Late fees and deposits
Charge late fees automatically and settle deposits fairly with itemized deductions.
Two parts of a lease deal with money at the edges: what happens when rent is late, and what happens to the deposit at the end.
Grace period and late fees
Set a default grace period and late fee in Business Settings, and override them on a single lease if needed. A late fee can be a flat amount or a percentage, with an optional cap. Fees are added once per late period and are never deleted. If you decide not to charge one you can waive it, which keeps the record but removes the amount from what is owed.
Deposits
A lease can hold a rental deposit and a security deposit. When you cancel a lease you choose what happens to the deposit:
- Refunded in full
- Partially refunded
- Forfeited
- No deposit held
Itemized deductions
Whenever any of the deposit is kept, you list what it was kept for, line by line, and the lines must add up to the amount kept. This protects you in a dispute and shows the customer exactly why. Tick Damage on a line that is for damage the customer caused; it counts toward their risk score.
Use the inspection as evidence
When you settle the deposit the move-out findings are shown beside it, so you can see which areas are worse than they were at move-in. See Inspections.