When setting up late fees, there are a number of different options to choose from:
• Fee Type
- From this dropdown, you can set your late fee to charge a percentage of the total rent amount due, a percentage of the rent still outstanding, or a flat fee.
• Fee Amount
- Based on your Fee Type, this will either be a percentage or a dollar amount.
• Grace Period
- A grace period is an additional amount of time the tenant can pay their rent past it’s due date without penalty. For example, if you set a grace period of 3 days and rent was due on the 1st, that means the tenant can pay on the 2nd, 3rd, and 4th without penalty. Late fees would not kick in until the 5th. (Landlords often get this wrong in their lease – double check yours!)
• Repeat
- You can set your late fee to repeat. Once this option is toggled on, you can set how frequently the fee repeats and when it should stop repeating (if at all).
• Apply To – You will have three options on what you would like the late fee applied to: Only Invoices Labeled Rent, All Line Items on Rental Invoices, or All Line Items on All Invoices
- Only Invoice Items Labeled Rent– applies only to line items labeled rent
- All Line Items on Rental Invoices- applies to all line items (e.g. Utilities, Parking Fee, ect.) on any invoice that includes rent
- All Line items on All Invoices– Applies to all invoices and all line items, regardless of invoice type.
• Advanced: Charge each unpaid tenant
- If you’d like your late fee to multiply per unpaid tenant, you can check this box to do so. But keep in mind, most leases do not permit this type of behavior. Check your lease before enabling this.
Remember to click the Save button once finishing adding the late fee.
Here is an example of what a late fee could look like after every filling in the prompts.
After creating the late fee you will then need to assign the late fee to a specific/all properties.
•. Assigned To:
- Here you will select from the drop down the “Assigned To” to the fee you have already created and choose which properties you would like this late fee applied to. You can choose ‘None,’ ‘Specific Properties,’ or ‘All Properties.’
