Help Center - For Landlord

TenantCloud Support

How to 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:

 

Take a look at the Global rent late fee settings and choose the number of days for a grace period. Press "Update" to complete the process:

 

Please note: if 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 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 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:

 

 

 

Last updated:
Mar. 18, 2020

Please let us know if you have any other questions.