One of the very crucial pieces of the powerful money manager module of CommonFloor Groups is the ability to calculate penalty based on over 150 possible penalty rule types. This is has been a very widely used feature in our communities. It automatically calculates penalty based on the chosen rule for a particular Invoice line item (Yes, you read it right. Within a single invoice there is a possibility to choose which line items the penalty would be applicable on.)
With great complexity comes greater responsibility. In past we had encountered certain cases when the update/approval of the amount received was delayed on the system. The penalty keeps getting calculated on daily basis on all eligible line items and invoices till the time a payment is made. Due to the delay in updating the system additional penalties were displayed. In this case the system operator had to add the payment and then add a discount against the additional penalty (or delete the penalty invoice) to balance the entry. This was an inconvenience and we decided to take your feedback very seriously about it.
We have now released a very simple on approval/update/add payment flow which ensures that when the payment is updated you have an ability to choose what penalty to apply:
1) No penalty
2) Auto calculated penalty
3) Penalty manually calculated (or as per payment received)
This would create an invoice for penalty as per actual penalty received and save you a lot of time . The flow for this is as below:
a) Choose the Invoice(House & Invoice/Outstanding) for which the Payment needs to be added
a) Click on Approve payment(In case the resident has made a payment update/claim)
b) Check the details of the Payment pending
c) Edit the Penalty amount as per actual collected in case system penalty is different that what you have collected. Update/Approve the payment.
Voila!! Its done. The payment received is now updated. Penalty based on your choice has been processed(applied as per your selection or zero)
Some of you might be worried o how do you handle bulk payments and penalty ??
We have you covered, you can also do a bulk upload of payments with penalty actually collected and system will update accordingly.