You can set up fine slabs that define the amount the students will be charged in case of late fee payments.
At the top of your dashboard, click the module access icon > Administration > Finance > Fees > Create Fees > Generate Fine.
In the Fine name field, enter the name of the fine.
In the Days after due date field, enter the number of days after the fee collection due date that the corresponding fine amount will be applied.
Example: I’ve created a fee collection with the due date as March 10, 2015. When setting up the fine for late fee payments, I enter the fine amount as $50 for 5 days after fee collection due date. I add one more fine slab with the fine amount as $100 for 15 days after the fee collection due date. Students who pay the fees on or before March 15, 2015 will not be fined. Students who pay the fees from March 16, 2015 to March 25, 2015 will be fined $50. Students who pay the fees from March 26, 2015 onwards will be fined $100.
In the Fine amount field, enter the fine amount that will be applied based on the fine mode. If the fine mode is Percentage, the percentage to be paid as a fine is calculated on the student fee amount. If the mode is Amount, the amount entered in the Fine amount field will be the fixed amount that will be applied as fine.
Click the Create button.
If you want to add another fine slab, click Add fine slab and enter the details.
Edit/Delete fines for late fee payments:
Fines created for late fee payments can be edited only if you haven’t started processing student fee payments. However, fines can be deleted at any time. To delete fine first delete all fine slabs, and then click the Update button.
For more information watch this-