Do you follow up with calls and emails when your tenants don’t pay on time? Instead, you can take full control of a systematic approach with the newly enhanced Late-Lien Fee Schedule (formerly Late Fee) to levy fees for delinquent payments. The existing process at 6Storage allows applying fees for delinquent payments but it was limited only to charge late fees.
Now, we have incorporated a few more delinquent scenarios into this purview, such as gate lockout, overlock, pre-lien, lien, and auction. You can create, schedule, and manage fee modules that automatically occur after the due date of the invoice. Follow the steps to know how:
Add Fee Schedule
Head over to Settings à Financial Settings à Late-Lien Schedule
To add a fee schedule, click Add Late-Lien Fee
Select location and storage category from the dropdown.
Fee type implies the course of reason the fee is levied for.
Fee Name – Enter a name as reference for what this fee is levied for.
Frequency is the rate of recurrence of the fee either daily or only once.
Late day(s) implies the number of days after the due date.
Select the Charge type.
Fixed value implies a fixed amount as the fee.
Percentage implies a certain percentage of the invoice amount as the fee value.
Select the Apply type.
Recurring per invoice - Applicable to all the invoices generated for each lease in every billing cycle.
One time on lease – Applicable only once on each lease in case of an unpaid invoice.
Minimum invoice balance is the minimum amount left unpaid against an invoice.
Percentage on invoice due implies a certain percentage of the invoice amount.
Fixed amount implies a fixed value. If an invoice balance is greater than the minimum balance amount (which you set here either by percentage or fixed amount), then fee will be applied.
Do you want to apply tax for late fee? – Whether tax needs to be applied for the late fee levied.
Enable the toggle buttons to notify your tenants via email and SMS. You can preview the template by clicking View Email Template. Click Save.
Note: To make any changes to either or both the email and SMS templates, go to Settings à Documents à Notification Templates.
Edit Fee Schedule
To edit a saved schedule, click on the three-dot menu in the Action column. By clicking Edit, you can edit all the fields in the schedule.
Note: Changing the settings of the mandatory fields may require double confirmation on a pop-up.
Delete Fee Schedule
Deleting a fee schedule involves an action as simple as clicking the trash icon.
If you are sure to continue to delete, enter comments (optional) and click Yes in the confirmation pop-up. To revert the action, click No.