Set Up Recurring Late Fees (How-to)

Set up Recurring Late Fees (Flat or Percent) to automatically apply late fees to members' accounts based on their outstanding balances and your configured schedule.

How to set up Recurring Late Fees:

1. Log in to LegFi.
2. Click the Gear icon (Organization Settings) in the top-right corner, then select Modules.
3. Scroll down to Account Level Late Fees (Recurring). 
4. Choose whether the Recurring Late Fee will be calculated as a Flat amount or a Percent of members' outstanding balances.
5. Enter the Recurring Late Fee Amount.
   • Flat: Enter the dollar amount of the late fee.

   • Percent: Enter the percentage of the outstanding balance that should be applied as a late fee.

     

6. Select the Recurrence Day of the Month when the late fee should be applied.
   • If you select 28, the late fee will apply on the last day of each month.
7. Enter the Minimum Balance.
   • If a member's outstanding balance is below this amount, the late fee will not apply.
8. Choose how many days in advance members should receive an Email Reminder before the late fee is applied.
9. Select the Deposit Account and the Ledger Account.
10. Click Update Settings.

After completing all fields, enable Recurring Late Fees by selecting the toggle in the top-right corner of the Account Level Late Fees (Recurring) box.