Charges and Penalties

Penalties are financial sanctions you apply to co-owners who do not pay on time, whose checks are returned, or who do not comply with the building rules.

Fees are one-time charges you bill your co-owners: key sales, moving expenses, administrative fees, etc.

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.

Note

Late payment penalties (both interest and fixed fees) are only applied when all three conditions are met:

1. The owner has not paid their condo fees in full
2. Their debt exceeds the threshold you specify
3. The delay exceeds the grace period (number of days)

This ensures owners are not penalized for minor delays or small outstanding amounts.

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.

Tip

Set a reasonable threshold for automatic billing (e.g., $50) to avoid penalizing owners with minor outstanding balances. This protects good faith owners from penalties for small amounts while still addressing significant late payments.

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.

Note

After creating penalties or charges, they will automatically appear in the transaction list when adding invoices to a unit in the Units / Transactions section. This makes it easy to apply standard fees consistently across units.

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.