Finally! You can now update and adjust your late fees based on a max allowable charge. This way you can charge daily late fees without exceeding a total monthly amount set by you.
Add or Update Late Fee Settings
Late fee settings are established at the property and occupant level.
- Property or Association Page – Late fee settings here establish the settings for new tenants or homeowners when they are moved in. Updating late fee settings at the property level does not affect the late fee settings for any current occupants.
- Tenant or Homeowner (Occupant) Page – When posting late fees, the system looks at the late fee settings on this page. These settings can be different from the late fee settings at the property level.
Late Fee Types
Select how late fees charge on a per property or per resident basis.
- Flat Fee – A flat, fixed amount that is charged if the unpaid balance subject to late fees is greater than the Grace Balance. This fee is only charged once per month, regardless of how many charges are subject to late fees.
- Note: If you choose Flat Fee, your grace period can be longer than one month, and the late fee function will look back to the prior month for late charges. In addition, if a charge posted in the past month has a grace period less than one month that crosses over into the current month, the late fee function will pick it up. Only one flat fee per month is posted for all eligible charges.
- Percent of Monthly Owed – A percentage of the total recurring charges owed per month, plus any unpaid charges within the grace period, minus available credits. Any unpaid charges within the grace period are added to the monthly owed total, even if their GL accounts are not subject to late fees.
- Note: If you manually entered a charge that is usually a recurring charge posted by the system, it will not be charged late fees, even if it is late.
- Percent of Monthly Rent/ Dues Charge – A percentage of monthly rent or dues charge only, minus available credits. This does not include other charges.
- Note: If you manually entered a rent or dues charge that is usually a recurring charge, it will not be picked up in the late fees function if it is late.
- Percent of Total Owed – A percentage of the total balance owed at the end of the grace period, minus available credits. This setting will also look to the past month. If there are unpaid charges in the past month subject to late fees, the past month’s balance is included as well. Unpaid charges not subject to late fees are included in the total owed as long as one of the unpaid charges is subject to late fees.