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This document outlines the procedures for managing late payments.

Setting Late Payments

When you create a contract, you can specify any fees that will be applied if a payment was not made on time.

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In the example above a $50.00 Per Payment, fee has been set.

Process Overdue

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Process Overdue: Updates the payment and contract status of all contracts. This process should be run once per day.

Any penalty payments for the contracts overdue will be added to the Revenue/Inv. screen.

Creating Invoices for Late Payments

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1. Select Loan Contract.
2. Click in the Invoices section of the screen.
3. Click New.
4. Select the Unassigned Revenue item.
5. Click on the Image Modifiedbutton to add the item
6. Click OK.