After you add a property and link a bank account to it, a link to Late Fee Setup appears.
You can add the late fee setup or skip the step. If you click Add Late Fee Setup, the following screen appears:
For a simple late fee scenario, complete the first row on the screen: For example, the rent is due on the 1st and late after the 5th. On the 6th, a late fee of $25 is charged.
Complete the screen as shown above:
Base Amount: 25.00
Late Fee Type: Flat Amount
Grace Period: 5
Late fees are set up at the property level and the tenant level. When you add a tenant, the property-level setup is transferred to the tenant record, and you can modify it there, if needed. (The actual late fees are based on the tenant-level settings.)
Typically, late fees are posted on a monthly basis. You can post them manually, or you can set up a task to post them automatically.
Note: If you change the late fee setup at the property level after adding units and tenants, you will need to copy the changes down to the existing tenant records.