Late fees are configured by having the grace period as a number of days beyond the day that the charge is due, before creating additional late fee line items on those specific charges.
- Rent due date is the 1st of the month
- 1 day grace period (number of days after the due date)
- Late fee charges will be created on the 2nd day of the month
You can charge late fees by a percentage of the total amount, or by a fixed amount. ManageCasa also offers advanced settings in regards to recurring late fees.
You can configure how and when a person is being notified when a late payment situation occurs.
The date shown in the Ledger Report is the date of the original due date of the transaction. Tying it to the date of the original transaction allows you to keep track of these related transactions, even if the late fee is charged months later.