From Store Information Setup: From the Main Menu select Setup, then select Store Information Setup and select the Late Fee Tab. You may select Monthly term or Weekly, Biweekly, Semi-Monthly and Daily terms. Late fees must be setup for both of these terms so setup one then click on the other and set it up. This is so you can have different late fee structures for different terms.
To setup Auto Late Fee you may choose to have none, per day, per payment, or per payment by percentage. If you choose to have the late fees setup by per payment percentage you may choose the late charge percentage and choose the minimum and/or maximum charge.
The Late Fee section also allows you to have late fees given for everyday late or only the days that the store is open. You may also choose to give a grace period before you start to charge late fees or immediately start applying late fees when an account is overdue. You may decide that you want to charge every contract if multiple, if so you need to select yes. ( the default is setup to select no.) You may select the types of contracts you want to charge late fees; Rent To Own, Rent To Rent, Lease’s, Airtime, Open Sales, G - Collection Agent, O – Other. After you have made your selections Press F12 to save.