Late Fees Setup

Use the Late Fee area to charge your customers who are 30 days or more past due on their invoice balance. You have the option to charge a flat fee for each 30 days they are overdue or charge an Annual Percentage Rate (APR), calculated on the balance that is overdue. Your local and/or state laws may dictate which option you can choose and the maximum you may charge your overdue customers.

Enabling Late Fees

The Late Fees panel in Shop Data Setup is where you enable/disable the late fees function. To enable Late Fees, check the Apply Late Fees checkbox and then setup the Late fees options described below.

• Apply Late Fees- Enables Late Fee tracking in your facility.
• Account- The account to which late fees revenue will be applied.
• Fee Reminder Day- Choose between the 1st and the 15th of the month for the day in which the fee reminder message will appear when the program is opened. 

Note: If the program is not opened on the selected day, the reminder will appear on the following day in which the program is opened. 

• Fee Assessment Options- Choose Flat Fee and enter a dollar amount to charge a flat dollar amount to all late (over 30 days) accounts.  Choose Percentage of Balance to apply a calculation to the overdue account. The rate will be deteremined by multiplying the Percent (ARP) filed by 30/365.  You may also "cap" the fee by specifying a Max. Fee $ and specify a minimum late charge by specifying a Min Fee $. 

Important: 

It is essential for you to consult your local and state laws as they may regulate your methods of charging late fees.

Recommendation: Update your disclaimer section to warn your customers of the possibility of late fees, should they owe a balance 30 days past the invoice post date.

Late fees must be applied individually using the Utilities/Late Fees Assessment menu selection. Refer to Late Fees Assessment for details.