Overview
This page explains the late-charge settings available at the property and lease levels.
Property-level settings provide defaults for leases created under the property. Lease-level settings are used when late charges are processed.
Property Setup
To configure late charges for a property, use the General, Charge Controls, and Late Charges tabs in the property setup.
Last Late Charge
The Last Late Charge date is available on the General tab.
SIRE updates this date when the late-charge process runs and late charges are generated. The date is also used as the lower limit when determining which charges to consider in a subsequent process. You can enter the date manually when creating or updating the property.
Charge Controls
Use the Charge Controls tab to identify which property Item IDs are subject to late charges.
This allows you to exclude items for which the property manager does not want to charge a late fee. For example, a property can be configured so that late charges apply to rent but not to other charges generated by Scheduled Charges or other processes.
Select the Subject to late charges checkbox for each applicable Item ID.
Late Charges
The Late Charges tab contains the property-level late-charge defaults. These settings are copied to a lease when the lease is created for the property and can be modified at the lease level.
General Settings
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Minimum lease balance: The minimum amount owed before late charges are considered. If the lease balance does not exceed this amount, SIRE does not process a late charge.
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Suppress charge under: The minimum calculated late-charge amount required before a charge is generated.
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Process by: Determines whether SIRE calculates late charges using the full charge or the remaining balance after payments made during the calculation period.
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Remaining Balance: Subtracts payments made to each line item during the calculation period.
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Total Charge: Uses the full amount of each line item on the delinquent invoice, regardless of payments made.
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Late-Charge Steps
A late-charge configuration can contain multiple steps. Each step can apply a different penalty based on how long an invoice has been outstanding.
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Late Charge Type: The only supported type is Fee for now.
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Frequency: Determines how often SIRE evaluates the step. Available options are Daily, Monthly, and Every Amount of Days. Selecting Every Amount of Days requires an additional number-of-days value.
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Repeat Factor: Determines whether a step can be applied more than once to an invoice.
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Any Delinquency: Considers any invoice dated before the processing cutoff date.
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Once Delinquent Payment: Considers invoices between the previous Last Late Charge date and the processing cutoff date.
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Calculation Type: Determines how SIRE calculates the late charge.
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Flat Fee: Uses a fixed amount.
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Percentage: Applies a percentage to the delinquent charges.
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Greater of Flat or Percentage: Calculates both amounts and uses the greater amount.
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Lesser of Flat or Percentage: Calculates both amounts and uses the lesser amount.
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Grace Days: Extends the invoice due date by the specified number of days before the invoice is considered delinquent. For example, with a due date of May 25 and three grace days, payments through May 28 are not considered delinquent.
Lease Setup
When a lease is created, SIRE copies the property-level settings into the lease for convenience.
You can modify the copied values during lease setup. The settings saved at the lease level are the settings used for late-charge processing; property-level settings serve as defaults for new leases.
General Settings
The lease-level General section includes:
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Minimum lease balance
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Suppress charge under
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Process by
The definitions and available values are the same as those described in the property setup section.
Late-Charge Steps
The lease-level Steps section includes:
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Late Charge Type: Fee
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Frequency: Daily, Monthly, or Every Amount of Days
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Repeat Factor: Any Delinquency or Once Delinquent Payment
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Calculation Type: Flat Fee, Percentage, Greater of Flat or Percentage, or Lesser of Flat or Percentage
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Grace Days
The definitions are the same as those described in the property setup section.
Frequently Asked Questions
Where Do I Configure Which Items Are Subject to Late Charges?
Go to the property’s Charge Controls tab and select Subject to late charges for each applicable Item ID.
What Is the Difference Between Property-Level and Lease-Level Settings?
Property-level settings are defaults copied to leases created under the property. Lease-level settings are used for late-charge processing and can be modified independently.
What Does the Last Late Charge Date Do?
SIRE uses the date as a lower limit when determining which charges to consider. The date is updated when the late-charge process runs and late charges are generated.
Which Late Charge Type Can I Select?
The frontend supports Fee.
Which Frequency Options Are Available?
You can select Daily, Monthly, or Every Amount of Days. The last option requires a number-of-days value.
When Are Late Charges Generated?
Late charges are generated only when the applicable Item ID is marked Subject to late charges, the lease balance exceeds Minimum Lease Balance, and the calculated charge exceeds Suppress Charge Under. The configured step also determines delinquency, frequency, repeat behavior, calculation, and grace days.