Late Fee Rules in Re-Leased let you automatically calculate and apply late fees to overdue invoices. You can choose from three fee types, set a grace period, define income accounts, and assign the rule to specific tenants. Once active, calculated late fees are tracked through the Late Fees Hub on your Dashboard.
Note: To incorporate bank-specific interest rates into your fee calculations, create a Bank Rate before setting up your rule. See the Late Fees FAQs article for guidance.
Accessing Late Fee Settings
Go to the Settings tab and locate Late Fees under the Accounting section.
Alternatively, access the Late Fees Hub directly from the Dashboard.
Adding a New Fee Rule
Enter a fee rule name and an optional description.
Choose one of the three fee types:
Flat fee — charged once regardless of the number of days overdue.
Percentage — charged once, applying the percentage to the overdue amount.
Annual percentage — calculated daily using: (Days late ÷ 365) × (Daily percentage + Bank Rate, if applicable) × Amount overdue.
If applicable, enter a Grace Period — the number of additional days given to tenants before late fees are applied.
Selecting Income Chart of Accounts
Choose how to apply late fees to your income accounts:
All accounts including future accounts — with the option to exclude generating late fees on late fees.
Select specific income accounts — choose from a list of accounts.
Configuring Invoice Settings for Late Fees
Choose an invoice template for the late fee invoice.
Set the due date by specifying the number of days after invoice issuance.
Select the Late fee paid to account, ensuring the correct chart of accounts is used for fee income.
Adding Leases or Tenants to the Rule
Select the tenants who will be subject to the late fee rule. Only current tenants can be added.
Activate the rule to start applying late fees based on your defined settings.
After creation, you can revise late fee rules at any time. To view and manage all active late fees, navigate to the Late Fees Hub from your Dashboard.
Note: Before making changes to active rules, consider generating interim invoices to capture fees calculated at the previous rate.
For North American users, "Tenancies" are known as "Leases". For more information on regional terminology, see our Glossary of Regional Terminology.