You can add late fees at your properties that automatically charge your companies when they do not pay invoices by the due date. When Kube runs the Late Fees scheduled task every day, it automatically identifies overdue invoices. Kube then charges the company a late fee for the unpaid invoice according to the settings in the Late Fees scheduled task. For more information about scheduled tasks, see Scheduled Tasks.
When you add late fees, you can decide whether the late fee is a flat amount or is a percentage of the invoice total, monthly rent charges, or miscellaneous charges. If you select a percentage of the monthly rent or miscellaneous charges, you can add a second late fee that applies to the category you did not select. For example, you can select a primary late fee that charges a percentage of the monthly rent and a secondary late fee that charges a percentage of miscellaneous charges.
You can also select other fee options and how many days after the invoice is due that Kube charges the company a late fee.
This article is part of the Kube property setup flow. For more information, see Kube setup checklist.
NOTES:
Depending on your assigned role and permissions, and the version of Kube your organization uses, some or all of these menus or services may not be available or displayed.
For late fees that are percentages of monthly rent or miscellaneous charges, Kube uses the charge code types of the invoiced charges to determine what charges it applies late fees to. Kube charges all late fees to the late fees charge code set in the System Settings section on the Account Settings screen. For more information, see Setting default system GL accounts and charge codes.
Kube does not apply late fees to negative invoices. However, if an invoice’s total amount is positive, Kube applies late fees to both positive and negative charges in the invoice (when using a percentage-based late fee).
To add a late fee to a property
Select Properties in the top menu.
Locate the property you want to add the late fee for in the grid and click the property name. The Property Spaces screen appears.
Select Scheduled Tasks in the side menu.
Click the Late Fees scheduled task.
Click the Edit button.
Complete the fields. For field descriptions, see the Scheduled Task Details Screen Reference at the end of this article.
Click Save.
TIP: The next step in the Kube property setup process is set when properties add future bookings and reset their hours/credits/coworking passes. For more information, see Changing when future bookings are added and hours/credits/coworking passes are reset.
Scheduled Task Details Screen Reference
Late Fee Options | Select a late fee option:
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2nd Layer Option | If you selected either the % of Monthly Rent Charges or % of Misc Charges, you can add a second late fee for the other late fee option by clicking the Add button.
NOTE: This option only appears if you selected either the % of Monthly Rent Charges or % of Misc Charges late fee options. |
Apply late fees to outstanding balance | Whether Kube only applies late fees to the unpaid amount of an invoice if the company has only made a partial payment towards the invoice.
NOTE: By default, this option is enabled. |
Apply Late Fees to Security Deposits | Whether Kube applies late fees to security deposits.
NOTE: By default, this option is enabled. |
Apply Late Fees to Setup Fees
| Whether Kube applies late fees to setup fees.
NOTE: By default, this option is enabled. |
Apply Late Fees to Taxes
| Whether Kube applies late fees to taxes.
NOTE: By default, this option is enabled. |
On Day | Select how many days after the invoice due date you want Kube to charge late fees.
Example: If your invoices are due on the 1st and you want late fees to apply on the 5th, select Due Date + 4 Days. In this scenario, the 1st, 2nd, 3rd, and 4th are the additional three days, and your customers have until midnight on the 4th to make a payment without a penalty. On the 5th, Kube adds late fees. |