Direct Bill / City Ledger - Late Fees

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If you charge late fees, the system can calculate and post them for you.

• You designate the number of days past the invoice date for a transaction to be considered late.
• You designate the percent to calculate on late unpaid or partially paid invoices.
• Note: In the calculation of late fees, unpaid late fees will be included in the past-due amount and will accrue late fees as well.

Step Two:  Set up the Transaction Code. Set up the transaction code as shown below. Leave the "unit" field blank. Leave the "fixed amount" blank (zeroes). If you are using Execu/Tech's Back Office G/L, enter the G/L codes as appropriate. For complete instructions on transaction codes see Control Files Setup. Back to top

Step Three:  Edit the Parameter Record. "Late fee charge code:"  Enter the transaction code that you set up in Step Two. "Late fee days:"  Enter the number of day after the invoice date to consider an invoice late. "Late fee percent:"  Enter the percent to calculate on late unpaid or partially paid invoices.  The example above is ten percent.  Nine 1/4 percent is in the format 9.25 and so on. "Allow open item?:  Answer Y. For complete instructions see Control Files Setup . Back to top

Step Four:  Edit the Customer Master Record. For each customer to whose account late fees should be charged, answer Y in the field "Charge late fees?" as shown above. For complete customer setup instructions see Customer Setup . Back to top

Step Five:  Run "Post Late Fees" from your Direct Bill menu. From you Direct Bill menu select "Post Late Fees". At the prompt, enter the "as of" date.  This is the date on which the fees will post.  It is also used to determine whether an invoice is past due or "late".  You may enter a beginning and ending customer code (use the same code if posting to only one customer).  If posting to all customers whose accounts should receive late fees, leave the customer field blank and press Enter through the fields.  You will receive a notification message when the posting is complete.  Click OK. Below is a sample late fee posted to a customer account: Back to top