Late Fees

Late Fees

Greetings,

AP doesn't pay late fees on invoices submitted through the OCR.  This has always been a standard AP policy, per Bart Metha.  

Over Covid, our SVP of Finance, did allow us to process invoices with late fees, if the property approved the invoice.  This was only 2020 through 2023 (COVID invoice issues were cleaned up by the end of 2023).

Starting 2024, per our Sr. Director of Financial Services, AP returned to the standard AP policy.  AP will only pay the invoice amount minus the late fee when submitted through the OCR.  If the invoice is only a late fee charge the invoice would be cancelled.

However, if the property determines they want to pay a late fee, then they will need to submit that amount only, to be paid through an Ad Hoc process, not sent through the OCR. If they want the late fee removed they would contact the supplier.

Thank you!

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