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This guide has been reviewed against our global client base and classed as relevant to all regionscommercial lettings properties in England |
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Available from version 12.179 |
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A configuration option is available to allow for rent to be collected using standard British Quarter Datestraditional English quarter dates
This is set up on the tenancy as the rent collection frequency, it can also be set up for the collection of letting fees and/or management fees
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This rent collection frequency model is typically used for commercial properties, with rent and/or fee collection dates falling on the same dates each year, which are: 25th March 24th June 29th September 25th December
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1. Property record | Note |
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The British Quarter Date traditional English quarter date frequency is set on the tenancy - therefore, on the property, the rent frequency should be set as usual - e.g. per month |
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2. British Quarter Date English quarter date options on tenancy For a new tenancy, on tenancy record: The Initial rent frequency (on the Details tab) should be set to Br. Quarter
The initial rent shows using the amount and frequency set on the property record - the quarterly payment amount is shown below  For all tenancies (new & existing), the Financial & Renewals tab can be used to set the following frequencies: To have one/all the above using British Quarter DatesEnglish quarter dates, select the required option(s) to Br. Quarter  When adding an alteration or renewal, the above collection frequencies are pulled from the tenancy for rent, letting fees & management fees
British Quarter English quarter dates can continue to be used for rent and fees on the alteration/renewal but they can also be changed to another frequency type, as required 
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3. Rent & fee breakdown | Tip |
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Applicable when using Reapit for Client Accounts |
The rent and fee breakdown can be used to view the calculations for the rent & fees for each quarter On the tenancy, Accounts Functions panel (bottom right): The Rent and Fee Calculation breakdown is displayed for the whole tenancy period: For a part-quarter period, rent and fees are calculated using a pro-rata daily rate to calculate the required amounts
This can be seen in the example below for the first quarter being billed - due to the tenancy only starting on 01/03 and the next quarter date being just a few weeks later (on 25/03), a calculation has been made to cover the first few weeks from 01/03-24/03 before the next full quarter starts (from 25/03-23-06) When an alteration/renewal applies, this will also affect how the rent and fees are calculated
This can be seen in the example below for the quarter dated 24/06-29/06, this is due to the tenancy having an alteration from 01/09
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When there is a difference in daily rates between quarters - this is due to quarter lengths varying meaning that the daily rate also needs to vary too
The number of days in each quarter vary between 87 and 97 |
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Configuration option which allows for rent to be collected using standard British Quarter Dates traditional English quarter dates - when enabled, it is set up on the tenancy as the rent collection frequency, it can also be set up for the collection of letting fees and/or management fees |
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