You now have additional options available for setting default late fees. All of the following late fee values now have defaults, which you can set at Settings, Accounting Defaults.
- Monthly late fee – this can be a dollar value, or a percentage.
- Daily late fee – this can be any dollar amount
- Monthly maximum late fee – this is set to a dollar amount and the system will not charge more monthly + daily late fees than this set value.
All new tenants added into the system will automatically have these defaults applied.