Assisted Setup File: Late Fees Tab

The Late Fees automatically calculates, applies, and tracks charges owed by residents when payments are received after the designated due date, ensuring consistent adherence to lease terms.

Data Validation & Definitions

Late Fees are charged to Residents if they do not pay their bill before the due date each month, or if they obtain a positive balance (i.e. they owe money) each time the Periodic Task for Late Fees runs.

There are 2 types of late fees; regular and section 8.

Below are the field names and descriptions to help ensure each are filled out properly to ensure accurate onboarding of your data.

Regular Late Fees

Regular Initial Late Fee: This is the amount charged if the person is late on the initial late charge day (i.e. the days late until charged field in the Property).
Regular Daily Late Fee: This is the amount charged if the person is late on any day after the initial late charge day (i.e. the days late until charged field in the Property).
Regular Percentage: This is the percentage of the current lease that you wish to be charged during a late fee generation. (i.e. 10%)
Regular Days Until Charged: This is how many days must pass before late fees begin charging.

Section 8 Late Fees

Section 8 Initial Late Fee: This is the amount charged if the person is late on the initial late charge day (i.e. the days late until charged field in the Property).
Section 8 Daily Late Fee: This is the amount charged if the person is late on any day after the initial late charge day (i.e. the days late until charged field in the Property).
Section 8 Percentage: This is the percentage of the current lease that you wish to be charged during a late fee generation. (i.e. 10%)
Section 8 Days Until Charged: This is how many days must pass before late fees begin charging.