The Late Fee Manager automatically calculates and applies late fees to your invoices.
In Biller Genie, an invoice is not considered late until it is 30 days past due. After the 30 days, late fees will be applied on a recurring 30 day schedule. Late fees can only be applied to current, existing invoices.
From the Main Menu, navigate to the Add-Ons drop-down menu and select the Late Fee Manager.
If Late Fee Manager is not in the menu, it will need to be installed from the Add-Ons Marketplace.
To begin charging late fees, under Late Fee Configuration, toggle the “Late Fee Status” to “Active”. Configure your desired schedule, frequency, amount, and customize the terms & conditions to meet your needs. You can choose to add your terms & conditions to the memo field of the invoices, and the body of the reminders, which will automatically be included with every invoice.
All late fees are booked to a new revenue account in your accounting software called "Biller Genie Finance Charge".
Refunding a late fee
If you need to refund a late fee that Biller Genie has already added to an invoice, do it in your accounting software. Open the invoice in QuickBooks Online, QuickBooks Desktop, or Xero, and remove the late-fee line item. On the next sync, Biller Genie picks up the removal and clears the late fee from its copy of the invoice. Keeping the change on the accounting side first preserves your accounting software as the source of truth.
If late fees keep reapplying to the same invoice after you remove them, check the Late Fee Manager configuration above. An open, past-due invoice continues to accrue on the 30-day cadence until it's paid, written off, or voided in the accounting software.