Calculating late charges in Excel
Question: “We have several rental properties, and I track payments, late charges, customer information, etc., on an Excel spreadsheet. Included on the spreadsheet is the date rental payments are received. I would like to create a formula that would add a late fee for any payments that are received after the 10th day of the month due.
“The idea is to keep a running ‘balance due’ for each customer that would automatically calculate any late charges based on the date payment is received. Ultimately, the ‘balance due’ will be linked to each customer’s monthly invoice. I would appreciate any ideas for how to do this.” — Anonymous