Generating Late Fees

After setting up late fee profiles, you are able to quickly process late fees using the information described in the profile. See "Setting Up Interest Profiles"

On a regular basis, usually daily, you will have to generate late fees for overdue payments.

On the Main Menu screen, click PERIODIC. The Periodic Processing screen opens.

Select the Daily tab and click GENERATE LATE FEES. The Generate Late Fees Wizard is initiated.

Note: This wizard generates late fees for each date before the processing date for which you have not already generated late fees. In other words, if you skipped days between generating late fees, the wizard will go back and generate the late fees (this depends on your late fee Setup options) for any days you skipped, except any skipped dates for which you have already closed the receivables month.

Click START, specify the processing date (all past due balances as of this date will be generated), and check the checkboxes of the developmentsfor which you want to generate late fees. By default, all developments are checked.

This is your agency-defined list of developments, which you maintain in the Setup area of the program. See "Setting Up Developments"

Hint: Click to check all checkboxes; click to uncheck all checkboxes.

Click OK and then click NEXT to prepare the late fees for the selected development(s). A green checkmark appears next to the Prepare Late Fees step when it is completed.

Click NEXT to continue. The Late Fees Listing appears with all late fees to be generated displayed.

Review and confirm the late fee information and click

to print the report, if necessary.

Click CLOSE to return to the wizard.

Click NEXT. You have successfully generated late fees!