How to Reverse/Waive or Modify a Late Fee

Depending on circumstances, you may have a few alternatives:  Reverse the original transaction that charged the fee or Modify the Late Fee (completely or partially).

Reversing the Transaction –

In the above example, the transaction to be reversed was due on 4/20/19, and it is a $20 Late Fee (TC 150).  Go into Transaction Entry, Update accruals if not current, select Reverse Manual Transaction, enter TC 151, select the posting for 4/20/19, and click OK:

Modifying the Transaction (either in part or whole) –

While on the Payments Due screen, highlight the transaction you want to modify, and click on the Modification icon in the upper right hand corner.  Update accruals if necessary.  A new window will appear.  Highlight the Amount shown in the New Amount field, and type in the amount you want to charge.  If removing the entire fee, replace entry with “0.00”.  If you have more than one Late Fee Code specified, select the appropriate code as seen above on the Payments Due screenshot.  In the example you would select Late Fee Code: