Accounting Terms & How to Fix Mistakes
Created: 5/18/2023
What is the Paid Through Date?
- The "Paid Through Date" is what determines the upcoming invoices.
- If your customers are due on the 1st of the month, the paid through date is the last day of the month. Rent will be invoiced on the 1st of the following month.
- If your customers are invoiced on the anniversary date - the paid through date is one day prior to the lease start day of the following month.
- If a customer makes a partial payment, Unit Trac will determine the paid through date based on the invoice item that is paid in full. For example, if a customer owes $50 for April, but pays $65 - Unit Trac will record the payment with a paid through date of April 30 and apply the additional $15 towards May rent.
- Strike Through is the option to waive an invoice item (rent, late fee, or other fees).
- When starting a lease: this can be applicable to the deposit, waiving a couple of days if you prorate or if you offer a discount.
- If you offer a discount (pay for 11 months and get the 12th month free), using 'Strike Through' will allow you to waive the rent for the 12th month and the paid through date will adjust accordingly.
- When issuing a refund: this will keep a record of the invoice item, but will remove the fees associated with the invoice item.
- When prorating is enabled, Unit Trac will suggest a prorated amount for a lease's initial payment that pays the lease through the remainder of the current month/period. The next invoice will be due on the 1st of the month.
- If a business does not enable prorating, a customer will and pay a full month upfront and then they will be invoiced on the start date of each month thereafter. For example, if a customer starts on the 22nd of the month, they will be invoiced on the 22nd of each month.
- Yes, your business practice may be to prorate, but you may want to make an exception for a customer. In this scenario, you may turn the proration off on an indiviual lease basis.