You enter the late fee amount for each lease. The system uses a five day grace period as default. However you can eliminate all grace periods in the settings.
The Landlord can initiate this by navigating to "Rent roll" (right vertical menu), and select the tenant row, click the link (charge fee). The pop up will provide entry for this charge.
The system accounting will post late fees as a recognized revenue based on the settings. There will be a invoice sent to the tenant by email.
This system works based on the date the tenant initiates the payment.
Note: This is not the payment of the late fee rather just the charge with invoice. When the tenant pays this amount, you must post the actual revenue payment as "other income".
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