Use Penalty allows you to record the penalty conditions agreed with the tenant on the Lease Contract, either as a fixed amount or as a period (e.g. 3 months).
To start using Penalty, go to Real Estate Setup, go to the System Feature Configuration section and turn on Use Penalty in the Lease Contract group, so the penalty fields can be found on the Lease Contract.
When Use Penalty is turned on, the penalty fields are shown in the General section of the Lease Contract Card. They are additional fields, so click Show more to see them. The fields are described below:
| Field | Description |
| Penalty Type | Defines how the penalty is set. Options: blank (no penalty), Amount (fixed amount) or Period (penalty expressed as a period). When you change the Penalty Type, the system clears the fields that do not belong to the selected type. |
| Penalty Period Type | Unit of the penalty period: Year, Month or Day. Can be edited only when Penalty Type is Period. |
| Penalty Period Number | Number of years, months or days of the penalty period. Can be edited only when Penalty Type is Period. |
| Penalty Amount, LCY | Penalty amount in local currency. Can be edited only when Penalty Type is Amount. |
When you release the Lease Contract or a new Lease Contract version, the system checks that the fields of the selected Penalty Type are filled in.
Note:
- The penalty fields are for information only. SOFT4Spaces does not calculate, invoice or post the penalty automatically.
- If Use Penalty is turned off, the penalty fields are hidden on the Lease Contract, but values that were already entered are kept.