FAQ > Tracking Rents on Worksheet

How do I record late fees?

To Calculate the Late Fees:

If a tenant has not paid the rent on the Due Date, SimplifyEm.com Property Management Software will allow you to calculate the late fees based on the lease terms. For example, say the tenant’s rent is due on June 1st, today is June 20th and the tenant has not paid the rent amount yet. To calculate the Late fees follow these steps:

1.Click on the Tenants tab at the top of the Page. This will take you to Tenant center. Here select the particular tenant row who is late on the rent payment and click on Take Actions drop down. Select the first link Create Late Fee Due

2. Clicking on Create Late Fee Due will open a new window. Here you will select the tenant by clicking the checkbox next to the tenant name .You can change the Date on the top if needed, and then click on the create late fee button at the bottom. This will calculate the late fees and update it.

3.Once the late fee is created you click on the Done button and this will take you back to Tenant Center. Here you can click on Generate Late Rent Receipt link and you could either email or print the late rent notice for that particular tenant.

To record the Late Fees:

1. Enter the rent and late fees amount you received on June 20th on the worksheets page for the month of June and click on the calendar icon:

 

2. Clicking on the calendar icon will open a new window shown below. Click on the “Allocate” link:

3. Clicking on the “Allocate” link will open a new window. Here you will notice that the rent amount is allocated by default and at the bottom left of the window you will see Remainder Amount to allocate:200. Allocate this 200 for the Late fees of June and click the save button