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How late fees work

When PropFlow charges a late fee, how much, and how to set or waive it.

2 min read

PropFlow adds late fees for you, based on each property's rules. You don't need to add them by hand.

Set the late fee for a property

  1. Go to Portfolio → Properties, open the property, and click Edit on the Settings card.
  2. Under Rent rules, pick the Late fee type: Percent of the tenant's rent or Flat amount.
  3. Enter the Late fee (%) or Late fee ($).
  4. Set Grace period: last day to pay without a late fee. For example, 5 means rent paid in full by the 5th is on time, and the fee is added on the 6th.
  5. Add a Reason for the change if you like (it goes in the change history), then click Save changes.

Saving updates this month's late fees. Earlier months stay as they were. Only the owner can change these settings.

When a late fee is charged

  • It's charged the day after the grace day if the tenant hasn't paid their full share for that month by the grace day.
  • It's based only on the tenant's share of this month's rent. It's never charged on old balances or on the HAP part (what the housing authority pays).
  • Payments from the housing authority don't count toward paying on time. A credit the tenant already had (from paying ahead) does count.
  • No fee in the month a tenant moves in if they move in after the grace day.
  • No new fees after a tenant has moved out.
  • When tenants are imported, months that were already past the grace day get no fees, unless the owner chose to charge them.

Waive a late fee

There are two ways. Either works for the owner right away; for a manager, both send a request to the owner in Approvals and nothing changes until the owner approves.

  1. From the ledger, any time: open the tenant, go to the Ledger tab, find the late fee and click Waive (managers see Ask to waive). Type a short reason, like "paid on time by check", and click Waive fee. The fee comes off and the reason shows on the ledger.
  2. While recording a payment: when you record the payment, check Waive the late fee for this month.

Tip: A waived late fee is never charged again for that month, even if the tenant is still behind.

Questions

I recorded a payment late, but the tenant really paid on time. Will the fee go away?

When a payment's date paid is on or before the grace day, PropFlow notices the fee no longer applies. It sends the fee to the owner's Approvals to remove it.

What does the time zone setting do?

It decides when the day changes for that property, so rent posts and late fees apply at the right local time.

What about the month-to-month premium?

It's saved with the property, but it isn't charged automatically. Add it by hand for now.

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