Example: Late Fees (Fixed Amount and Simple Interest)

If the rent is not paid within five days, the tenant is assessed a 50.00 one-time penalty. An additional five days grace period is allowed before a simple interest of 12.0 percent is charged on the last open unpaid rent balance. The interest is retroactive to the first day of the month, and it accrues daily. All the charges are based on the due date of the invoice, and the bill code LATE is used to record the income from such charges.

The bill code, plus the prefixes RC and PM, comprise the related AAIs RCLATE and PMLATE.