New Lease Option - Bi-Monthly (eg 1st & 15th of month)

In response to user feedback (thanks Deb!) we've made some changes and additions to the Lease Edit screen.

We've renamed the "Bi-Weekly" option to "Every Two Weeks" - this option will calculate due dates every 14 days.

We've also added a new option called "Bi-Monthly" - this is where you need the due dates of a lease to be twice monthly on specific dates.  Previously the bi-weekly option would sometimes work for leases where the rent was due on the 1st and the 15th (just because that's often where the 14 days would fall), but not always.  Certain long or short months would cause this to stray.  The bi-monthly option corrects this flaw.

When you select Bi-Monthly in the lease editor, you'll see that you have the option to select two days of the month.  Usually you'd select the 1st and the 15th, as this is the most common bi-monthly scenario.  Other common ones are the 15th and the 30th, but you can choose any two days - so this is really much more flexible.

 

In cases where a day you've selected doesn't exist for that month (i.e February or months without the 31st), the system will use the end of month as a replacement.  So if you choose the 29th, it will revert back to the 28th for February if the year isn't a leap year. Similarly, if you choose the 31st, it will revert back to the 30th for months where 31 is not applicable.

Tip: Make sure you select your "First Rental Payment Due On" date to be the first bi-monthly day.  For example, if your rent is due on the 1st and the 15th, set the first payment due on to the 1st, and click Refresh in the Payment Schedule to verify.