There are two main requirements that must be met before you can calculate any Late Charges for your overdue accounts. First, you must be beyond the Due Date to ensure that you have received all the on-time payments. Second, you must have posted all the on-time payments before you perform the calculation. You can calculate your Late Charges separately, as soon as the accounts are overdue, or you can wait to calculate them along with the other services when calculating your next billing cycle. Either way, you can continue posting any payments as you receive them.
UtilAbility will determine whether or not there were any overdue balances subject to Late Charges, even if an account has since been paid in full. If you post any Late Charge payments before any Late Charges have been calculated, they will simply appear as credits until they are consumed by your next calculation.
Finally, if calculating your Late Charges separately and your policies permit you to do so, we suggest that you use the same Effective Date for your Late Charges as you will for your other services. This will ensure they will be itemized in the detail section when printing your invoices.