There are two ways you can choose to track late fees with Landlord Studio.
The first is to set them as part of the lease. This enables the system to automatically calculate the amount of late fee due and it will automatically enter the late fee payment for you once you collect the full rent amount.
The second option is to manually calculate late fees due and enter them as income into the system, making sure to set the payment category to "Late Fee".
Automating Late Fees
Step 1: Create the lease or edit an existing lease.
Step 2: Once you've entered all the details scroll to the bottom of the lease page.
Step 3: Set the Late Fee amount.
Step 4: Set the grace period. eg. the number of days after the rent due date that the late fee will be applied.
Step 5: Save.
Step 6: After the rent due date, the late fee will automatically be applied to the rent owing amount and show up on the property dashboard.
Step 7: Hit Log Payment when the rent has been collected.
Step 8: The late fees will automatically be applied to the payment. Scroll to the bottom of the page to toggle off late fees as required.
Step 9: Hit save.
You can view your payment history to edit or delete a late fee payment after it's been entered.
Manually Entering Late Fees
To manually enter a late fee
Step 1: Navigate to the relevant property.
Step 2: Click on "Log Payment"
Step 3: Calculate the amount of late fee you need to charge.
Step 4: Enter the late fee amount.
Step 5: Select "Late Fee" from the payment category dropdown and make a note of any important details.
Step 5: Save.
Collecting Late Fees with Online Rent Collection
If you choose to use our online rent collection system, when you set late fees in the system these will be automatically applied if your tenants do not initiate the payment before the due date (or end of the grace period).
Your tenant will see the late fees added to their rent amount when they log into the tenant portal and will be required to pay in full unless you have enabled partial payments.
If you have enabled partial payments the tenants can choose to pay in full or adjust the rent amount. For example, you may choose to forgive the late fee, enable partial payments and the tenant can then choose to pay only the principal rent amount.
Once the tenant has completed the payment will automatically log two payments for you, one for the rent payment and one for the late fee as shown below.