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Adding and Editing Late Fees

Learn how to create and manage late fee structures, including setting rules and applying them to leases.

Written by Conor Taliancich

Property Matrix can automatically calculate late fees. Use fee structures to define the rules and apply them to leases.

Create or Edit a Fee Structure

  1. Go to Settings > Fee Structures.

  2. To create a structure, click New Fee Structure.

  3. Select Late Fee.

  4. Enter a descriptive Name.

  5. Set the structure's maximum-fee rule. It can be calculated from line items or set as a fixed amount or percentage.

  6. Click Create Structure.

To edit an existing structure, select it from the sidebar.

Add a Fee Rule

  1. Click Add Line Item.

  2. Configure the fee rule:

    • Fee Method: Choose a flat dollar amount, percentage, or combination.

    • Max Fee Method: Optionally limit total accumulated late fees. Leave blank for no limit.

    • Minimum Fee Outstanding Balance Method: Optionally require a minimum overdue balance before a fee applies. For example, enter $100 to charge fees only when at least $100 is overdue.

    • Income Item: Typically Late Fee.

    • Charge Timing: Choose when the late fee begins and how long it continues to apply.

  3. Under Charge fees on, choose the invoice items the fee applies to:

    • Select All Items to charge on the entire invoice.

    • Select Specified items and choose the relevant items, such as Rent, to limit the charge.

  4. Use Preview to review the late fee that would apply.

  5. Click Create Structure to save the configuration.

You can add multiple fee rules to one structure, but all rules in that structure apply at the same time. Create separate structures for different properties or situations.

Apply a Fee Structure to a Lease

To set a default fee structure for buildings or lease profiles, see Adding, Editing, and Deleting Lease Profiles.

To apply a structure directly to a tenant's lease:

  1. Go to Tenants > the tenant's name > Details > Lease Information, or open the Lease tab from the Properties page.

  2. Edit the Fee Structure field.

  3. Select the appropriate structure.

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