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K
kreynolds
April 17, 2019
Question

Does anyone use a partner app such as Late Fee Manager for Quickbooks online? I'm annoyed QBO doesn't automatically track overdue invoices along with my compounded rate.

  • April 17, 2019
  • 3 replies
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    3 replies

    K
    kreynoldsAuthor
    April 17, 2019

    We made the switch from Sage 50 to Quickbooks online a few months ago and I was dumbfounded to see an accounting company expect it's users to manually calculate and make a interest incurred entry for each individual customer who is over their net terms.  

     

    I still don't see a solution, except the suggestion to get a partner app called Late Fee Manager.  The reviews say it's a great app, but I'm inclined to think it's a money grab.  $19USD for 100 customers?  Does anyone use this?  Is it worth the cost? There are a lot of great things about QBO including the reports section so I simply don't believe it is too much to expect they automatically calculate interest.  They should allow a field where the user can put in a compounded interest rate whether it's daily, monthly, quarterly, or annually.  All other fields needed to calculate interest are there (invoice date, due date, amount, net terms, etc).  

     

    My initial question thread is here: https://community.intuit.com/questions/1811288-i-want-qb-online-to-automatically-track-and-generate-interest-based-on-a-percent-rate-to-appear-on-customer-statements

      K
      kreynoldsAuthor
      April 17, 2019

      Not sure if this will come in handy for anyone else, but this is a very ratchet Excel spreadsheet I made to calculate interest at my company.  If you do use it, you'll have to set it up based on your rates and do a little manual housekeeping.

       

      Maybe it will help someone til QBO gets us a better solution...I'm really not trying to be whiny or anything, but I do expect an accounting program to have this basic feature built-in and not charge extra for an outside app.

        K
        kreynoldsAuthor
        May 6, 2020

        One year later and no solution?  Yikes.  C'mon guys, QBO is awesome but this is a very basic request.

          S
          SESSIONSHIGHLIFE
          December 1, 2021

          One and a half years later and still no solution. It's bush league stuff.

            N
            Nick K
            December 1, 2021

            Hi SESSIONSHIGHLIFE.

             

            Being able to request new features that you want added is something we believe in so much we included it directly in the program. I'd be happy to go over how to request this feature be added to the Canadian version of QuickBooks Online.

             

            As the Canadian version of QuickBooks Online is a different program than the American version the features the two offer will be different. In order to have features you want added, I recommend sending feedback to our development team by going to: 

            1. Select the Gear icon at the top, then Feedback.
            2. Enter your comments or product suggestions. Then select Next to submit feedback.

             

            Once they receive enough feedback from customers they'll look into ways to possibly incorporate this feature in future updates. 

             

            If you have any questions let us know and we'd be happy to help.

            S
            SESSIONSHIGHLIFE
            December 1, 2021

            It's absurd that it's not a feature. What's even worse, is that it is a feature in the US version of QBO. Just not Canada. For some unknown reason. Care to fill us in Quickbooks? It's enough to move to Sage 50.

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