By creating a  Late Fee Rule on an individual lease, you can have Propertyware calculate a fee on any late payments received; once you choose to Apply the Fee to the charge using the Late Fee Calculator, the fee will appear on that tenant's Tenant Ledger; the rule applies a fee based on the number of days late, the type of charge, and the amount, all of which you can set up beforehand.

 

Note

Note that a Late Fee Rule does not automatically create a fee when you receive a late payment on a ledger; you have to use the Late Fee Calculator to apply the rule. The Late Fee Rule is simply the means by which the additional late fee is calculated.

 

Setting up a rule on an individual lease only applies that rule to that particular lease; if you want to create a rule that applies to a group of leases, create the Late Fee Rule on a Lease Form and assign those leases to that Lease Form.

 

Note

Note that if you create a new lease and assign that lease to a Lease Form that already has a Late Fee Rule assigned to it, when you edit the Late Fee Rule on the individual lease, it will override the Late Fee Rule on the Lease Form.

 

To set up a Late Fee rule on an Individual lease:

 

  1. Locate the lease by using Search or the Lease Navigator.

 

 

  1. If you were last viewing the Lease's Tenant Ledger, click Summary to view the Lease Summary Page.

 

 

  1. Click Edit to edit the lease.

 

 

  1. Scroll down to the Late Fee Rule section and , click the plus sign to expand this section of the lease and reveal the fields below.

 

 

  1. Set a Late Fee Rule by updating the fields as follows:

 

Field Name

Description

Fee Type  

Select from the following late fee types:

 

  1. Per Day Fee - This is a straight-line calculation of late fees which can be set to either a fixed amount or a percentage of rent owed.

  2. Range - By using this type of late fee, you can designate different late fee rules that are implemented based on predefined date ranges. With late fees set up as a range, you can designate a late fee that is either a fixed amount or percentage of rent owed, based on the number of days the rent charge is past due.  

  3. Initial Fee + Per Day Fee - This type of late fee allows you to both designate an initial flat fee plus a subsequent fee per day that is either a fixed amount or a percentage of rent owed.

Implement Rule When

This field allows you to designate when the late fee rule should take effect (# of days late).

 

  1. Scroll to the top of the lease and click Save to save the new rule, or Cancel to return to the Lease Summary Page.

 

 

  1. You may then view the late fee on the lease's summary page.

 

See Also

Applying Late Fees

Late Fee Calculator

What is a Lease Form?

Setting Late Fee Rules on a Lease Form

FAQs

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