This tutorial describes how to create and charge a late fee.
A late fee is a charge against a tenant levied as a penalty for a late rental payment.
As an example, the user will create and charge two types of late fee, charging $15.00 for the first late fee and $25.00 for the second late fee.
the Tools menu, click Options.
The Options screen displays.
Select the Default Fees option.
Go to the Late Fees frame and set up the first late fee. In the row for the First fee, enter values for the first fee:
Type - Once only.
Amount - Enter the amount of this fee, $15.
Day due - Enter the number of days after the main rental payment is due when the late fee is charged. In this example, if the tenant is 3 days late paying the rent, they incur the $15 fee.
Go to the Late Fees frame and set up the second late fee. In the row for the Second fee, enter values for the second fee:
Type - Once only.
Amount - Enter the amount of this fee, $25.
Day due - Enter the number of days after the main rental payment is due when the late fee is charged. In this example, if the tenant is 10 days late paying the rent, they incur the $25 fee.
Click OK. The new Fees are saved and available.
To charge a Tenant a Late Fee, in the Tenant screen or the Income screen, click the Add Monies Due button, to view its menu. The menu now includes the late fees. Select Add Late Fee.
The Income Details screen displays. Select the Tenant, and the late fee is automatically calculated. The tenant below receives both late fees, for being 3 days late and then 10 days late. Enter the information about the fee, and why it is being charged.
You can use this screen to generate an invoice for this late fee. To do this, click Invoice.
Once you have created and saved the invoice, click OK.
The late fees are recorded against the tenant.
Tenant - Select the Tenant who paid the Income.
Category - Select the Category of income.
For Period - Select the date period that this income will be applied against.
Date due - Select the date when the Income was due.
Date paid - Enter the date when the Income was received, if this applies.
Late amount - This value automatically displays.
Late Fee - The amount of late fees due; this value is automatically calculated. You can edit this amount, if required.
Reference - Enter any reference or late fee charge type.
Notes - Enter any notes about the income.
Invoice - Click this button to automatically generate a printable or emailable Invoice file.