Add late payment fee [LPF] on Sales Invoice Charge monthly __ %
Add late payment fee with late payment fee tab to charge individual on each Customer w.r.t particular Sale Invoice
It is requested to please
add the amount option Sale Invoice and Reoccurring Sale Invoice
A notification for LPF appear under Sale Invoice [SI] tab, along with Sale Invoice notification. The counting on the tab displays on SI numbers so one cannot directly follow the indicator. The same should be routed to LPF tab and work similarly.
View option, Automatic reference No. and Customer Code should be added like other tabs
Isn’t this already available? You can select a manually created invoice and a reoccurring sales invoice when manually entering a late payment fee. The Reoccurring sales invoice must have been issued/posted.
The late payment fee tab only keeps a list of late payment fees charged the notification belongs to the sales tab.
I agree, late payment entries should be serialised but I don’t think adding the view option is important. You can always send the related invoice with the penalty clearly showing to whoever may be interested.
An automation feature is supported through one tab therefore requested to extend the same automation in LPF tab in order to overcome manual process when you have to charge LPF on multiple invoices in a month.
The suggestion is to look it differently, as the referred notification is for LPF. Previously, it was included in SI tab that time LPF tab was not there, I think.
notification should also support check and uncheck as supported in other tabs to check and batch process for selected or all invoices.
Late Payment Fee, if charged via Sale Invoice tab - it gives the option to charge monthly x %; should also support the option for LPF once on a single invoice rather than charging additional LPF on each lapse of month. I hope there are organization who charge LPF once a on a invoice.
We just also learnt that their is another feature of Early Payment Discount in Recurring Sales Invoice. I think, the same feature for Late Payment Fee can also suffice the purpose.
We would appreciate, if Manager team can update on subject.
@Tut@lubos I would appreciate, if you can update on subjected request too.
There is an invoice on which a late payment fee - LPF needs be added only if a payment is not received withiin a certain period of time. The LPF is charged only once and is a fixed/define cost.
We have to generate our invoice through re-occuring invoice and we would appreciate if a guidance is shared so we can fix the issue once for all.
To accomplish this, you cannot use the late payment fee checkbox on the sales invoice form. That option will continue charging late fees every month.
Instead, you must manually enter a fee in the Late Payment Fees tab. You cannot automate this, because it depends on action by the customer. You also cannot set a standard late fee under Form Defaults, because there is no default form for late payment fees.
So, you have no choice. You must monitor receipts against sales invoices and manually enter late payment fees when needed. I recommend using the Aged Receivables report to do this.
In fact, you can use the early payment discount to accomplish what you want. You charge the late fee only once. And you say that hundreds of students owe the fee. So it sounds like the normal situation is that invoices are not paid on time and a one-time late charge is assessed. In other words, payment on time is rare.
So why not raise your invoice price to include the late fee and extend an early payment discount when someone pays by the due date?
The other way to handle this is to simply issue another sales invoice for the late charge, adding to the customer’s balance in Accounts receivable. The entire concept of late fees within Manager is based on the principle of interest calculated on overdue balances and repetitively applied over successive time periods. Your one-time charge does not fit within this scheme, as you have discovered.
This is normal practice some time customers pay before due and some after due date. In addition, a statement is issued with a validity date, if any one pays within validity date then only LPF is applied otherwise arrears are included with next month statement along with additional fine (so there are two different charges and timelines for applicablility).
There is accoutning implecation for both, LPF is appliacable if anyone has not made on time not for all and EPD for early payments only. This way, line items would be overstated.
Noted with thanks, based on the discussion and insights we will discuss internally and get back to you accordingly, if needed.
belongs to the sales tab.