Anniversary billing cycle: Weekly, 4-weekly, monthly
Contents
Overview
Storeganise offers various billing cycle options for the Anniversary invoicing mode. Apart from the standard monthly billing cycle, we also provide weekly and 4-weekly choices for anniversary invoicing.
The billing options can be set in your account's Main Settings > General > Invoicing section, under the Advanced invoicing dropdown tab. Choose between week, 4week, or month for the Invoice period. Decide your invoice creation date in the Nb. days to create ahead section.
NOTE: This setting can only be changed by a Storeganise representative. Similar to changing billing methods, changing this setting in an active account with rentals can lead to issues like skipped invoices or overcharging customers. Please update this setting carefully and intentionally.
To update your invoice period setting, contact us at support@storeganise.com with your Invoice period and Nb. days to create ahead preferences. We are here to help with any questions or concerns about modifying this configuration.
Weekly
In weekly billing, each invoice will cover the next upcoming 7 day period.
4-Weekly
4-Weekly billing is very similar to the monthly billing mode. However, rather than operating on a specific day of the month (August 15 to September 15 to October 15, etc.) it functions on a strict 28 day cycle. Crucially, this means you can bill a customer for 13 periods in a calendar year rather than 12 under the traditional monthly cycle.
Monthly
Monthly billing in anniversary mode is based on a day of the month as determined by the customer's move-in date. For example, if a customer moves in on July 20 the system will automatically fix their invoice date to 20 (July 20 to August 20 to September 20 etc).
Advanced
Invoice date
An important setting to be aware of is the unit rental invoice date. Unlike monthly anniversary billing, this setting dynamically changes each billing cycle given the nature of weekly and 4-weekly billing. It is advised to take care when adjusting this setting while operating under either of these invoicing modes.
Rent and UI
It is important to note that a unit's rent depends on the chosen billing cycle. Specifically, the rental amount is per period.
For example, if you are on monthly billing and have a rental cost of $100, and then you switch to weekly billing, the rental cost remains at $100 but it will now be $100 per week, NOT per month. This is another crucial aspect to be aware of if you are seeking to change your billing cycle period in a live account with active rentals.
To help draw awareness to this, you will see certain aspects of the user interface (UI) adjust to accompany the associated billing cycle. This will apply to both the customer booking portal as well as the management portal. See below for some examples.
Invoice generation
Invoices are generated at approximately 10pm local time for your account's timezone setting. This is important to note when considering which billing cycle will be best for your operation.
Not sure what your account's timezone is set to? Reach out to us at support@storeganise.com and we will gladly confirm for you.
API
If you are utilizing our open API, the parameter for billing cycle is:
invoicePeriod