Overview
In Docketwise, you can use the automatic late fees feature to:
Automatically apply late fees to invoices
Automatically apply recurring late fees to invoices
Choose whether to charge a flat late fee or a percentage of the outstanding balance
Contents
How Automatic Late Fees Work
Automatic Late Fees
When the option is enabled, these late fees are automatically applied (overnight) to invoices that are considered to be late.
Note: An invoice is considered to be late if the invoice's balance is not fully paid by the time of the Due Date indicated on the invoice
Automatic Recurring Late Fees
When this option is enabled, you can set a frequency (in days) for how often recurring late fees should be added if the invoice remains Late and Unpaid.
Note: The recurring late fees will continue to be added until the invoice's balance is paid or the option is disabled on the invoice.
Automatic Late Fee Amount
When using late fees and recurring late fees, you are able to indicate how much is to be charged for the late fees as either a fixed fee or a percent interest.
Fixed Fee: Choose a dollar amount that will be added as a charge.
Percent Interest: Choose a percentage amount of the invoice's outstanding balance that will be added as a charge.
Setting Up Automatic Late Fees
You can set up automatic late fees for invoices on an individual invoice and/or in your firm's default invoice settings.
In an Individual Invoice
In order to set up automatic late fees for an individual invoice, you will need to follow the steps below:
Open the invoice to which you would like to apply the automatic late fee(s)
Access the Invoice Settings tab
Activate the slider bar for the Include Automatic Late Fees & Interest option
Choose whether the late fee will be a Fixed Fee or Percent Interest
Enter the numeric value for the fixed fee or percent interest
If you would like to add add automatic recurring late fees, you will need to follow the steps below:
Activate the slider bar for the Recurring Late Fee option
Enter the frequency in days for which additional late fees will be added
In Default Invoice Settings
After setting up automatic late fees under your firm's default invoice settings, all invoices created thereafter will reflect these automatic late fee preferences, which can be changed on the individual level if desired (see above).
In order to set up automatic late fees for your firm's default invoice settings, you will need to follow the steps below:
Navigate to Settings > Invoice Settings
Check the box for the Include Automatic Late Fees & Interest option
Choose whether the late fee will be a Fixed Fee or Percent Interest
Enter the numeric value for the fixed fee or percent interest
If you would like to add automatic recurring late fees, you will need to follow the steps below:
Activate the slider bar for the Recurring Late Fee option
Enter the frequency in days for which additional late fees will be added
Click the Save Changes button