To post late fees
Go to Accounting > Accounts Receivable > Late Fees.
Complete the screen.
Property Tenant | You can filter the tenants by property or tenant, if you want to limit the late fees that are created. |
Consider charges created before this date | Breeze only creates late fees for unpaid charges created before this date; it ignores all subsequent charges. For example, if you post monthly charges on the 1st of the month and you enter the 1st of the month, charges added after this date would not be included in the late fee calculations. |
Create late fees as of this date | This field is used to determine if a charge is late, and how many days it is late. Typically, you would post late fees after the grace period expires. If you have a five-day grace period and you post late fees on the 6th (and you use the 6th as the As Of date), the charges are considered one day late. The number of days late is only relevant if the late fees use the $/Day option. |
Notes | Any text entered here will appear on Late Fee charges in the Notes field, in addition to the words "Late fees", which appear by default. |
Note: Required fields are marked with an asterisk *.
Click Display to preview the charges that will be created.
If you need to make changes, open the Tenant screen, make the changes there, and then rerun the report.
When you are ready, click the Post button. Breeze creates the charges.
Automated Task for Late Fees
You can set up an automated task for posting late fees.
One-Time Charges and Late Fees
One-time charges are any charges that are not created by monthly posting.
One-time charges are due on the 1st of the next month. For example, if you create a charge on 5/25, it is due on 6/1. If you create a charge on 6/2, it is due on 7/1.
Late fees are calculated based on the due date of the charge. If you create a charge on 6/2 and your late fee setup has a 5 day grace period, you might expect a late fee on 6/7, but the charge is not considered due until 7/1, and a late fee won't be charged until 7/6.
Trouble-Shooting Late Fees
If the expected late fees do not appear on the tenant ledger after posting, check the following:
Check the fee setup on the tenant record. If the fees were set up on the property screen but not copied down to the tenant records, they will not apply.
Check the tenant charges. If there are no unpaid charges, there will be no late fees.
Check the grace period on the tenant setup and the date of the automatic late fee task. If, for example, the automated task is set to run on the 4th but the tenant's grace period ends the 6th, there will be no late fees.
Make sure the GL accounts (used for rent) are flagged as "Subject to Late Fees." The rent charges are set up with charge codes; the charge codes are linked to GL accounts.