Greekbill does not automatically assess a late fee to any account that is delinquent. It is up to the chapter to add late fees. The late fee module makes that easy, and you can choose to do a one-time late fee or set up an automated late fee for any account that qualifies. You can set it and forget it!
Late Fee Module:
The late fee module will allow you to view the reporting of all the late fees assessed for the set time frame and allow you to filter and search.
Invoice dashboard > Late Fee Tile > Add a Late Fee > Choose the Late Fee Type:
- One -Time Late Fees
- Recurring Late Fees
One -Time Late Fee
You can send out a one-time late fee to any member that qualifies. The report will populate the accounts that fall within the two parameters selected below.
1.)How past due the member’s account is:
- 1 - 30 Days Past Due
- 30 - 60 Days Past Due
- 60 - 90 Days Past Due
- 90+ Days Past Due
NOTE: This is based on the chapter's set billing cycle. How late an account is based on the monthly due date.
2.)Accounts with a balance over a selected amount. For example, put in the minimum amount balance for an account to qualify for a late fee, it can be as low as $1.00. This helps avoid adding a late fee on a late fee. Select Find Members. Only members that qualify will populate. You will need to select the members you wish to apply the late fee to and click Continue.
- Late fee template – defaults to 'Late Fee Charge Template'
- Late Fee Charge description – add the details of the late fee such as reason, month … ETC.
- Chart of accounts- defaults to the chapter's Fines' account - Select the account category the charge will be filed under. This is used for budgeting purposes
- Effective Date- defaults to the current date - The date the charge will be applied to the account. Your charge will be pending until it is invoiced
- Fee – The Fee assessed can be set up as a Set amount or a Percentage based late fee.
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- Set amount – put in the dollar amount for the late fee
- Percentage Based- Put in the Percent of the outstanding balance to calculate the late fee.
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The last page will let you review the potential late fees and select Finish.
Recurring Late Fees
This allows you to set up an automated monthly late fee for any of the accounts that fall within the parameters selected below. You need to fill out the specifics of the template for the automation to be set up. Once you have selected the details click Review.
- Late fee charge template – defaults to “Late Fee Charge Template”
- Late Fee Charge description – Defaults to “Late Fee- current month” Example: Late Fee -July
- Chart of accounts- defaults to the chapter’s 'Fines' account - Select the account category the charge will be filed under. This is used for budgeting purposes
- Late Fee Date- Choose how many days a member can be overdue before receiving a late fee.
- Fee Amount – The Fee assessed can be set up as a Set amount or a Percentage based late fee.
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- Set amount – put in the dollar amount for the late fee
- Percentage Based- Put in the Percent of the outstanding balance to calculate the late fee.
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NOTE: the percentage-based late fee is based on the member's total balance, unless the account has signed a payment plan, then it will base on the current balance.
Note: There is a restriction on when the scheduled late fees can be initiated. You cannot turn the automated late fees ON for the first due date as today's date. If it needs to run today then you need to do the one-time late fee and set the scheduled one for the future month.
Late Fee Automation Restriction:
- Apply Late Fee to Alum/Non-members- Limit whether Alum/Non-members will have automatic late fees applied to their accounts
- Apply Late Fee to Accounts in Collections- Limit whether members in pre- or full collections will have automatic late fees applied to their accounts
- Balance Minimum for Late Fee to be Applied- Late fees will only be applied to accounts with a balance greater than this amount.
- Consecutive Late Fee Limit- Limit how many late fees can be consecutively applied to a member's account
The last page will let you review the potential late fees and select “Complete”. This automation will run monthly for all members that qualify until it is turned off.
Pro Tip: Add a grace period. The due date of the balance is the 15th of the month, you scheduled the late fee to have a 5-day grace period so the late fee will be assessed ON the 20th.
NOTE: This includes summer and winter months while school is not in session. Once the Late fee is added, it will sit as a pending charge until your chapter's next scheduled invoice date. You can always add a charge, on the additional charge module to add a late fee as well. You would just need to create/ use a charge template for 'Late Fees' and assign it to the delinquent members.
NOTE: You can’t do a one-time late fee if the automated recurring late fees are set up. You will need to turn it off and turn it back on to do so. It will populate the most recent automation late fees when you go to turn it back on.
NOTE: This may be restricted by your Roles and Permissions, if you need access please reach out to your GB rep.