OfficeRnD Flex gives you the option 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 do I set up Late Fees?
Before you set up your late fees, you will need to 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 not familiar with setting up billing plans, please take a look at our help article on the subject.
- Go to Settings/Billing/Invoicing tab.
- 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 plan you created to be used for the late fees in the drop-down that appears.
- Select the type of calculation for late fees that you'd like to use:
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.
- Select the percentage of the Overdue invoice that you would like to set as the base of 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.
- Hit Update at the bottom of the page to make sure your settings are saved.
Note: When you enable the late fees functionality, it will be automatically applied only to invoices created after the feature is enabled. This means that OfficeRnD Flex won't generate late fees for existing invoices. If there are overdue invoices created before the late fees functionality was enabled, you need to manually trigger the "Enable late fees" option for each one.
Further on, if you change the late fees configuration, you need to manually update all overdue invoices which were affected by the previous configuration. As an example, if you change the late fee percentage from 5% to 10% and you want that change to be applied to an invoice that is already overdue, you need to manually change its late fee or add a new one.
How to change the name of a late fee?
Once enabled, late fees have their own name template found at the bottom of the Settings/Billing section. Here you can determine the name of the fees that will be generated.
Apart from writing the name of the fee, you can use one of the following properties: