The Late Payment Fee Rules window allows you to define the late payment to be charged to guardians who have an outstanding balance when the Late Payment Charge Process is executed.
To access the Late Payment Fee Rules, click on Accounting, then Accounts Receivable, then A/R Rules, then Late Payment Fee Rules. The following window will be displayed:
Click on the down arrow to select the appropriate A/R subaccount where you want the fees to be posted.
These boxes allow you to define the criteria to be used for identifying guardian accounts that should be flagged for late fees. In the above example:
if a guardian's balance is less than $51.00, then no late fee is posted
if a guardian's balance is more than $51.00 then the late payment fee is $10.00 (the guardian will owe $61.00 once the Late Payment Fee Process is executed).
You may also add a percentage amount to the amount of the late fee, based on the outstanding balance. For example, you can define the late payment fee to be $10.00 + 10% of the outstanding balance.
Click on the OK button when you are done.