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T4KB
April 1, 2024
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Finance charges

  • April 1, 2024
  • 2 replies
  • 0 views

I entered the current moth end date instead of the last month end date when applying Finance charges to past due accounts. How do I roll these back and apply correctly?

Best answer by GebelAlainaM

Hello there, @T4KB

I appreciate you for doing the suggested troubleshooting steps above. Let me provide additional details to help fix your concern about finance charges in QuickBooks Desktop (QBDT).

In this case, you can delete and reapply the finance changes since the finance charge still showing a two months charge instead of one month after editing the date. Also, the option to keep the voided to not appear in the statements is unavailable. With that, you can just delete it so it will not show on the statements.
 

Here's how:
 

  1. Go to the Customer center menu.
  2. Choose a customer.
  3. Select the Finance Charge (FC) transaction.
  4. Then, at the top section hit Delete.
     

Additionally, you can check out this article to learn more about how to asses and prevent to asses finance charge on an invoice: Assess finance charges.

Furthermore, I'm adding these helpful guides in managing customer statements and payments in QBDT:
 

Whenever you have additional questions  about finance charges, rest assured that I'm here to assist you. 

2 replies

E
Erika_K
April 1, 2024

I've got the steps to correct your ending date for your Finance Charges, T4. 

 

We can correct the wrong period by locating the transaction in question and manually updating it. Let me show you how: 

 

  1. Open the Customer Center. 
  2. Choose the specific customer. 
  3. Select the Finance Charge (FC). 
  4. Change the date and click Save & Close. 

 

Furthermore, you can scan this article to learn more about managing your Finance Charges: Assess finance charges. 

 

Lastly, I've included this guide to help you send your customers summaries of their invoices, payments, credits, and balances: Create and send customer statements in QuickBooks Desktop. 

 

Visit us again if you have additional questions about managing your finances or any QuickBooks-related concerns. Keep safe! 

T
T4KBAuthor
April 2, 2024

I attempted to do the first customer as you suggested, however the finance charge was not recalculated and is still showing two months of finance charge instead of the one-month charge as it should be. Please advise how to correct this.

Additionally, if the resolve is to void and reapply how do I keep the voided transaction from appearing on statements.

G
GebelAlainaMAnswer
April 2, 2024

Hello there, @T4KB

I appreciate you for doing the suggested troubleshooting steps above. Let me provide additional details to help fix your concern about finance charges in QuickBooks Desktop (QBDT).

In this case, you can delete and reapply the finance changes since the finance charge still showing a two months charge instead of one month after editing the date. Also, the option to keep the voided to not appear in the statements is unavailable. With that, you can just delete it so it will not show on the statements.
 

Here's how:
 

  1. Go to the Customer center menu.
  2. Choose a customer.
  3. Select the Finance Charge (FC) transaction.
  4. Then, at the top section hit Delete.
     

Additionally, you can check out this article to learn more about how to asses and prevent to asses finance charge on an invoice: Assess finance charges.

Furthermore, I'm adding these helpful guides in managing customer statements and payments in QBDT:
 

Whenever you have additional questions  about finance charges, rest assured that I'm here to assist you. 

A
Asha J
May 15, 2024

Can anyone help me to remove Finance charges i had applied for three times in a day by mistake

MJoy_D
MJoy_D
May 16, 2024

I can help you with removing the Finance Charges applied to the transaction, @Asha J.

 

You can delete the Finance Charge transaction to remove it. You can also remove the Finance Charge Invoice in order not to include it in the next statements. 

 

Follow the steps below:

 

  1. From the Customers menu, select Customer Center.
  2. Select the customer and click Finance Charges transaction one by one.
  3. Click on Delete to remove.

 

To learn more about the different methods you can use to exclude an invoice when assessing finance charges, go to this article and proceed to the Prevent a finance charge from being assessed on an invoice section: Assess finance charges.

 

Furthermore, refer to the following article for more information about recording payments once you've received them: Record an invoice payment. 

 

Let us know if you need more help removing a finance charge from a transaction. The Community is always here to answer them for you. Have a great rest of the day.

A
Asha J
May 16, 2024

Thanks for replying. I have applied Finance Charges for all the customers, now deleting them one by one for approx 500 clients will be tedious job. Can you guide how can i delete all of them in one go. 

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