Late fees can be automatically calculated by the system. Follow these steps to add or modify late fee structures:
Step 1: Access Fee Structures
Navigate to Settings.
Select Fee Structures.
Step 2: Edit or Create a Fee Structure
To edit an existing fee structure, click the 3-dot menu next to the desired fee structure, then Edit.
To create a new fee structure, click the New Fee Structure button in the top left corner.
Step 3: Define Your Fee Structure
Enter a descriptive Name for your fee structure.
To add individual fee rules to your structure, click the 3-dot menu to the right of the structure's name, then Add Item.
Step 4: Configure Fee Rules (Line Items)
A popup will appear to configure your fee rule. Set these options:
Fee Method: Choose how fees are calculated (flat dollar amount, percentage, or combination).
Max Fee Method (Optional): Set a maximum limit for total accumulated late fees, or leave empty for no limit.
Minimum Fee Outstanding Balance Method (Optional): Specify a minimum overdue balance before fees apply. (Example: Enter $100 if you only want to charge fees when tenants owe at least $100.)
Income Item: Typically "Late Fee."
Charge fee on: Choose which items the fee applies to:
To only charge fees on specific items (e.g., Rent), select "Specified items" and check the appropriate boxes.
Click Add to include the new fee rule in your structure.
Note: You can add multiple fee rules within one structure. However, all rules within a structure will apply simultaneously. To charge different fees for different properties or situations, create separate fee structures.
Step 5: Save Your Fee Structure
Once you've added all necessary fee rules, click the Save button at the bottom to confirm your changes.
Step 6: Apply Fee Structures to Leases
To set a fee structure as default for specific buildings or lease profiles, refer to the Adding, Editing, and Deleting Lease Profiles article.
To apply a fee structure directly to a tenant's lease:
Navigate to Accounting > Tenants > Details, or go to the Lease tab on the Properties page.
Click on the Fee Structure field to edit it.
Select the appropriate structure from the dropdown.
