Late Notice Setup Tab

This tab appears when you select a late notice code or click Add Code from the Late Notices Setup Grid. Use this tab to add or edit data for a late notice.

Note

An asterisk (*) indicates a required field.

Property ID

The display-only identification of the property associated with this lease type.

Late Notice Code *

If you are adding a new Late Notice Code, type an identification code for the Late Notice Code (for example, L1 for the first Late Notice Code). The code you enter identifies late fee calculation method so that you can distinguish it from other fee calculations. If you are editing, the code is display-only.

Description *

Type a description of the Late Notice Code (for example, Late Notice 1).

Date Last Assessed *

Type the date that late fees were last assessed. Or, use the Calendar Button to select the date.

Base Late on *

This setting works in conjunction with the Late Day or Open Items Based On fields so you can specify the basis for when you want to start charging late fees.

Due date—To start charging late fees based on a due date, select this option. Then, in the Late Day field, type the number of days before the payment is late (for example, if you want to start charging late fees on the 5th, type “4” as the due date).

Day of month—To start charging late fees on a certain day of the month, select this option. Then, in the Late Day field, type the day to start charging late fees (for example, to start charging late fees on the 5th, type “5”).

Maximum Late Charge

Type the total late fees that can be charged to a resident for a month. This limit takes into account any manually assessed late charges (for example, charges to the Late income code).

Open Items Based on *

This setting works in conjunction with Base Late on and Late Day so you can specify the basis for when you want to start charging late fees.

Current—In the Late Day field type the number of days before a payment is late. The system calculates late charges using balances and open items as of the current date.

Date Assessed Thru—Select this option and the system calculates late charges using the balances and open items as they were on the Assessed Date.

Examples

Example 1

If a resident is delinquent on the 5th and pays on the 7th using Property Solutions, then if you select Date Assessed Thru, late charges are assessed on the 8th but with a date assessed as of the 6th. If you select Current, the ending balance is the Resident’s current ending balance, so the resident is “not late” and no late charge is assessed. The Date Assessed Thru option causes the system to figure the Resident’s balance on the 6th, determine if they are delinquent, and assess a late charge. The transactions are included/excluded based on the transaction date of the transaction, i.e., the transaction date defaults to the log in date for user-entered transactions.

Example 2

Resident pays delinquent balance on the 7th

Base Late on: Day of Month; Open Items Based on: Current; Late Day: 5; and Late Notices were processed on the 8th of the month but with Assess Thru Date of the 6th. In this case the Resident would NOT be charged late fee. Their current delinquent balance does not meet the criteria to be charged a late fee.

If Base Late on: Day of Month; Open Items Based on: Date Assessed Thru; Late Day: 5; and Late Notices were processed on the 8th of the month but with Assess Thru Date of the 6th. In this case the Resident would be charged late fee. If the payment is collected the same day or after the Date Assessed Thru date, the resident will be charged the late fee (if they meet the criteria to be charged based on the late notice). The Resident is charged because they paid after the 4th, which makes them late as they paid after the Date Assessed Thru date.

Example 3

Resident A pays delinquent balance on the 7th.
Resident B pays delinquent balance on the 6th

If Base Late on: Due Date; Open Items Based on: Current; Late Day: 4; and Late Notices were processed on the 8th of the month but with Assess Thru Date mm/06/yyyy. In this case, the Resident B would NOT be charged late fee. Their current delinquent balance does not meet the criteria to be charged a late fee.

If Base Late on: Due Date; Open Items Based on: Date Assessed Thru; Late Day: 4; and Late Notices were processed on the 8th of the month but with Assess Thru Date mm/06/yyyy. In this case, Resident B WOULD be charged late fee. If the payment is collected the same day or after the Date Assessed Thru date, the resident is charged the late fee (if they meet the criteria to be charged based on the late notice). Resident B is charged because they paid after the 4th, which makes them late as they paid after the Date Assessed Thru date.

Sequence

The display-only system-generated sequence number. If you are adding a code, the value is "New."

Late Day *

This setting works in conjunction with the Base Late on drop-down list so you can specify the basis for when you want to start charging late fees:

To start charging late fees based on a due date — From the Base Late on drop-down list, select the Due Date option. Then, in the Late Day field, type the number of days before the payment is late (for example, if you want to start charging late fees on the 5th, type “4” as the due date).

To start charging late fees on a certain day of the month — From the Base Late on drop-down list, select the Day of Month option. Then, in the Late Day field, type the day to start charging late fees (for example, to start charging late fees on the 5th, type “5”).

Minimum Based On *

From the drop-down list, select the basis of the minimum balance:

Balance Due STLC(Subject to Late Charge) — This minimum is the default. Select this option when the minimum balance is the current balance for income codes that have the Late Charge option set to Regular Late Fees Only.

Current Lease Billings — Select this option when the minimum balance is the current balance for recurring charges that have the Late Charge option set to Regular Late Fees Only.

Current Due This Month — Select this option when the minimum balance is the current balance for all charges due in the current month for income codes that have the Late Charge option set to Regular Late Fees Only.

Total Balance Due — Select this option when the minimum balance is the current balance for all income codes, i.e., the total balance due, and you want the Late Charge option to be disregarded by the system.

Note

This application only evaluates open item amounts to income codes with the Late Charge Flag set to Yes.

Minimum Balance

Type the minimum accepted balance before a notice is processed for a lease.

Late Fee Code *

From the drop-down list, select income code to which the late charge is assessed.

Fixed Charge

Type the fixed charge amount, if the late charge calculation is a fixed dollar amount.

Per Day Charge

Type the per day charge amount, if the late charge calculation includes a per day charge.

Maximum Per Day Charge

Type a dollar amount that is the maximum sum of Per Day Charges to be charged. For example, if the Per Day Charge is 5.00 and the Maximum Per Day Charge is 30.00, the late fee will be charged for 6 days (until the Maximum Per Day Charge is met).

Percentage Charge

Type a number that is the percent to charge, if the late charge is calculated as a percentage amount of the balance due.

Type of Percent *

From the drop-down list, select the type of balance to use in calculating the late fee if the late charge calculation includes a Percentage Charge. Options include: Balance Due, Current Due This Month, and Current Month Recurring Charges.

Percent over Amount

Enter the dollar amount to deduct from the balance before the system calculates the Percentage Charge late fee. For example, if the resident's balance is $500 and the Percent Over Amount is $100, then the Percentage Charge late fee is calculated on $400.

Print *

This setting works in conjunction with the Basis field, enabling you to control when letters are printed. First, use the Basis drop-down list to specify the balance to be used for the print option (Total balance or Balance subject to late charge). Then, from the Print drop-down list, select when the letter should be printed:

At least once — letter prints at least once if the balance is greater than zero, plus any time a late charge appears.

Once per run — letter prints once every time late charges are run with a balance greater than zero, plus any time a late charge appears.

Only if late charge occurs — letter prints only if subject to a new late charge calculation (even if the calculation results in zero).

Basis *

This setting works in conjunction with the Print field, enabling you to control when letters are printed. First, use the Basis drop-down list to specify the balance to be used for the print option (Total balance or Balance subject to late charge). Then, from the Print drop-down list, select when the letter should be printed

Letter Code

From the drop-down list, select a letter to be printed as part of this late schedule. Entries appearing on this list are from the Letters file.

Note

The Letter Code list shows only the letters that are available to be printed for the selected property, based on letter restrictions set up on the Form Letters Tab.