenant needs to have paid $18.00 (6 days x $3.00 = $18.00).  They’ve already paid $6, so when the transfer is complete, they will owe the facility $12.00 ($18 – $6 = $12).

The following transfer was performed on 10/25/2013. While this is technically 7 days before the Paid To Date because October has 31 days, QuikStor will calculate this as 6 days before the Paid To Date (25, 26, 27, 28, 29, 30). Note that the Paid To Date (PTD) does not change as a result of the transfer:

transfer_larger

Before the transfer the tenant was paid current in a $1.00 / day unit. After transfer the tenant owes $12.00 because they transferred to a larger unit.Before_Transfer After_Transfer

Paul Mahoney

Technical Support

No related articles found.