By creating a  Late Fee Rule on a Lease Form, 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. Then when you create a new Lease and assign it to that Lease Form, the Late Fee Rules will automatically appear on that new Lease.

 

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.

 

A Late Fee Rule automatically applies a particular late fee to a tenant's lease, and shows that fee on a 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. Late fee rules that are set on a lease form may be applied to all leases created using that lease form.

 

To set up a Late Fee Rule on a lease form:

 

  1. Click the Setup link in the upper right-hand corner of any page.

 

 

  1. Click the Leases link within the Customize menu on the left side bar.

 

 

  1. Click the Lease Forms button from the sub-navigation bar below the Customize Leases page header.

 

 

  1. This page lists the available lease forms in your Propertyware account; if this is your first time editing your Lease Form, you will see only the Default Lease Form. Click Edit in the Actions column to edit an existing Lease Form (such as the Default Lease Form), or New Lease Form to create a new lease.

 

   

   

 

  1. Lease Forms consist of the following pages, which must be visited and/or edited in this order.

 

   

  • Page 1 - Summary
  • Page 2 - Lease Fields
  • Page 3 - Addendum
  • Page 4 - Move In Charges

   

 

  1. On page 1 of the Lease Form -- the Summary -- the Name and Description fields pre-populate. Click Next to access the Lease Fields section and set your Late Fee Rules.

  2. From Page 2 of the Lease Form -- Lease Fields -- designate the Late Fee and Non-Sufficient Funds (NSF) fee rules that will be assigned to all new leases generated from this form; you can also set up a standard Inspection Schedule here as well.

 

To set standard late fee and NSF fee rules on the form, click the Edit button at the end of each displayed fee's row.

 

 

 

  1. Set a late fee rule on the form by updating the fields as they appear below and then clicking Save:

 

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).

Apply This Rule To

Select to apply your designated late fee rule to the either of the following:

 

  1. New leases using this form. This option will only apply the late fee rule to new leases you create, NOT existing leases that were created from the form.

  2. New and existing leases using this form. This option will apply the late fee rule to all new and existing leases created from the form. All existing leases will update to apply the late fee rule set here.

 

  1. Using the Next button, be sure to proceed through the last 2 pages of the Lease Form. If you want to make changes to these pages, you can do so by following the help information on Lease Forms. Click Save on Page 4 to save any changes made on previous pages.

 

Note

If you change an existing Late Fee Rule on an existing Lease Form, note that all Leases attached to this Lease Form will also have their Late Fee Rules updated except for any Leases on which you have edited the Individual Lease's Late Fee Rules.

 

See Also

Applying Late Fees

Late Fee Calculator

Lease Forms

Setting Late Fee Rules on an Individual Lease

FAQs

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