Contract Rate Algorithm Examples for Weekly Billing

This topic provides examples of the contract rate algorithms when the Billing Frequency is Weekly.

Example 1

On the Rental Counter, a new contract is created with these settings:

Billing Frequency is Weekly
Prorate End of Billing is cleared
Rate is $200
Unit of Rate is Month
Quantity is 1
Start Date is 8/1/2020

The contract is checked out on 8/1/2020 and billed through 8/7/2020, which results in a bill of $46.00 for one week.

Weekly rate is calculated as follows: (($200 * 12 months) / 365.25 days) * 7 days = $46.00 (rounded)

The contract is then checked in on 8/20/2020, which results in a total bill of $92. The bill is calculated by the system as follows:

Bill from 8/8/2020 to 8/14/2020 (one week) for $46
Bill from 8/15/2020 to 8/21/2020 (one week) for $46

Example 2

On the Rental Counter, a new contract is created with these settings:

Billing Frequency is Weekly
Prorate End of Billing is selected
Rate is $200
Unit of Rate is Month
Quantity is 1
Start Date is 8/1/2020

The contract is checked out on 8/1/2020 and billed through 8/7/2020, which results in a bill of $46.00 for one week.

Weekly rate is calculated as follows: (($200 * 12 months) / 365.25 days) * 7 days = $46.00 (rounded)

The contract is then checked in on 8/20/2020, which results in a total bill of $85.43.

The bill is calculated by the system as follows:

Bill from 8/8/2020 to 8/14/2020 (one week) for $46
Bill from 8/15/2020 to 8/20/2020 (6 days) for $39.43
($46 weekly rate / 7 days) * 6 days = $39.43

Example 3

On the Rental Counter, a new contract is created with these settings:

Billing Frequency is Weekly
Prorate End of Billing is cleared
Rate is $5
Unit of Rate is Day
Quantity is 1
Start Date is 8/1/2020

The contract is checked out on 8/1/2020 and billed through 8/7/2020, which results in a bill of $35.00 for one week.

Weekly rate is calculated as follows: $5 * 7 days = $35.00 (rounded)

The contract is then checked in on 8/20/2020, which results in a total bill of $70. The bill is calculated by the system as follows:

Bill from 8/8/2020 to 8/14/2020 (one week) for $35
Bill from 8/15/2020 to 8/21/2020 (one week) for $35

Example 4

On the Rental Counter, a new contract is created with these settings:

Billing Frequency is Weekly
Prorate End of Billing is selected
Rate is $5
Unit of Rate is Day
Quantity is 1
Start Date is 8/1/2020

The contract is checked out on 8/1/2020 and billed through 8/7/2020, which results in a bill of $35.00 for one week.

Weekly rate is calculated as follows: $5 * 7 days = $35.00 (rounded)

The contract is then checked in on 8/20/2020, which results in a total bill of $65. The bill is calculated by the system as follows:

Bill from 8/8/2020 to 8/14/2020 (one week) for $35
Bill from 8/15/2020 to 8/20/2020 (6 days) for $30

Example 5

On the Rental Counter, a new contract is created with these settings:

Billing Frequency is Weekly
Prorate End of Billing is cleared
Rate is $25
Unit of Rate is Week
Quantity is 1
Start Date is 8/1/2020

The contract is checked out on 8/1/2020 and billed through 8/7/2020, which results in a bill of $25.00 for one week.

The contract is then checked in on 8/20/2020, which results in a total bill of $50. The bill is calculated by the system as follows:

Bill from 8/8/2020 to 8/14/2020 (one week) for $25
Bill from 8/15/2020 to 8/21/2020 (one week) for $25

Example 6

On the Rental Counter, a new contract is created with these settings:

Billing Frequency is Weekly
Prorate End of Billing is selected
Rate is $25
Unit of Rate is Week
Quantity is 1
Start Date is 8/1/2020

The contract is checked out on 8/1/2020 and billed through 8/7/2020, which results in a bill of $25.00 for one week.

The contract is then checked in on 8/20/2020, which results in a total bill of $46.43.

The bill is calculated by the system as follows:

Bill from 8/8/2020 to 8/14/2020 (one week) for $25
Bill from 8/15/2020 to 8/20/2020 (6 days) for $21.43
($25 weekly rate / 6 days) * 7 days = $21.43

Example 7

On the Rental Counter, a new contract is created with these settings:

Billing Frequency is Weekly
Prorate End of Billing is cleared
Rate is $30
Unit of Rate is 28 Day
Quantity is 1
Start Date is 4/2/2021

The contract is checked out on 4/2/2021 and billed through 4/10/2021, which results in a bill of $15.00 for three Weekly periods. The bill is calculated as follows:

Bill from 4/2/2021 to 4/8/2021 (one week) for $7.50 (7 days * ( rate $30 / 28))
Bill from 4/9/2021 to 4/15/2021 (one week) for $7.50 (7 days * ( rate $30 / 28))