The auto waive fee was created to prevent some of the homeowner calls and emails that might come in from a payment on a charge.
For example, if an owner makes a payment for their Assessment, and the payment was made at 11:55 pm on the night before it's marked late, that payment will most likely not post on their ledger until the next day, or even the day after, depending on how quickly it's processed at the bank. Or, another example, their mailed payment is postmarked before the late date, but postal delays get it to the lockbox the day after it's late. So, if their payment doesn't show up on the day that it's marked late, Vantaca will place a late fee on that owner's ledger. The owner will then call or email to complain about the late fee, requesting that it be removed because their payment was made on the day before it was late. This takes up valuable time for management companies, and can be avoided by implementing the auto waive fee.
The Auto Waive function allows Vantaca to remove those late fees within a specified number of days per period per owner, avoiding any angry calls or emails from owners who made their payment at the last minute.
The Auto Waive fee can be found in Association>Settings in the Accounting (Auto-Waive Fees) section.
It has three settings:
1. # Days after Fee to Auto Waive
2. Limits - # of Times Per Period
3. Limits - Period
The first setting allows you to choose whether the Auto-Waive function is turned off or on, and if you choose to have it on, you'll select the number of days after the late fees generate for a late fee to be auto-waived.
The second setting sets the limits for the auto waive function; specifying how many times in a certain period owners are allowed to have their late fees automatically waived from their account.
The third setting tells the system what the period is, whether it's per month, per quarter, or per year.
So if you set your late fee rule to run on the 11th of each month if their balance is at least 10 days old, and you have your auto waive fee set to 2 days, 1 time per month, that owner will be able to make their payment at the 11th hour on the 10th day of the month, and if the payment doesn't post to their account until the 12th, they won't be charged a late fee.
In addition to simply waiving the Fee, this can trigger an Auto-Fee Waiver action item on the Homeowner's Account. Not only does this allow you to better track who is receiving these auto waivers, but it can also proactively send the Homeowner an automated message letting them know that a fee was waived. By default, this is what the email says:
This template can, and should, be customized to fit the dates and times as you've set them up in the Association Settings, but ultimately the customer is encouraged to make payments sooner or to sign up for automatic payments through the Web Portal, in order to avoid any future late fees.