Late and Other Charges

If the borrower pays late, a late charge is added automatically to the amount owed.

On the Setup worksheet you will have added either a % Amount or a Daily Charge amount to create your late charge. These are different types of late charge and the one you choose must be the right one for your loan.


Days Before Late

Days Before Late is the 'grace period' after a payment is due before a late charge is applied.

Click on the Setup worksheet.

Enter how many days before a payment is late in cell B47. In our example it is 10 days, so on the 11th day the payment would be late.

Setting the Days before Late Charge is triggered on the Setup worksheet

% Late Charge

Click on the Setup worksheet.

For a % Late Charge, you simply enter a number in Cell B48. For example if your monthly payment is $1,000 and your late charge is 5%, then the late charge will be $50 per month.

Late Charge Percent: In our example, we have set the late fee to be 5.00% in cell B48 of the initial payment amount.

Setting the Late Charge based on a % of the payment amount on the Setup worksheet

Daily Late Charge

Click on the Setup worksheet.

If you want to use a daily rate, clear the 5.00% in cell B48 and instead insert a number into cell D48. You will receive a warning if you haven't cleared cell B48 first as you CANNOT have both a % charge and a daily charge.

For example, you could charge a $1 fee per day for any late payments or whatever your agreed legal amount is. For example, if your grace period is 10 days and you received your payment on the 12th of the month, there would be a late fee of 2x your daily fee for being 2 days late.

Learn more about the Daily Late Charge.

Setting the Daily Late Charge instead of a % based Late Charge on the Setup worksheet

Override Late Charge

In certain circumstances, you may not wish to automatically accrue a Late Charge.

Learn more about how to Override Late Charges.

Bad Check Charge

A Bad check Charge is a charge for receiving a check that was returned by the bank unpaid.

Click on the Setup worksheet.

Enter your fee for a returned 'bad' check in cell D47. In our example it is $25.00.

Entering a Bad Check Charge on the Setup worksheet

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