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Late fees

 

Overview

Late Fees are conditional charges that can be associated to a Sundry Charge to automatically create on an account where the Sundry Charge, Repeat Charge or Periodic Charge has not been paid within the specified time frame.

Repeat Charges and Periodic Charges that use the Sundry Charge a Late Fee has been associated to, will also have the Late Fee applied when the conditions are met.

A charge is considered as unpaid when no Receipt Allocation has occurred. 

★ Hint: Late Fees can only be associated to a Sundry Charge, and will be used when that Sundry Charge is created on an account or used as a Repeat Charge or Periodic Charge.

Set the Number of Days to '0' at Step 7 to create a one-off Late Fee.

✎ Please Note: RMS is highly configurable. Some Terminology, User Access & Permissions, Images, Labels, and Functions used in these articles may differ from your setup. CLICK HERE to find out more.

 

 

 

Guide

In the side menu of RMS, go to Setup > Accounting > Late Fees.

  1. Select 'Add'.
    Late Fees setup screen in RMS showing a list of existing late fee rules with an Add button to create a new late fee configuration
     
  2. Enter a Description.
  3. Select a General Ledger Account Code.
  4. Select and enter an Initial Fee option.
  5. Select and enter an Amount to Apply.
    Enter a Number of Days for recurring late fees (Optional).
  6. Select 'Save/Exit'.
    Late Fee detail window with fields for Description, General Ledger Account Code, Initial Fee options, Amount to Apply and Number of Days for recurring late fees, plus a Save/Exit button to store the late fee rule

     

In the side menu of RMS, go to Setup > Accounting > Sundry Charge.

  1. Select 'Edit' on an existing Sundry Charge.
    Sundry Charge list in RMS showing existing sundry items with an Edit icon next to a selected sundry charge that will have a late fee associated
     
  2. Select the Late Fee.
  3. Select 'Save/Exit'.
    Sundry Charge detail screen displaying a Late Fee dropdown or field where a previously configured late fee rule is selected, with a Save/Exit button to apply the association

 

 

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