Account — Late payment fees

When you charge customers for late payments, Manager automatically creates a built-in account called Late Payment Fees in your Chart of Accounts. You may want to customize this account by renaming it, assigning it a code, or changing its grouping in your financial statements. This guide explains how to edit the Late Payment Fees account to suit your needs.

Accessing the Account Settings

1. Go to the Settings tab.

2. Click on Chart of Accounts.

3. Find the Late Payment Fees account in the list.

4. Click the Edit button next to the Late Payment Fees account.

Editing Account Details

The account editing form includes the following fields:

Name

• Description: The name of the account as it will appear in your financial reports.
• Default: Late Payment Fees
• Action: You can rename the account to match your preferred terminology.

Code

• Description: An optional code for the account, useful for sorting or reference purposes.
• Action: Enter a code if your accounting system utilizes account codes.

Group

• Description: The category under which the account appears on the Profit and Loss Statement.
• Action: Select the appropriate group to organize the account within your reports.

Saving Changes

After making your desired changes:

• Click the Update button at the bottom of the form to save your changes.

Important Notes

• Non-Deletable Account: The Late Payment Fees account is a built-in account and cannot be deleted.
• Automatic Addition: This account is automatically added to your Chart of Accounts when you have at least one late payment fee.
• Further Information: For more details on managing late payment fees, see the guide on Late Payment Fees.

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By customizing the Late Payment Fees account, you can ensure your financial statements accurately reflect your accounting practices and preferences.