Go to Accounting > Accounts Receivable > Late Fees.
Complete the screen.
Click Display to preview the charges that will be created.
If you need to make changes, open the Owner screen, make the changes there, and then rerun the report.
Click Post to create the charges.
As Of Date
The Create Late Fees as of This Date field is used to determine if a charge is late, and how many days it is late. Typically, you would post late fees after the grace period expires. If you have a five-day grace period, and you post late fees on the 6th (and you use the 6th as the As Of date), the charges are considered one day late.
The number of days late is only relevant if the late fees use the $/Day option.
Automated Task
You can set up an automated task for posting late fees.
One-Time Charges and Late Fees
One-time charges are any charges that are not created by monthly posting.
One-time charges are due on the 1st of the next month. For example, if you create a charge on 5/25, it is due on 6/1. If you create a charge on 6/2, it is due on 7/1.
Late fees are calculated based on the due date of the charge. If you create a charge on 6/2 and your late fee setup has a 5 day grace period, you might expect a late fee on 6/7, but the charge is not considered due until 7/1, and a late fee won't be charged until 7/6.