How do I set up a grace period?
A grace period allows payment to be received for a certain period of time after the actual due date. During this period, no late fees are charged, and the late payment does not result in default or cancellation of the invoice. A default grace period is 5 days.
To change the default period of time, go to "Accounting Settings" from the main "Settings" menu and switch to the “Invoices & Late Fees” tab:
Take a look at the Global rent late fee settings and choose the number of days for a grace period. Each section has its own update button and it’s active once you update any info:
Please note: if the grace period is "None" and due day 1st, late fees would be posted on the 1st if full payment is not initiated by 5 p.m. If the grace period is "1 day" and due day 1st, late fees would be posted on the 2nd if full payment is not initiated by 5 p.m, etc...
Additionally, you can set up a Grace period for each lease individually. It can be done during the move-in process on the "Extra fees and utilities" step. Once you enable late fee settings, grace period settings will display.
If you set up Global Grace Period, then these settings will be automatically enabled, but you can still choose the number of days for the grace period for your specific lease.
Click "Next Step" at the bottom of the page to complete the process:
Sep. 27, 2021