New Late Fee Settings for "Per-Day" Late Fee Charges

In 123Landlord, you’re able to have late fees accrue each day, based on the number of days late, a grace period, etc.

Up until now, if you created a lease that had per day late fees enabled, you would see something like this on the payments due screen (keeping in mind that “today” is May 28):

So we have a Rent payment due on May 1, and a $245 late fee has been assessed, based on the # of days late (27).

If you paid the rent payment in full, and checked the "This payment satisfies the late fee" box when doing so, the system assumes this means that the late fee has been either paid, or written off / forgiven, and it will also disappear from the payments due list.

If we wanted to pay the rent, but keep the late fee owing (let's say you only received enough money to pay the rent, and you still want to receive and post a separate payment for the late fee), we would of course NOT check the "payment satisfies the late fee" box and the rent would be paid, and the late fee would still be showing due:

 

The late fee payment is showing as 27 days late, and is still $245.  The Rent payment is gone, it has been paid.

What would occur, however, going forward is this: as the days advance, the late fee would continue to accrue, based on the days it is late.  Even though the associated rent payment was paid in full, the late fee would continue increasing as time went forward.

Sometimes you might want this, sometimes you might not.  If this is not the desired behavior you want with your late fee, this new setting is for you.

So now on the Lease Edit screen, on the Late Fee tab, we have this setting:

 

The "Stop Calculating Per Day Charges When Rent Has Been Paid in Full for the Period" box allows you to limit how far late fees can accrue when rent has been collected in full.

When this box is checked, the system will look to see if the rent for that period has been paid in full.  If it has, and the late fee is set to a per day type, the system will look to find the last/most recent rent payment for that period.  Based on the RECEIVED DATE of that payment, the system will cap the late fee amount at that point.  Whatever the late fee was at that point in time (when the rent was paid in full), that's where it will remain, no matter how long into the future we go.

Turn this setting OFF, and late fees will continue to accrue indefinitely based on your other per day rules, until you either collect the fee in full, or check the "this payment satisfies the late fee" box to ignore them.

As always, let us know if you have any questions about how best to use this setting.