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Late Cycle (#CUSLC01)

Last updated:   Applies to:   In industries:   Of versions:   Special contents:
20120228 (Andy)   Pro, MultiUser, MultiSite, MultiView   Self Storage EditionMarina EditionVault Edition   7.X (and higher)   n/a

What is the StorMan Late Cycle?

The late cycle is triggered when a Customer is late in making a payment for items on their account and their Agreement passes its due date for payment. Agreements will enter the late cycle automatically, as long as Daily Processing is run (more on Daily Processing: #DLYWISDP01).

When an Agreement reaches the end of the Notice Plan, StorMan will prompt the operator (during Daily Processing). At this point, the user can either restart the late cycle for that Agreement or end it completely. For further information, please refer to the section further down below, entitled 'What happens at the end of the Late Cycle?'.

 

How can I set the timing points or parameters for the Late Cycle?

The late cycle for a particular Agreement is defined by the Notice Plan attached to that Agreement (more on Notice Plans: #NTCPLNABT01). If you wish to change your late cycle, you will need to edit your notice plans to reflect your policy changes.

 

How can I tell if a Customer is Late?

If a Customer is overdue in making a payment on a rental fee, this will have triggered the late cycle to start. There are a number of ways to tell how late an Agreement is...

  • Open the Customer's Agreement and locate the Days Overdue field (at the top-right of all Agreement tabs; more on this tab: #AGTTAB101).
  • Open the Customer's Agreement and locate the Late Cycle Start Date field on the AutoPay / Notices tab (more on this tab: #AGTTAB401).
  • Open the Customer's Agreement and locate the Days Late field on the AutoPay / Notices tab (more on this tab: #AGTTAB401).

 

Will part payments affect the Late Cycle?

This depends on the configuration of your system. The behaviour of part payments can be configured via the System Setup screens; options include Yes, No, Ask and Disable (more on this tab: #SYSSETTAB501).

Payments that equal some (but not all) of an Agreement's owing rental charges will update the late cycle start date. For example: If a Customer owes $200 (on 2x $100 monthly rental charges) and this Customer only pays $150, then they will be classed as late as of the due date of the second monthly rental charge. This is because the first monthly charge has been paid, but the second monthly charge was only half-paid... therefore, payment for the second monthly charge is still technically late.

 

What happens at the end of the Late Cycle?

Depending on your setup, Daily Processing will prompt the operator what to do. The operator can then either select to end the late cycle for the Agreement, or have the Agreement re-enter the late cycle from the start (the Customer will receive their first late letter & any relevant late fees again - as if they've just started on the late cycle).

If the operator selects to end the late cycle for the Agreement, the operator will then need to finalise the Agreement, physically remove the goods from the Unit or begin auction procedures. Please refer to your company policy for further information.

You can also configure what you'd like StorMan to do once Customers reach the end of their late cycle, via the system Setup screens.

 

How can I get a Customer out of a Late Cycle?

The only way to get a Customer out of a late cycle would be as follows...

  • Get the Customer to pay the outstanding rental charge on their account; recommended.
  • Extend or change the late cycle (ie: editing your companies late payment policy & terms); not recommended, as there may be legal issues.
  • Remove the transactions in question from their account; not recommended, as you will be losing money.
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If this article requires an update or needs more information, please contact support@storman.com.

Thank you for your assistance!

 

 


 

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