Late Fee Logic Summary
There are three Late Fee calculation options:
• Fixed by Statement
A single fixed late fee is applied once per statement, regardless of how many invoices are past due.
Example: If 10 invoices are past due, only one late fee is charged.
• Fixed by Invoice
The fixed amount entered is charged for each invoice that is past due.
Example: If the fee is $10 and 3 invoices are past due, the total late fee will be $30.
• Percent by Statement
A percentage is applied once per statement if at least one invoice is past due.
The exact base used for the percentage (total balance vs. past-due balance) still needs confirmation.
How Late Fees Are Generated
Late fees are automatically generated as an invoice with a Late Fee line.
The system runs a daily job that checks for past-due invoices.
If an invoice is past due (due date is earlier than the current date and the invoice is not paid/processed), the system creates a Late Fee invoice.
That late fee is added to the current statement.
If the late fee itself remains unpaid, additional late fees may be applied later.
Product Setup
Late fees use a reserved product that already exists in the system.
This product cannot be deleted.
It can be found in the Product list.
For FBO's using accounting integrations, the GL mapping should be configured on this product.
Need more help? Contact X‑1FBO Support for further assistance