Paid to Dates, Effective Paid to Dates and Part Payment Amount Explanations

Paid to Dates, Effective Paid to Dates and Part Payment Amount Explanations

Definition: The Paid To Date represents the end date of the most recent rental period that you have paid to in full. To ensure compliance with your Occupancy agreement, you are required to pay the exact amount due for each rental period.

Examples:
  1. Scenario 1: Full Payment
    1. Occupant's current Paid To Date: Up to and including 19/04/2024 with $0.00 part payments.
    2. Weekly rent: $750
    3. Next rental period: 20/04/2024 to 26/04/2024
    4. Payment: Occupant pays $750 exactly.
    5. Outcome: Paid To Date updates to 26/04/2024 with $0.00 part payment.
  2. Scenario 2: Part Payment
    1. Occupant's current Paid To Date: Up to and including 19/04/2024 with $0.00 part payments.
    2. Weekly rent: $750
    3. Next rental period: 20/04/2024 to 26/04/2024
    4. Payment: Occupant pays $300.
    5. Outcome: Paid To Date remains as 19/04/2024 but will show a part payment of $300.

Effective Paid To Date:

Definition: If enabled, the Effective Paid To Date will show the date that the you are effectively paid up to. This date may differ from the Paid To Date if there are part payments made. It reflects the actual date up to which you are covered by your payments.

Examples:
  1. Scenario 1: Full Payment
    1. Occupant's current Paid To Date: Up to and including 19/04/2024 with $0.00 part payments.
    2. Weekly rent: $750
    3. Next rental period: 20/04/2024 to 26/04/2024
    4. Payment: Occupant pays $750 exactly.
    5. Outcome: Paid To Date updates to 26/04/2024 with $0.00 part payment.
    6. Effective Paid To Date: 26/04/2024
  2. Scenario 2: Part Payment
    1. Occupant's current Paid To Date: Up to and including 19/04/2024 with $0.00 part payments.
    2. Weekly rent: $750
    3. Next rental period: 20/04/2024 to 26/04/2024
    4. Payment: Occupant pays $300.
    5. Outcome: Paid To Date remains as 19/04/2024 with a part payment of $300.
    6. Effective Paid To Date: 22/04/2024 (calculated as 2.8 days later from 19/04/2024)

Part Payment:

Definition:  A part payment occurs when the you do not pay the exact amount owed for the current rental period. Part payments may affect the Paid To Date and the Effective Paid To Date, as they indicate partial fulfillment of the rental payment obligation.

Examples:
  1. Scenario 1: Full Payment
    1. Occupant's current Paid To Date: Up to and including 19/04/2024 with $0.00 part payments.
    2. Weekly rent: $750
    3. Next rental period: 20/04/2024 to 26/04/2024
    4. Payment: Occupant pays $750 exactly.
    5. Outcome: Paid To Date updates to 26/04/2024 with $0.00 part payment.
    6. Effective Paid To Date: 26/04/2024
  2. Scenario 2: Part Payment
    1. Occupant's current Paid To Date: Up to and including 19/04/2024 with $0.00 part payments.
    2. Weekly rent: $750
    3. Next rental period: 20/04/2024 to 26/04/2024
    4. Payment: Occupant pays $300.
    5. Outcome: Paid To Date remains as 19/04/2024 with a part payment of $300.

Understanding these terms helps will help you manage your rental payments effectively and maintain compliance with your Occupancy agreement. For more detailed information, please refer to your specific rental documentation or contact our customer support team.

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