How do I set up late fees?

You can create a simple late fee type.  Or your late fee type can have a combination of the possibilities. For example, you may charge a percentage of the charge on a one time basis as well as a daily set amount and a discount for paying early.

To name your late fee types: Late fee types should be named so that you can easily select the one you want when you are setting up tenant charges. One way you could name the late fee types would be by the property name they are used for. Another possibility would be to name them based on when the late fee was created. For example, you may have an older late fee type for those tenants who have been renting from you since 2002, and a more recent one in 2006, so you could use these as the titles for the late fee types.

 To open the late fees screen:

Go to Setup>Late Fees on the menu bar in Sidekick.



 To set up your late fee type:

1. Once the Late Fee Types form is open, click the New button.   
2. Type the name for your new Late Fee Type in the "Late Fee Name" field in the form to the right.
3. After naming your new late fee type, you must click the black drop down arrow and choose the Late Fee Account if you are creating a late fee and/or a Discount Account if you are creating a discount for early pay.
4. This will bring up the Chart of Accounts so you can select the Income category that this late fee will be coded to. Most users select the Late Fee category when creating a late fee and the Discount category when creating a discount for early pay.
5. Now fill in the details of your late fee.
6. Click the OK button to save your new late fee type or press the New button to create the next one.

 To view a list of all of the Late Fee Types:

1. Go to the menu bar.
2. Select Setup> Late Fees.   

 To increase the late fee or change the late fee for all tenants with the same late fee type:

1. Go to Setup>Late Fees on the menu bar.
2. Select the late fee type you would like to change by clicking on it to highlight it from the list on the left.
3. Make changes to the late fee.
4. Click OK.

Note: All tenants who have this late fee type will now be adjusted.

Last update:
2014-01-25 04:40
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