The Late Fee Manager automatically calculates and applies late fees to your invoices.
In Biller Genie, an invoice is not considered late until it is 30 days past due. After the 30 days, late fees will be applied on a recurring 30 day schedule. Late fees can only be applied to current, existing invoices.
From the Main Menu, navigate to the Tools drop-down menu and select the Late Fee Manager.
To begin charging late fees, under Late Fee Configuration, toggle the “Late Fee Status” to “Active”. Configure your desired schedule, frequency, amount, and customize the terms & conditions to meet your needs. You can choose to add your terms & conditions to the memo field of the invoices, and the body of the reminders, which will automatically be included with every invoice.
All late fees are booked to a new revenue account in your accounting software called "Biller Genie Finance Charge".