How to Set Up Late Fee Settings / Profiles

This article will show you how to set up late fee settings / profiles and charge them automatically. You can then apply the late fee settings/profiles to individual leases.

If In Rentvine you have the ability to create multiple late fee profiles.  Once you create a profile you can then assign it to a lease.  The steps below show you how to create a late fee profile where you can later apply to leases.

 

 

To set up a Late Fee profile do the following: 

1. Go to the global Settings 

 

2.   Find the Accounting section in the global settings and select Late Fees

 

3.   Select New Late Fee

4.   In the New Late Fee Settings form, fill out the fields

• Name - Type in a name that describes this Late Fee
• Initial Late Fee Type - from the dropdown menu, select the initial late fee type you want whether it is None, a Flat fee or a Percentage based fee
  • None - no initial late fee
  • Flat - a fixed dollar amount
  • Percent Monthly Owed - a percentage of total charges owed from the current month
  • Percent Monthly Rent - a percentage of the actual rent amount of the lease
  • Percent Total Owed - a percentage of total charges owed all time.
• Initial Late Fee Amount - This field will only appear if FLAT is selected as the Initial Late Fee Type. Enter the initial amount you want to charge once the Tenant is considered “Late” *this date is set up at the bottom of this setting page
• Initial Late Fee Minimum- This is used when using a percentage of rent as the fee. For example if you had a $100 minimum set and the percent of the late fee charged totalled anything below that amount, then it will charge the $100 minimum. 
• Daily Late Fee Type - from the dropdown menu, select a daily late fee type you want whether it is None, a Flat fee or a Percentage based fee
  • None - no daily late fee
  • Flat - a fixed dollar amount
  • Percent Monthly Owed - a percentage of charges that are owed from the current month
  • Percent Monthly Rent - a percentage of the actual rent amount of the lease
  • Percent Total Owed - a percentage of all charges that are owed
• Daily Late Fee Amount - This field will only appear if FLAT is selected as the Daily Late Fee Type. Enter the initial amount you want to charge once the Tenant is considered “Late” *this date is set up at the bottom of this setting page
• Maximum Late Fee  - You are able to set the maximum amount you want to charge in total. *This is a combination of any initial and daily charges. Choose none if it doesn’t apply
  • None - no maximum amount
  • Flat - a fixed maximum dollar amount
  • Percent Monthly Owed - a percentage of charges that are owed from the current month
  • Percent Monthly Rent - a percentage of the actual rent amount of the lease
  • Percent Total Owed - a percentage of all charges that are owed
• Grace Balance Amount - If you specify an amount here it means that the lease/tenant has to owe more than the amount specified in order to trigger the late fee.  *i.e. If you specify $200, the tenant must owe more than $200 to trigger the late fee.
• When do you want to start charging late fees to unpaid charges that are subject to late fees? -  on the bottom of the Late Fee Setting is a section where you are able to specify how many days and hours after the posted charge date is an unpaid charge that is subject to late fees is considered late.  See screenshot below with an example
  
  

5. Click Save when finished

 

In order to Automatically Charge Late Fees follow the steps below:

1. Go to the global Settings

 

  2.   Find the Accounting section in the settings and select Accounting Settings

 

  3.   Once in the Accounting Settings, find the Lease section and select Edit in the top right corner of the lease card

 

  4.  Find the Auto Charge Late Fee toggle switch and turn it on.  Then click Save