This setting allows the user to create late fee schedules used as default for all properties listed in ResMan. This setting can be accessed and modified by each property under their property settings.
There is a video at the bottom of the page for your convenience. Fields with an asterisk (*) are required.
Late Fee Schedules
Allows the user to create multiple late fee schedules for various residents within a property. Select from drop down menu to edit an existing schedule or click "New" to create additional schedules. You can also see all the archived (innactive) schedules.
- Rent due day: Define a date when rent is due. It is recommended that you set a date to avoid conflicts.
- Maximum Late Fee: The highest late fee amount that should ever be calculated.
- Threshold: Until a resident's balance is higher than this number, he will not be charge any late fees.
- Late fee charge: Select the name of the charge.
- Set as Default Schedule for all selected properties: By checking this box, the setting will become the default schedule for all properties created in ResMan. If there are properties that need a different schedule, the change can be made within each property's late fee setting.
- Set as Assigned schedule for all current leases of selected properties: This setting will copy this schedule over into each lease for the selected properties. This is a one-time copy.
- Set as archived: It hides and inactivates this schedule. You can later view the schedule by checking the “Include archived schedules” box above.
Select the properties for which the late fee schedule should apply.
There are two ways to calculate the details of this schedule. First, by percent:
- Day: The day of the month that this fee will be assessed (Note: See the information for “This Day Only”)
- Type: The late fee can be calculated as a percentage or a dollar amount fee. Select "Percent" or "Fee".
- Value: The value can be a percentage of the Monthly Scheduled amount; The value can be a percentage of a Billed Open amount (which is the amount currently unpaid); or the value can be a Dollar amount (if you enter a Dollar amount, that will be used as the MINIMUM amount)
Second, by fee:
- The value will be the amount of that Flat Fee.
When you are done, don't forget to save your changes.
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