The *Standard Periods* and *Short Periods* are used to establish the rental billing frequency blocks that are used to define the rental billing value. For both options, you need to define the base period type (*Day*, *Week*, *Month* or *Year*) and the number of those periods that make up a single frequency period.

For example, if the company wants to bill on a bi-weekly basis, they would set the base period *Week* and the number of units to 2. When the period under review does not fit within a *Standard Period*, the remainder is evaluated using the *Short Period*. If the period is being used for rental billing purposes, the system will determine the number of complete *Standard Periods* that are available, and the remainder will be evaluated using the *Short Period*.

# Example 1

The period under review runs August 6^{th} through August 19^{th}. The frequency that has been setup is defined with a *Standard Period* of 1 Week and a *Standard Unit* of 1. The billing rate is set to $200 for the *Standard Period* of a 1-week block. The system will calculate the number of 1-week blocks between the start date and the end date, which in this case is 2. Therefore, the rental invoice value will be 2 frequency periods, each $200, resulting in an invoice of $400.

# Example 2

The period under review runs August 6^{th} through August 19^{th}. The frequency is setup with a *Standard Period* of 1 Week and a *Standard Unit* of 2. The billing rate is set to $200 for the *Standard Period* of a 2-week block. The system will now calculate the number of 2-week blocks between the start date and the end date, which in this case is 1. Therefore, the rental invoice value will be 1 frequency period of $200, resulting in a total of $200.

# Example 3

The period under review runs August 6^{th} through August 22^{nd}, which is a period of 2 weeks and 3 days. The frequency is set to a *Standard Period* of 1 Week and a *Standard Unit* of 1. There is also a S*hort Period* of Days, with a *Short Unit* of 1. The billing rate is set to $200 for the *Standard Period* of a 1-week block. The system will begin by calculating the number of complete *Standard Periods* that are available. In this case, there are 2 *Standard Periods* which takes the system up to August 19^{th}.

The remaining period, from August 20^{th} to 22^{nd}, is less than the *Standard Period* of 1 week. As a result, the system must evaluate the remaining period using the *Short Period* definition. In this example, there are 3 *Short Periods* in the remaining period.

When calculating the rental billing, the system will use the number of *Standard Periods* and multiply it by the rate charged. The system will then use the defined rate (in this case, $200) to calculate the pro-rated daily rate. The pro-rated value for this example will be $28.57 – the standard rate of $200/week divided by 7 days. The pro-rated value is then multiplied by the number of *Short Periods* to establish the rental billing value for the *Short Period*.

# Example 4

The period under review runs August 1^{st} through September 7^{th}. This covers a period of 5 weeks and 3 days. The frequency setup is configured as follows:

- The
*Standard Period*is based on a 1-week period, with a*Standard Unit*of 4. This means that the system will view the*Standard Period*in 4-week blocks. - The
*Short Period*is set to 1 week, with a*Short Unit*of 1. This means that the system will evaluate the*Short Period*in 1-week blocks. - The billing rate is set to $600 for the
*Standard Period*of 4 weeks.

The system will again begin by calculating the number of complete *Standard Periods* that are available in the review period. In this case, there is a single *Standard Period*. The system will then calculate the number of complete *Short Periods*, which in this case is 1. This leaves 3 days remaining. Since the *Short Period* has already been set to a 1-week block, a minimum of 1 week will be charged. The system will extend the period to complete the next full *Short Period*. This will now effectively move the end date from September 7^{th} to September 11^{th}.

When calculating the rental billing amount, the system will first apply the rate for the full periods, then calculate the pro-rated billing amount for the *Short Period*.

**Note:** The system will retain the fact that the billing was carried out until September 11^{th}. Should further billing be carried out, it will be evaluated from September 12^{th} onward. This ensures that the customer will not be double billed for a period.

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