U04 End of Period

U0433 Late Charges

For more information about End of Period,
refer to U04 End of Period Overview.

Sequential Updates: This EOP module runs as part of U0411 Sequential Updates.

Related: Several interactive updates affect how late charges are calculated and applied, including:

• U0212 Portfolio→Assessment Customizations
• U0721 Lease Form→Late Charge Information
• U0725 Sales Tax On Assessments

The Late Charges program assesses late charges to leases which are delinquent. To ensure late charges are charged only once an accrual period, a switch on the lease (RLS) record called ACCRUE LATE CHARGE (Y/N) is set to Y when an invoice is accrued, to allow late charges to be assessed if the lease is delinquent. When a late charge is actually assessed by the Sequential Updates Late Charges program during the End of Period process, the switch is set to N. This ensures that no additional late charge assessments are made by subsequent End of Period processes until the lease has accrued the next invoice.

If the Sales Tax on Assessments module has been purchased, and the associated table has been set up through U0725 Sales Tax On Assessments, sales tax will be automatically calculated for the late charge and applied to the invoice. If, however, late charges already exist on an invoice, but were not previously taxed, any additional late charge amounts will likewise not be taxed.

Additional information regarding the assessment of late charges during the Sequential Updates process may be obtained by reviewing 2 reports produced by U0412 Sequential Updates Post Processor. The Sequential Updates U0412A Exceptions report includes messages on errors encountered when assessing late charges, and the U0412D Late Charges Audit report displays information regarding late charges assessed.

Refer to Late Charge Methods section of Calculation document for detailed reference of Late Caharge methods.