OfficeRnD Flex allows you to set up late fees to be automatically generated when an invoice has been overdue for a set number of days. The late fees are not added to the overdue invoice, as this invoice was already sent to your customer. Instead, OfficeRnD Flex generates the fee and adds it to the customer/member's profile to be invoiced manually or with the next automated Bill Run.
How to set up Late Fees?
Before you set up your late fees, you must create a zero-priced one-off fee to use as the basis of the late fee.
Late fees will be recorded under the account of that Billing Plan for reporting purposes. If you are unfamiliar with setting up Billing Plans, please look at our help article on the subject.
Note: Once generated, the late fee will not be added as a line item to the existing invoice. It will generate a one-off fee in the company/member profile, which you must invoice separately.
Go to Settings > Billing Settings > Billing Rules.
Look for the section labeled We'll generate late fees.
Enable the automatic late fees by clicking on the checkbox labeled Automatically.
More fields will appear after you do that:
Select the product (plan) you created for late fees from the drop-down menu.
Select the percentage of the overdue invoice that you would like to set as the basis for the late fees that will be generated.
Select how many days the system should wait after an invoice is Overdue before it generates a Late Fee.
Choose the type of calculation for late fees that you'd like to use from the drop-down menu:
Generate Late Fee Once - Choosing this option will cause a single one-off fee of X% of the overdue invoice's Total after a set number of days from the invoice's Overdue date.
Generate Late Fee Daily - Choosing this option will cause a one-off fee of X% of the overdue invoice's Total to be generated each day past the invoice's Overdue date. That will lead to a higher quantity of the same one-off fee.
Click Update at the bottom of the page to ensure your settings are saved.
Note: When you enable the late fees functionality, it will automatically apply only to invoices created after the feature is enabled. This means that OfficeRnD Flex won't generate late fees for existing invoices. If overdue invoices are created before the late fees functionality is enabled, you must manually trigger the "Enable late fees" option for each one.
Also, if you change the late fees configuration, you will need to manually update all overdue invoices that were affected by the previous configuration. For example, if you change the late fee percentage from 5% to 10% and want it to be applied to an already overdue invoice, you must manually change its late fee or add a new one.
Note: The Late Fee percentage is applied/calculated against the total amount of the invoice(without TAX/VAT).
How to change the name of a late fee?
Once enabled, late fees have their own name template, which can be found at the bottom of the Billing Rules page. Here, you can determine the name of the fees that will be generated.
Apart from writing the name of the fee, you can use the following properties:
invoiceNumber
feeDate
feeMonth
feeYear
invoiceMonth
percent
planName
contractNumber
The properties must be written in double-figure brackets for the system to read them correctly. Example: Late fee for ##{{invoiceNumber}}