Propertyware Knowledge Base

What is the Late Fee Calculator?  
Propertyware’s late fee calculator is located within the Money In module and provides your business with a systematized method for charging your tenants for past due balances. The late fee calculator is closely integrated with the Lease module’s tenant ledger and automatically creates the appropriate late fees based on the late fee rule set on each lease.

Creating Late Fee Using the Late Fee Calculator

1. Click on Money In  
   
   
2. Click the Quick Collect button from the sub-navigation bar that appears immediately below the green Money In page header.
   
   
3. Click on the green Late Fee Calculator button located above the displayed table.
   
   
4. From the View By dropdown menu, select the Portfolio or Building for which you would like to view total past due charges and assess late fees. These charges and fees may also be viewed by creating and toggling between personalized Saved Views, which are customized listings of any combination of portfolios and buildings. To create a Saved View, simply click on the New View button to the right of the View By filter. Whether using the View By filter or personalized Saved Views, the table will then refresh to display the Total Past Due, Estimated Late Fee, delinquent Month and more, for each delinquent tenant within your selected portfolio or building.
   
   Note
   The late fee calculator will only display tenants with past due balances on accounts that have been flagged as eligible for late fees. The late fee calculator will only create one late fee charge for each month and update this same charge each time you update it. A separate line item will appear in the late fee calculator for each month’s calculated late fees. Thus, multiple line items may display for a single tenant who is delinquent in various months. The created late fee charge is set to the earliest due day of all the charges included in the late fee calculation.
   

5. To also view total past due charges and assess late fees on all terminated leases within your selected Portfolio or Building, select the Include Terminated Leases checkbox at the bottom of the table. For ease of identification, line items and charges associated with terminated leases will appear in a shaded purple row.

6. The following is a summary of the field columns displayed within the Late Fee Calculator table:

8. For each line item within the table, you may either apply the Estimated Late Fee owed by the delinquent tenant OR enter an Actual Late Fee that varies from the Estimated Late Fee owed.
   
   
9. To charge the Estimated Late Fee owed, click the green arrow next to the tenant's Estimated Late Fee. The Estimated Late Fee amount will then copy over into the Actual Late Fee column.
   
   
10. To create an Actual Late Fee charge that varies from the Estimated Late Fee owed, manually edit the Actual Late Fee total.
    
    
11. Save time by using the Apply All Estimates button at the bottom of this table, which will copy all the estimates into the Actual Late Fee field.
    
    
12. Click the Save Late Fees button to create your late fees on the selected leases.

Excluding Accounts from the Late Fee Calculator

By default, the late fee calculator will apply the late fee rule set on each lease towards the entire balance of unpaid charges. If you would like to exclude a specific account from the late fee calculation, your administrator may do so by following these steps:

1. Click Setup from the upper right corner of the screen.
   
   
2. Click the Chart of Accounts option from the Customize menu in the sidebar.
   
   
3. Locate the account you would like to have excluded from the late fee calculation in the list. Click the Edit button from the Action column.
   
   
4. Set Exclude Late Fee to Yes on the window that displays the details about the selected account and click the Save button. This will exclude the account from the late fee calculator.