Abacus Help Files FinanceLate Payment Charges

Late Payment Charges

Sometimes parents don't make their payments on time and with Abacus you can choose to add a late payment charge to their account if they fail to do so.  This can be a really effective tool to improve cash flow.

There are two ways of doing this:

1. Adding an automated late payment fee

1. Adding an automated late payment fee

Click on the 'Finance' menu and then on 'Configuration'.

This report looks at the date you have put on the invoice and the payment dates; if there is no payment within your chosen number of days it will add a late payment fee to the next invoice. Once this is activated, a  £ sign will be placed on the child's photo if they have an invoice outstanding more than the given number of days.  This is a visual guide to inform users that a debt exists, before accepting more bookings.

1) Choose the number of days you want to give them to pay the invoice.

2) When you want these late payment charges to start from (give parents time to get their account up to date before the penalties start).

3) Click whether you wish to charge a percentage or a fixed amount and enter the value.

4) Decide if it is mandatory or optional (if optional you will see the £ prompt on the child's screen and have the option to add a Late Payment Fee as a product).

5) The fee can be raised in a separate invoice, which is easier to credit if you later decide to let the fee go, or added to the next invoice you create.

6) Click Save.

Adding on individual late payment charges

Adding on individual late payment charges

Click on the yellow 'Children' icon and then on the 'Accounts' tab.

If you have set up Late Payment Fee as a product then carry on.  If not, you will be required to do this.  For instructions, see below.

1) Click on the child's Extra tab.

2) Click the green plus sign.

3) Enter in the Purchase Date, select the Late Payment Fee, check the rate is suitable or change to suit, and the quantity.

4) Click Save.

5) Click Save on the main screen.

This will now be picked up in the next invoice for this child, or you can invoice for it separately by pressing the invoice icon next to the printer symbol on the extras screen.

To add a "Late Payment Fee" product

To add a "Late Payment Fee" product

Click on 'Settings' and then on 'Products'.

Click the green plus sign to add a new product.

Fill in all the product details.

Add a default value, but remember this can be changed when adding the fee to a child's invoice.

 

Click Save.