How to Work Out Pro Rata Payments

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In this video, you will learn how to handle pro-rata rent payments, Pro-rata rent payments typically happen at the beginning or towards the end of a tenancy, when the payments received may not be fully aligned with the usual rent frequency (monthly, weekly, or other period). • For example, it is common for many landlords to receive monthly rental payments in advance on the first of the month. If a tenant moves in (or out) part-way through the month, their payment for that period will be less than the full amount. This is what a pro-rata rent payment is: it is a fraction of the rent amount due for the full period, depending on how long the tenant was in the property. If a tenant moves in mid-month, they will pay half of the monthly rent for that first month. This payment may even be received on a different date than usual. • • Hammock allows landlords to reconcile pro-rata payments correctly and keep an accurate record of the arrears balance, using the write off feature using the write-off feature. • • Find out more about how you can manage your bookkeeping: • https://www.usehammock.com/bookkeepin... • • Here’s some more information on how you can automate rent collection: • https://www.usehammock.com/automated-... • _______ • About Hammock • • Hammock is the property finance platform for UK landlords. It was created by Manoj Varsani MBE, a technology expert and a landlord, to help his fellow landlords leave the spreadsheets behind and maximize their profit. Hammock supports landlords in the key areas of property finance management: • • Banking • Connect unlimited bank accounts securely (Hammock is FCA registered no. 911254) • Automatically track rent payments • Get notifications for any late or missing payments • • Bookkeeping • Your payments are automatically reconciled in real-time • Control a running balance of any arrears per tenant • • Tax • Keep an eye on the forecast of your property tax statement and avoid unexpected tax bills • • Financial Performance • View profit and loss per property, as well as LTV, yields, occupancy rates and all key metrics • • Compliance • Store documents and set reminders for the expiry dates (gas certificates, insurance policies and much more) • • Get started with a free 30-day trial • https://secure.usehammock.com/registe...

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