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FREQUENTLY ASKED QUESTIONS

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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.

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

Process Overdue

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.

IMPORTANT

You can only create the invoices for late payments after the payment that the penalty applies to has been received.