See How to PDF document #213 for a complete discussion of late fees.
A tenant is a candidate for a late fee charge from the time the grace period runs out until payment is made.
For example:
Rent Due - 1st of month
Grace Period - 5 days
Rent paid on 11th
Late Fees Scheduled Thru Date
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Candidate?
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1,2,3,4,5,6
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No
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7,8,9,10
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Yes
|
11,12,13,etc
|
No
|
In addition, the system keeps track of when late fees were previously charged and will not consider the tenant as a late fee candidate until eligible based on the schedule in the Late Fee Profile.
For example:
Late Fee posted June 10
Schedule in Late Fee Profile is monthly
Late Fees Scheduled Thru Date
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Candidate?
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July 1,2,3,4,5,6,7,8,9
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No
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July 10,11,12 etc
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Yes
|
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