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.
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.
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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