Overview
Setting up your late fees policy is a simple process, but late fees won't post on a lease until they're turned on for that specific lease. There are two ways to do this: on an existing lease, or while creating a new lease.
The Steps
Turning on late fees for individual leases
In order for late fees to charge on a lease, you need to enable automatic late fees on the lease. Doing so will begin charging late fees based on your late fee policy. To do so, you can use the Lease Late Fees Report to turn on or off late fees for each of your leases.
To get to the Lease Late Fees report, click Reports on the main menu . Search and click on the Lease Late Fees report.
The Lease Status column should already show all active leases. The Lease Status column shows which of these leases have Late Fees enabled or disabled.
Select the lease you want to enable or disable lease late fees policy for by using the check box next to each lease. Then click Edit Late Fees on the floating bar.
The Edit Late Fees window will appear. Toggle on or off the Automatic Late Fees option to enable or disable Late Fees on the lease.
If you toggled on "Automatic Late Fees," then you have two options to choose from:
Use property default late fee structure: this will use the same late fee schedule as your property settings.
Select a late fee structure for this lease: this will set a unique late fee schedule for all the leases selected. For more information about Late Fees and how to set them up, see Set Up Your Automatic Late Fees Policy.
Click Save to finish.
Turn on Late Fees when creating a lease
You can also enable Late Fees while creating a lease. This is Step 5 (Late Fees) of the New Lease wizard — select Yes for Late Fees, then choose the Late Fee policy you want to use.
