Charges and Penalties

Parametres

Check Reversal Fee	This penalty can be applied when a check has been rejected by the bank. To record a returned check, go to the Payments/Deposits section and click on Returned Check. You will then have the option to apply or not the penalty for returned check by checking the appropriate check box.
Interest Rate for late payments	If you activate this penalty, late payment fees will apply when all three conditions are met : The owner has not paid his condo fees in full; Their debt is greater than the threshold you specify; The delay exceeds a grace period that you have specified by indicating the number of days during which a late payment does not trigger the billing of a penalty.
Late Payment Penalty	If you activate this penalty, late payment fees will apply when all three conditions are met: The owner has not paid his condo fees in full; Their debt is greater than the threshold you specify; The delay exceeds a grace period that you have specified by indicating the number of days during which a late payment does not trigger the billing of a penalty.
Threshold for Automatic Billing	When automatic penalties are enabled, you can set a threshold below which penalties are not applied. Thus a person of good faith whose debt is limited will not be penalized.

Penalties

• In this section, you can define all the penalties of your co-ownership (cannabis, lack of insurance, etc.).
• To define a new penalty, click on New Penalty.
• Once you are done, click on Save.
• Once defined, these penalties will appear in the list of transactions that you can add to a unit in the Units / Transactions section.

Parametres

Name	Penalty name
Amount	Penalty amount
Description	Penalty description
Account	The revenue account to which all amounts collected will be allocated when the penalty is imposed.

Charges

• In this section, you can define all the charges of your co-ownership (key sales, room rental, etc.).
• To define a new penalty, click on New Charge.
• Once you are done, click on Save.
• Once defined, these charges will appear in the list of transactions that you can add to a unit in the Units / Transactions section.

Parametres

Name	The name of the charge.
Amount	The amount of the charge.
Description	The description of the charge.
Accounting ID	The revenue account to which all collected amounts will be allocated when the charge is invoiced.