Charge late fees
Set late fee terms on each lease. Holuway adds the fee once per rent charge after the grace days, and you can waive it.
Set the terms
- Step 1In Leases, select Payments on the lease.
- Step 2Under Payment terms, select Late fee terms.
- Step 3Set the grace days after the due date.
- Step 4Under Late fee, choose No late fee, A flat amount or A percentage of what is overdue, enter the amount or percentage, and add the most it can be if you want a cap.
- Step 5Save. New terms apply to late fees charged from then on.
Important: States limit late fees and grace periods. Check the rules where the home is; the terms you set are your responsibility.
How late fees are added
A late fee is added once per rent charge, the day after the grace days end, if part of that rent is still unpaid. Bank payments on their way count as paid. The tenant is emailed.
To take one back, select Waive on the late fee in the ledger, and say why; the tenant sees the reason.