Late fine charges means an extra day fine cost that user has to pay to borrow it.
By default LMS system auto provides as per your currency i.e 1.
It means if you have currency in INR so it will be 1 INR and if currency is USD then it will be 1 USD.
You can override or update this value,
To update Navigate to Library Management >> Settings
Next,
Click to Set Late Fine
Once you update, automatically it reflects through out LMS plugin software.
That’s it.