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Late Charge Rate Fee |
  
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Navigation: Loan Screens > Account Information Screen Group > Account Detail Screen > Late/NSF tab > Late Charges field group >
Late Charge Rate Fee
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Late Charge Rate Fee |
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Entry: User, numeric
F/M: Yes
Mnemonic: LNLTRT
Screen: Loans > Account Information > Account Detail > Late/NSF tab
The late rate is a percentage rate to two decimal points that is used with the Late Code in calculating late charges. If the Late Code field is "15," this field will be called Late Charge Flat Fee, in which case you would enter a dollar amount to charge as the late fee. This field must be completed for a late charge to work. This is a user-entered field and is file maintainable.
NOTE
•See help for the Collect Late Charges When Current field for detailed information about collecting late charges for the current month when payments are more than one month past due.
•See also Special Late Charge Assessment and Grading for information about special late charge assessment and grading. |