This feature gives you, the operator, the power to set a specific date on which all bookings will renew, post move-in. Keep in mind, this feature applies only to monthly bookings.
To give you a clearer idea, if you set the custom renewal date to the first of every month, and a customer initiates a booking on the 16th of June, the first invoice period will be from June 16th to July 1st. After this, the next cycle will commence from the 1st to the last day of the month.
Important note: With this option, the discount is only applied to the first period. Example: Discount is one-time 100 €, the booking starts on 15 June and the billing period is set to the 1st of the month. If the amount of the first invoice is less than the discount, the rest of the discount is lost.
Usage of Custom Renewal Date: Step-by-Step Guide
Note: You can define custom renewal dates separately for bookings created through the manager and bookings created through the booking portal on location level.
To make use of the Custom Renewal Date for bookings created through the Manager, follow these simple steps
Navigate to Locations and select the location where you want to enable the custom renewal date
In the card "Manager Billing", click on the edit pencil icon
Select "Custom" and choose a custom renewal date
To activate the Custom Renewal Date for bookings created through the Booking Portal, follow the steps below:
Navigate to Booking Portal > Location Settings and select the location where you want to enable the custom renewal date
In the card "Booking Portal Billing", click on the edit pencil icon
Select "Custom" and choose a custom renewal date
Use Case
Assume you want to keep your rental cycles aligned with the calendar month to simplify your accounting process. In this case, you set the Custom Renewal Date to the 1st of each month. A customer rents a unit on June 15th. The software will calculate the rent for the period of June 15th to July 1st, then start a new cycle from July 1st to July 31st, aligned with the calendar month.
Conclusion
The Custom Renewal Date feature provides a simple way to manage your monthly bookings. By allowing you to align rental periods with calendar months, this feature streamlines your billing process and makes your rental management more efficient. Remember, this feature only applies to monthly rental periods.