How to Update Debtor Move-Out Date
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.
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How Openroom calculates the amount owing by the Debtor to the Creditor
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
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
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.
Without confirmation, what we report to Equifax may be lower than the actual outstanding balance owed to you.
How do I update the per-day rate?
Log in to Openroom
Click on “update move out date” to update the status and/or the date
When should I do the update?
- If the tenants have not moved out, keep coming back into the system to update the dates. You can do this each day up until the move out date to keep it up to date. Generally, members will do this once a month before the 15th of the month as that is when we send it to Equifax.
- If the tenants have moved out, you just need to do this one time and the Openroom Rental Debt Ledger system will update accordingly.
How do I dispute?
There may still be instances where you believe we’ve calculated wrong. Please reach out to us at [email protected].