We do not recommend forgiving Late Charges, but under certain circumstances you may wish to do so.
Example: You have a 10 day Grace period and received the payment on December 17 2021 which you entered as this date.
Your spreadsheet will show a Late Charge. You want to forgive this as it is Christmas.
There are two ways you can achieve this:
Your payment was received on December 17 2021 and is showing with a Late Charge that has been automatically calculated as $36.46.
Click on the Record Payments worksheet.
The reason the Late Charge has appeared is because the date entered was AFTER the Grace Period you set in Cell B47 on the Setup worksheet.
All you have to do to override the Late Fee is to change the date of December 17 2021 to before the Grace Period ends. In our example, you would need to change the date to be December 10 2021 or earlier as the Grace Period is set as 10 days.
After the Payment Date has been changed to December 10 2021 the Late Charge shown in column K has disappeared.
You might want to override the Late Charge but NOT want to alter the date the payment was received. Lender Spreadsheet Pro provides the functionality to alter the Late Charge without having to amend the paid date.
In our example below, we have kept the Paid Date as December 17 2021.
Override the Late Charge
Click on Column L for the December 2021 payment and enter '0'. By entering this, you are overriding the calculated amount and saying you want it to be zero which is now shown in Column K.
To remove the override, simply delete the number you added into Column L.
Just as you were able to override the Late Charge in the example above to be zero, you can also enter a totally different Late Charge.
In our example below, we have decided to make the Late Charge for the December 2021 payment to be $10.00 and not the calculated amount of $36.46.
To override the payment with a different amount, simply enter a new number in Column L. You can see that we have entered '10.00' which is now shown as the Late Charge amount in Column K.
Changed your mind, reset the Late Charge
All you have to do is delete the number you added in Column L to reset the Late Charge back to what it is automatically calculated as.
Get in touch if you’re having problems, need something specific or have questions about our spreadsheet.
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