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missmissySEI
November 10, 2023
Solved

Late Fees

  • November 10, 2023
  • 1 reply
  • 0 views

Hello.  We put on the bottom of our invoices 1.5% Monthly Interest charged on all past due accounts.

I just printed statements and I accessed the finance charge.  I wanted to make sure it was figuring the amount correctly so I went under Edit, Preferences, Finance Charge and under Interest Rate it says 18.0% (previous owner must have added that).  I am wondering how I should set this up if I just want to charge 1.5% Monthly on past due invoices?  Thank you.

Best answer by IrizA

We're glad to have you back here, missmissySEI. 

 

Currently, creating a monthly finance charge isn't available in QuickBooks Desktop. We kindly request your valuable feedback to help us notify our development team.  

 

Here's how: 

 

  1. Go to the Help menu. 
  2. Choose Send Feedback Online, and then click Product Suggestion. 
  3. Type your suggestion in the space provided. 
  4. Select the Send Feedback button. 

 

In the meantime, you can assess the finance charge of your invoice. You can follow the steps below. 

 

  1. Go to the Customers menu. 
  2. Choose Asses Finance Charges.
  3. Select an Assessment Date.
  4. Look for the customer/s that you wanted to put a finance charge on. Then put a checkmark in the Assess column.
  5. Under the Finance Charge column, enter the amount as a flat rate. 
  6. Hit Assess Charges. 

 

You can also Send online invoices in QuickBooks Desktop.

 

Whenever you have questions or concerns about finance charges, rest assured that I'm here to assist you. I'm delighted to be of any assistance.

1 reply

I
IrizAAnswer
November 10, 2023

We're glad to have you back here, missmissySEI. 

 

Currently, creating a monthly finance charge isn't available in QuickBooks Desktop. We kindly request your valuable feedback to help us notify our development team.  

 

Here's how: 

 

  1. Go to the Help menu. 
  2. Choose Send Feedback Online, and then click Product Suggestion. 
  3. Type your suggestion in the space provided. 
  4. Select the Send Feedback button. 

 

In the meantime, you can assess the finance charge of your invoice. You can follow the steps below. 

 

  1. Go to the Customers menu. 
  2. Choose Asses Finance Charges.
  3. Select an Assessment Date.
  4. Look for the customer/s that you wanted to put a finance charge on. Then put a checkmark in the Assess column.
  5. Under the Finance Charge column, enter the amount as a flat rate. 
  6. Hit Assess Charges. 

 

You can also Send online invoices in QuickBooks Desktop.

 

Whenever you have questions or concerns about finance charges, rest assured that I'm here to assist you. I'm delighted to be of any assistance.

M
missmissySEIAuthor
November 10, 2023

I guess maybe I worded my question wrong.  It is when I go to print a statement, I can add a finance charge.  Currently QB's adds the finance charge based on the number of days late the invoice is.  When I go to make sure the finance charge is being added correctly, under the steps I listed above, it shows 18% as the yearly rate.  

I
IrizA
November 10, 2023

I appreciate your prompt response, missmissySEI.

 

Thank you for clarifying your concern. I see that you wanted to charge 1.5% monthly interest on past-due invoices and are seeking guidance on how to do that in QuickBooks Desktop (QBDT). 

 

However, know that QuickBooks calculates the finance charges annually. 

You can check if you calculate your finance charges correctly by using this formula provided by QuickBooks: 

 

Finance Charges = No. of days past due x Balance due x Rate / 365

 

After managing your invoices, you may want to take and process payments in QuickBooks Desktop.

 

You're free to reply to my post whenever you want to ask some questions or want to share your insights regarding finance charges or anything that relates to QuickBooks Desktop. I'm always here and ready to assist.

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