Clicking the Generate Late Fees button simply adds the late fees and then done/disappear. There should be other features there, such as a preview, a selection display, a report generated, date to charge ON, date to calculate AS OF, ignore trivial/defined balances, etc. Also, there should AT LEAST be an 'Are You Sure?' warning.
Not sure what formula the system uses. Should be able to calculate late fees based on the number of days past due when generate late fees. Right now, it seems like the late fees generated by the system is more than it should be charged.
Also, a way to show what the charge is for on statements without having to edit the charge before posting