Default Rental / Loan, and Late Fees

You can currently set fees on a Per Loan (per use or per rental/hire) or Per Day basis. Late Fees or fines can be set on a Per Day basis. If you set a replacement cost for your items, the late fees will be capped at the replacement cost of the item. We will be  adding more flexible "pricing schedules" for hourly, daily, weekly and other standard loan periods in the future.

You can set fees on individual items by editing the item, or set defaults for some or all items by going to:

• Using Default Values (all or some items)
  • Settings > Inventory > Set Item Default Values
  • Select the Item type you want to set the default value on or click "All Items" in the upper right
• Individual Item
  • Edit the item, and go to the "Loans & Money" tab

Then:

• Set the "Amount / Fee" field
• Optionally set the per-day Late Fee as well
• Click Save

For example, you could set default fees on all items, then override the value on "Power Tools", override it further on Power Saws, and then even set a specific fee on an individual Power Saw. This lets you change all or large portions of your inventory with just a few clicks. Note that if you have a value set on the item itself, defaults will not be used for that field.

How Late Fees are Assessed

• Late fees are assessed only when an item is returned or renewed.
• Changing a late-fee amount while an item is on loan changes the amount charged for existing loans as well. 
  • Future improvements may allow fees to use the rate in effect on each day of the loan.
•  Late fees never exceed the item’s replacement cost when a replacement cost is set.