Data Validation & Definitions
Late Fees are charged to Residents if they do not pay their bill before the due date each month, or if they obtain a positive balance (i.e. they owe money) each time the Periodic Task for Late Fees runs.
There are 2 types of late fees; regular and section 8.
Below are the field names and descriptions to help ensure each are filled out properly to ensure accurate onboarding of your data.
Regular Late Fees
- Regular Initial Late Fee: This is the amount charged if the person is late on the initial late charge day (i.e. the days late until charged field in the Property).
- Regular Daily Late Fee: This is the amount charged if the person is late on any day after the initial late charge day (i.e. the days late until charged field in the Property).
- Regular Percentage: This is the percentage of the current lease that you wish to be charged during a late fee generation. (i.e. 10%)
- Regular Days Until Charged: This is how many days must pass before late fees begin charging.
Section 8 Late Fees
- Section 8 Initial Late Fee: This is the amount charged if the person is late on the initial late charge day (i.e. the days late until charged field in the Property).
- Section 8 Daily Late Fee: This is the amount charged if the person is late on any day after the initial late charge day (i.e. the days late until charged field in the Property).
- Section 8 Percentage: This is the percentage of the current lease that you wish to be charged during a late fee generation. (i.e. 10%)
- Section 8 Days Until Charged: This is how many days must pass before late fees begin charging.