A grace period allows payment to be received for a certain period after the actual due date. During this period, no late fees are charged, and the late payment does not result in default or cancellation of the invoice. A default grace period is 5 days.
To change the default period, please click on your profile picture and select the Settings option. Then go to “Invoices & Late Fees” in the Accounting settings section:
Take a look at the Global rent late fee settings and choose the number of days for a grace period. Each section has its own update button and it’s active once you update any info:
Please note: if the grace period is "None" and due day 1st 5 p.m., late fees will be posted on the 1st if full payment is not initiated by 5 p.m. If the grace period is "1 day" and due day 1st 5 p.m., late fees would be posted on the 2nd if full payment is not initiated by 5 p.m., etc.
Additionally, you can set up a Grace period for each lease individually. It can be done during the move-in process on the "Lease Transactions" step or after the lease has been created. The following links might be useful:
If you set up a Global Grace Period, then these settings will be automatically enabled, but you can still choose the number of days for the grace period for your specific lease by using the Edit option.
Click "Update" to save the changes for this particular lease:
