Scheduled Receivables |
Late Fees See Also Late Fees Procedure Help PDF document #213 Late Fees
This function determines which tenant charges are past due and provides a list of late fee candidates to edit prior to posting late fee charges. Today’s date (system date) is disregarded - the operative date is the Scheduled Thru date. Receipts posted after the Scheduled Through date are ignored. The list can be sorted by tenant or by unit. Use the Radio button in the lower left to change the sort. Whatever order they appear on the screen, that is the order they will show on the report.
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 Fees Profile under Setup. A schedule of monthly means that late fee charges done with this function will only happen thirty days or more after the last late charge. 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.
Late Notice letters are printed in the Mailings, Notices function.
To compile the list, click the Late Fees A list of late fee candidates will appear on the screen, displaying the posting date that you selected in the Scheduled Through date field, the name of the tenant, the Long Description of the unit Record ID, the charge ID description and the amount of the charge. All of the fields are protected except for the amount.
Clicking anywhere on the line item will allow you to edit the late fee amount. It will bring up several lines of information including the Record ID for the tenant profile, which can be viewed and edited by clicking on the
Other information displayed includes: Balance Due - the total of all unpaid charges Balance Late (as of the Scheduled Through date) Days Late - calculated from the oldest unpaid charge Times Late - based on prior late fee charges over the past 12 months Last Charged - the most recent late fee charge Last Amount - the most recent late fee charge amount Base Charge - calculated based on the Late Fee Profile Per Day Charge - calculated based on the Late Fee Profile Total Charge - the total late fee based on the base charge and the per day charge
To zero out or change the late fee amount, either mark the Skip checkbox or click in the amount field and enter the new amount.
Several folders are available displaying different subsets of the candidates. All Late Fees Displays all the late fee candidates Selected Late Fees Those candidates not marked Skip. First Time Late All candidates who have not been charged a late fee in the past year. Selected First Time Late Those candidates who have never been charged a late fee and not marked Skip. Skipped Late Fees All candidates marked Skip.
When you are satisfied with the information on the screen, click the Post button to post the charges to the tenant ledger.
Reconcile Per Day Late Fees This function allows you to charge per day late fees that get added on to the base late fee. There must be a Fixed or Percentage base late fee.
When you compile the Reconcile Late Fees screen will display the old late fee charge and the new, reconciled amount, based on days late. When you post, the charge in tenant history will be changed to the new amount and the new date of the charge.
The reconciliation can be done daily or weekly or whatever schedule you wish. If the tenant has paid between the time of the last charge and this time, they will not be charged.
If there are tenants who have unpaid charges yet don’t show up on the list of candidates, check the following.
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radio button, set the other parameters and click the 