Troubleshooting
See the How to document #213 for a complete explanation of the late fee profile and how to charge late fees.
Default
All late fees collected go to the Management Group ledger directly (not through the owner's ledger). For this to happen, a Late Fee profile must be defined in <<Setup, Late Fees>> and selected in the Tenant profile.
Split Fees
The late fee can be split between the owner and the management group by setting the [Split Percentage] in the Management Fee profile defined in <<Setup, Management Fees>> and selected in the Unit profile. The Owner ledger and Management Group ledger each reflect their portion of the collected late fee.
Who gets charged a late fee?
Tenants who have unpaid charges that are subject to late fees and are beyond the grace period.
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Tenant must be assigned a LATE FEE PROFILE.
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There must be unpaid charges with charge codes marked [Subject to Late Fees]
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Tenant cannot have a late fee charge within the late fee schedule time period
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Unit must have an active status
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How often can a late fee be charged?
It depends on the schedule.
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If the [Schedule] is monthly a fee cannot be automatically charged more than once every 30 days.
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If the [Schedule] is daily they can be automatically charged at any time as long as they meet the charge criteria.
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Management Fee
The same management fee percentage as taken on collected rent can be taken on a late fee under the following circumstances:
1. The Tenant Profile has no Late Fee selected.
2. In <<Setup, Charge Code, Late Fee>> the [Subject to Management Fee] checkbox is marked.
3. In <<Setup, Management Fees>> the [Percent of Collected Rent] should be the percent to be given to the Management Group.
The Owner ledger will show the total amount of late fees collected as income and the Management Fee as expense. The Management Group ledger will show only the management fee amount.
NOTE: The function <<AR, Scheduled Receivables, Late Fees>> will not consider tenants with no Late Fee selected in their profile. Thus all late fees must be manually charged in <<AR, Charge Tenant>> or in <<AR, Tenant Receipt, New Charges>>.
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