Let’s break down how you update your Tenant’s (i.e. Debtor’s) move-out date to get to a more accurate calculation of rental debt owing to you.

How Openroom calculates the amount owing by the Debtor to the Creditor

<aside> 💡 Who can use this feature

• Anyone using Openroom’s Rental Debt Ledger product.

Subscription Plans

• Anyone on the Openroom Community plan
• Anyone on the Openroom Plus plan </aside>

Contents

Why do I need to let Openroom know about the move-out date?

On many Court Orders and/or Tribunal Decisions, there is a per-day rate that is to be calculated when a Debtor stays in the property beyond the dates indicated by the courts.

In these cases, you want to make sure you are adding those additional days onto the total amount owing to you.

The general calculation we do at Openroom for amounts owing to you is:

Total Debt Owing = principle listed in the court order + per-day rate + filing fee + interest

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See it in more details on this page

How to Calculate Amount Owing

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You don’t want to miss out on the per-day rate!

Why is this important?

Openroom sends rental debt owed to you (i.e. the Creditor) on the 15th of each month to Equifax.

You can update Openroom at least once a month before the 15th with latest occupancy status and move out date to ensure that we send the most up to date outstanding balance to Equifax.