Product Detail

From the Accounting → Configuration menu, navigate to Late Fee Rules to configure and manage rules for calculating and applying late payment fees

Here in Late Fee Rule, multiple rules can be configured to control how late payment charges are applied on overdue invoices

Sequence:

• Determines the priority of the rule. Lower sequence value means higher priority when multiple rules exist.

Late Fee Product:

• Product used to create the late fee invoice.

Auto Post Late Fee Invoice:

• Automatically posts the generated late fee invoice without manual confirmation.

Fee Type:

• Defines how the late fee is calculated. Options include fixed amount, percentage, or daily percentage.

Grace Days:

• Number of days after the invoice due date during which no late fee is applied.

Apply Mode:

• Determines how the fee is applied — either once or repeatedly (recurring) until payment.

Cycle Days:

• Defines the interval (in days) at which recurring late fees are applied.

Maximum Cap:

• Sets the maximum total late fee amount that can be charged for an invoice to avoid overcharging.

In the Customer Invoice, the Apply Late Fee button allows applying late charges manually based on the configured late fee rule

The Auto Apply Late Fees scheduled action automatically applies late fees to overdue invoices on a daily basis, ensuring timely and consistent late fee calculation without manual intervention.

Click on late fee invoices to view automatically created late fee invoices and Late Fee tab displays all applied late fee details, including total fees charged, last applied date, and linked late fee invoices, providing a clear tracking of overdue charges.

This is an automatically generated Late Fee Invoice, where the invoice line is created using the same product defined in the Late Fee Rule, ensuring a consistent and accurate late fee amount.