At Commonfloor Groups, we aim to make your Invoicing and Payment collection process a breeze – Just configure your settings one-time, and let us do all the heavy lifting! One of the biggest issue that community admins face is ‘timely’ collection of maintenance dues. Being a non-profit body, they run the show on a day-to-day basis based on the money collected from the residents and the same is paid out for staff salaries/ vendor payments. While we provide Email/ SMS reminder features to improve collections, at times, defining strict penalty rules does the trick.
We host more than 10,000 association groups and each association is different from the next, and have their own unique calculation for Late Payments and with the below Penalty computation framework, we now support every single one of them and have become the ONLY software solution with the ability to support such a wide variety of calculations.
What’s new in this framework?
- New Penalty Rules: Our penalty framework can now support 144 combinations of Penalty rules – making us the ONLY software which can support this kind of flexibility. Read More
- Penalty Level: Money Manager now supports flexibility to choose between Invoice level Penalty or Line item level Penalty. You can choose to turn off penalty for certain line items OR configure different Penalty rule for each line item. Read More
- Unpaid Penalty view: Any unpaid penalty will be shown as an ‘Unbilled view’; not as an actual Invoice – only when the Penalty is paid, system generates a Penalty Invoice. This makes sure that once Penalty invoice is generated, it will not be updated. Read More
