Due Days For Penalty
Due Days For Penalty refer to the grace period granted to tenants after their rent or invoice Due Date, during which they can still make a payment without incurring any penalty or late fee. Once this grace period expires, a penalty is automatically applied from the next day.
This setting allows the organizations to offer tenants a buffer window before enforcing late payment charges, promoting flexibility while still maintaining accountability.
How Due Days Penalty Work?
Letβs walk through a real-liFor fe example to understand how this works:
- Tenantβs Rent Due Date: 1st of the month
- Due Days for Penalty: 5 days
- Grace Period Ends: 5th of the month
- Penalty Start Date: 6th of the month
Breakdown
Date | Status |
|---|---|
1st | Rent is due. No penalty yet. |
2nd - 5th | Grace period is active. No penalty. |
6th | Penalty or late fee is applied. |
What This Means?
If the tenant pays:
On or before the 5th β β No penalty will be charged.
On or after the 6th β β οΈ A penalty or late fee will be applied as per the configured rules.
This configuration helps balance tenant convenience with timely rent collection, allowing property managers to enforce payment discipline without being too rigid.
Step 1 - Login To Your Dashboard
- Enter your username and password.
- Go to the Settings section on the dashboard.
Step 2 - Open The Configuration Tab
Inside the Settings menu, click on the Configuration tab.
Step 3 - Select "Due Days for Penalty" From Configuration Options
In the Configuration tab, Click on the "Due Days for Penalty" option.
Step 4 - View Or Edit Due Days For Penalty
- Now, Click on Due days for penalty, where you can edit and view the penalty due days.
Step 5 - Edit Due Date Settings
After Clicking on the Edit Due Dates page will open which contains:
- Due Days
- Description
Step 6 - Click "Save Changes"
- After entering or updating the information, click on "Save Changes".
- After clicking on save changes due date will be updated successfully.
Step 7 - Confirmation
Now you can able to see that the due date is updated Successfully in the ERP.
