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TimeValue Software Blog

Can TValue Handle Late Fees?

By Martel Pellerin

Many of our customers use TValue amortization software to track payment activity and balances on their loans. Our Support team often speaks to customers who want to know if TValue will handle late fees. TValue is not a loan servicing product, although many users use TValue for that purpose, which includes managing late fees.

TValue only handles interest bearing events. If the late fee is interest bearing, you can enter the fee amount as an additional loan. This amount will be added to the principal and any future payments will be applied appropriately.

You can also set up a new Group in Event Names. Note, you need to do this before you begin the schedule. In the Group, Add a Name called Late Fee or Late Charge. When you set up the custom Event Names, you can click the Save events for new files button and the new Group will have Late Fee or Late Charge as an Event each time you open a new schedule.

If you have a late fee that needs to be treated as a noninterest bearing amount, there are a couple of alternatives. One option in TValue 6 and TValue Online is to put the late fee in the Memo field and keep notes on it there. When the payment is made for the late fee, you would net the payment against the regular payment and put the late fee amount in the memo field. You would have your documentation without affecting the amortization of the loan.

Another alternative is to enter the late fee on the same day the payment is made. Since there is no time that has elapsed, there will be no interest. In TValue 6 and TValue Online, you could use the Memo field to notate the activity.

You can also export the schedule to Excel. Once in Excel, you can add the late fees as a separate column.

As you can see, if you need to integrate late fees or late charges into TValue, you have a couple of different options to do so.

If you have any questions using TValue, please feel free to give our Support Team a call at 800-426-4741 or email