Rental frequencies play an important role in rental processing as they define billing cycles. They are used as a basis for calculating the value of rental billings.
When configuring the Rental Frequency, there are three elements to define (Administration > Setup > Rent > Rental Frequency):
- Frequency Description: This is what the user will see when they choose a frequency.
- Standard Period: The normal period and standard units associated with the frequency (e.g. Day, Week, Month, Year).
- Short Period: The short period and short units associated with the frequency.
Defining Frequency Periods
When defining either the Standard Period or Short Period, start by defining the base time period (e.g. Day, Week, Month, Year), then define the number of base periods within the frequency.
For example, to set a frequency that occurs once every two weeks, the base period would be set to Week, with the Std Unit (number of base periods) set to 2. When it comes to invoicing, the system will calculate how many 2-week blocks are in the invoicing time period, from start to end date.