Override Late Charges

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:


1. Alter the Payment Date

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.

Payment entered on Record Payments and showing a Late Charge as payment is late

After the Payment Date has been changed to December 10 2021 the Late Charge shown in column K has disappeared.

Payment entered on Record Payments with Late Charge removed after Payment Date changed to before Late Charge triggered

2. Keep the Same Date and Override Late Charge

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.

How to override the Late Charge by entering $0.00 in column L on the Record Payments worksheet

Enter a DIFFERENT Late Charge than calculated

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.

WARNING

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.

How to enter a DIFFERENT Late Charge what is automatically calculated in Record Payments for the Late Charge

Let Us Help

Get in touch if you’re having problems, need something specific or have questions about our spreadsheet.

Claim FREE upgrade

Existing customers of Lender Software Pro v1.7.x claim a FREE upgrade to v2.0.x

© 2021 Testament Research, Inc.

Get started for FREE Today. Register and Download NOW!

Want to Upgrade from Lite to PRO?. Upgrade and Unlock for $79.99

Microsoft® Windows® and Microsoft® Excel® are registered trademarks of Microsoft Corporation in the United States and other countries.
Mac® and macOS® are trademarks of Apple Inc., registered in the U.S. and other countries.

By continuing to browse or by clicking 'Dismiss' you agree to the storing of cookies on your device to enhance your site experience and for analytical purposes. To learn more about how we use cookies, please see our Cookies Policy and Privacy Policy.