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Sinoed09
February 16, 2023
Question

Finance Charges with multiple rates

  • February 16, 2023
  • 1 reply
  • 0 views

I’m managing a condominium corporation that has several different interest rates.  Interest on the balance of overdue accounts in 2022 is charged at 5.95%, interest on overdue balances in 2023 is 6.95% and interest on court judgements from rental activities is 3.8%.  This means that an owner continuing to be in arrears will have two balances with two different rates going forward, former tenants have a completely different rate. Is there a way to set up multiple interest rates to assess finance charges?  Or is it possible to categorize customer invoices so that different rates can be applied when you assess finance charges?  

1 reply

T
Trish_T
February 16, 2023

Hi Sinoed09,

 

Welcome to QuickBooks Community!  QuickBooks Desktop provides the features you need, to complete your daily tasks seamlessly.  I'd be glad to provide more information, so you're on the right track with your work!

 

Before assessing finance charges, you'll need to set up the preferences.  Here's a helpful guide, for your reference.  For additional assistance, I recommend speaking with an accounting professional.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

If you have any other questions, please feel free to reach back out.  We'd be happy to help!

S
Sinoed09Author
February 16, 2023

Trish thank you for your response but that does not answer the question.  In the preference tab to assess charges you can only set _one_ rate.  I’m dealing with multiple rates as written above. 

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