Customizable Date for Offline Late Fee Collection

Customizable Date for Offline Late Fee Collection

Introduction

We have enhanced our platform to allow you to dynamically set the date up to which you’d like to collect late fees from applicants whilst marking offline payments. This feature makes recording offline payments more convenient, as only the late fees up to the specified date will be applicable.
For example, if your institute receives a lot of offline payments on a given day and you can't record them all on the same day, you can mark the remaining entries the next day by changing the late fee date to when you collected the payment. This helps you record and track the exact amount of late fees you collect.

Step by Step Instructions

To record offline payments, go through the following steps:

Step 1: Navigate to Mark Offline Payments
You may navigate to mark offline payments via the following ways:
  1. Go to Transactions
  2. Select Track Payments
  3. Click the Mark Offline Payment button





  4. Go to Applicant Profile and Select Mark Offline Payment against the action menu for the fee you want to record payment.



Step 2: Fill in the applicant details and select fees
  1. Fill in the application no of the applicant for whom you'd like to record offline payment and click on the Get Details button.
  2. Fill in the rest of the fields as you are used to while recording offline payments.
  3. Click on the Get Fees button at the bottom to move on to the next page.



  4. A list of fees that the applicant is eligible for would be visible. Click on the "Pay Now" button to record offline payment against the selected fee.


Step 3: Fill in details for recording payment

Fill in the following details for recording offline payments:

  1. Late fee applicable till: This field would be visible only for applicants who are eligible for paying late fees. By default, the current date would be selected and late fees applicable till the current date would be levied. You may change the date by clicking on "Change" and selecting any date before the current date. Then click on "Get Updated Fees" to update the late fee amount as per the date selected by you.
  2. Fill in the remaining fields as you are used to while recording offline payments and click on the submit button.

    For example: Let us consider an applicant whose due date is 26 May 2024 and let's suppose it is 17 June 2024 today. Suppose you received an offline payment from the applicant on 12th June and you forgot to record it that day.







    As can be seen, by changing the date in the "Late fee applicable till" field, the late fee amount gets reduced to reflect the late fee that was applicable till 12th June 2024.

  3. The offline payment would get recorded, and the transaction for the same would be visible on the "Track Payments" page.



    Continuing with the above example, 170 is the recorded as the late fee amount which is the late fee that was due up to 12th June, 2024.

Conclusion

The dynamic late fee date feature ensures accurate recording of offline payments by letting you adjust the applicable late fee based on the actual collection date. This flexibility reduces errors, keeps fee records transparent, and simplifies reconciliation for your institute.


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