In the 6Storage account, the late fees applied for the Tenant who is overdue on their payments and will be applied as the late fee on the invoices.
To Apply the Late Fee Please follow the below steps to create the Late Fee.
Click the Financial Settings tab and expand the Discount Tab button.
Click the Late Fee option
Choose the Collection Type based on a Daily or Custom (Days).
Daily – The Late fees will be applied on a daily basis once the lease balance becomes due with the Overdue scheduler.
Custom – Will be applied on a Customized range of period, for instance in which it can be set to apply 5 days once, so once the lease becomes overdue the late fee will be applied after every 5 days until the payments were made.
Provide all the required fields described below.
- The Late Fee Collection type i.e Fixed Values or Percentage.
- Due Days
- Late Fee Amount
Click the save, once you completed the information it will be displayed in the Late Fee list.
Edit and Delete Icons will allow you to edit the late fee or delete it.