Skip to main content
B
Becca621
March 20, 2025
Question

Finance Charges

  • March 20, 2025
  • 1 reply
  • 0 views

HI! I currently work in QB Desktop and have a question about accessing finance charges.  If a customer goes beyond the grace period is a finance charge invoice automatically created by QB's or do I have to go into access finance charges each time?  We are looking for an automated process of sending finance charges each month.  For example, a customer is now 70 days past due and the grace period is 30 days from due date which is due upon receipt.  Will a finance charge invoice auto generate for the 2nd 30 days past due? Thank you in advance for the support!!! 

1 reply

R
rvrfrf
March 20, 2025

Welcome to the Community, Becca621.

 

When you assess finance charges, QuickBooks creates a Finance Charge Invoice per customer. You'll have an option to print or leave it cleared to be included in your next statements.

 

Here's how to assess finance charges if you've already set up Finance Charge preferences:
 

  1. In the top menu bar, go to Customers, then Assess Finance Charges.
  2. Choose an appropriate A/R account. You'll want to be aware that QuickBooks displays your A/R Account field only when the Chart of Accounts contains more than one A/R.
  3. Specify your Assessment date.
  4. Pick the customers and jobs you want to assess finance charges for.
  5. Select Assess Charges.

 

With this feature, you'll have to assess finance charges to generate the invoices for them. They won't be automatically created until you assess them.

 

If you need to set up or change your Finance Charge preferences, you can refer to our Assess finance charges article for detailed steps. While setting up Finance Charge preferences, you can specify a grace period, due date or invoice/billed date, etc.

 

I'll be here to help if there's any additional questions. Have a great Thursday!

Terms & ConditionsAccessibility statement