Late fee can be applied to invoices manually via the Invoice Review screen. Prior to calculating a late fee, we must first set up our interest rules. These rules can be set in either the Project screen (if only a few projects are subject to late fee) or it can be set globally via the Global Settings. Please follow the steps below to set up your late fee rules:
Setting up late fee per project:
1. Open the Project screen.
2. Select the project to which you want to apply late fee rules.
3. On the Details tab you can set your percentage rate as well as the number of days before you consider your invoice to be late. After these fields are filled, remember to save your changes.
Setting up late fee globally for all projects:
1. Go to Settings menu, Global Settings.
2. On the Billing panel, set the percentage rate you want to charge as well as the number of days before you consider the invoice to be late.
There are two options under these fields. "Apply to Blank/Zero Rate” will update all projects that do not currently have any rates applied on the Detail tab of the Project screen. “Apply to Non-Blank Rate” will update projects that have existing rates applied on the Detail tab.
Note: If you are unsure about the rates applied to individual projects but would like to have all projects using the same rates, apply both the blank and non-blank settings to update all projects regardless of previous settings.
3. After you pick the proper options, click Apply. When you will get a confirmation message, click Yes.
Now that we have late fees set for our projects, we can now apply late fee to outstanding invoices via the Invoice Review screen.
1. In the Invoice Review screen, check the Open filter to view only open invoices with current balances. Refresh the invoice list.
2. Highlight any invoice to which you want to apply a late fee.
3. Select Create Late Fee Invoices from the Tools dropdown button. You will see a box where you can enter your Late Fee Upto date. Typically, this is today’s date; however you can set this to any date you like.
4. Once selected, click the “Create Late Fee Invoices” button.
5. BillQuick will now calculate late fee invoices for all the selected rows. To print statements with calculated late fee, click the “Print Statement" button under the Tools button.
Note: When you receive a payment on an invoice having late fee associated to it, you can apply a portion of that payment to the late fee and then apply the balance to the invoice value. You cannot create late fee invoices for posted or partially paid invoices.