Wondering about the best way is to keep track of late fees in Stessa. Should I add a charge in the tenant ledger, or add it as a manual transaction? I imagine I’ll have to split out the late fee portion of the payment once it comes in to assign it to the Late Fee category, but just want to know for sure.
I remember I answered a question somewhere about how to calculate late fees. I set it to 0, since I don’t enforce them all the time… How is that information used in the system, and where can I find that screen again?
Yes, the best way to add a late fee is to simply add it as a “charge” on your tenant ledger, which can be accessed via the Leases & Tenants page. Just click on the tenancy and then scroll down to find the tenant ledger.
Late fees and grace periods can be set up via the input screen that appears when you click on a lease date or amount for a specific tenant. Let us know if you can’t find it!
I had set up the late fees and grace periods for my tenants on their “Leases and Tenants” pages. I set it up to charge after a 3 day grace period (rent due on 1st, so late fee will be charged on the 4th). However, for a few tenants who paid on time, I either forgot to enter the payment into Stessa before the 4th, or the payment didn’t import over from my bank account until after the 4th due to delays in ACH processing. Now the system posted a Late Fee charge in the tenants’ ledgers even though they weren’t late. I can’t delete this system generated charge. I know that I can offset it by adding a credit in the ledger, but then I have these unneccessary charges and credits showing up. I have since removed the late fee/grace period setting on the leases page and, going forward, I will manually enter the late fees when/if needed. But can you please help me know how to delete the late fee charges that your system automatically generated? Thanks.
Same problems here!!! It’s ok to automatically add late fee, but it should be able to delete it manually, as some times tenants paid on time but showing later because of import over from bank account.