Late Fees

[mbordine]

we've been with ST for almost one year and we'd like to start charging late fees on our customers that have not been paying on time.  We have the Payment Terms turned on, and would like to charge each customer that is outstanding for 30days a $3 charge.  

I have been told this is not possible, and that we would have to do an Interest fee, but we would have to do that to each invoice manually.

Is there a way that we can do this in Bulk.  We have about 100,000 customers and we seriously cannot manually do that to every invoice after 30 days....we are a small company that only has 2 CSR's, and 2 Office people.

Help.

[NicoleMZ]

I am having an issue with the charging interest process. When I am charging interest there are customers that are showing up, pre-selected as late, even though they are not due based on their payment terms. I am told by Support  that "The outstanding balance is not linked to the payment terms set on the invoice.This implies of a possible product gap, so the system is  thinking that there is a balance and not taking the payment terms into consideration. This is intended behavior at the moment."

This completely defies the purpose of the payment terms and causes quite an issue with our customers who have payment terms outside of the 30 days that are larger Commercial or Industrial customers. 

[erinpbradley]

It sounds like the Apply Finance Charge process would work for you. The process needs some improvement in my opinion (see my post here: https://community.servicetitan.com/t5/Accounting/Apply-Finance-Charge-Screen-Needs-Edits/m-p/16837#M...), but it should function to apply a late fee in bulk for you. You can filter to include invoices older than 30 days. However, you would have to apply a % fee instead of a flat rate dollar charge.

You should be sure to check the legalities around charging late fees by your state. We are in Texas and the max we can legally charge is 6% per year or 0.5% per month.

[JessicaSmith]

The charge interest button would be great if you didn't have to select a batch and could just use it for any invoice with a balance of a certain age.

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