How to Add Late Fees in QuickBooks

how to add late fees in quickbooks

With QuickBooks software in hand, accountants and bookkeepers along with business owners across the globe have efficiently and effectively processed all the financial activities of their business with minimum scope of errors. Possibility of errors and problems in financial calculation and reports is greatly reduced as the software processes all details automatically and without much human interference. However at time user does tend to create errors like forgetting to add fees or extra charge. The same is the query of one aggrieved QuickBooks customer who related the following problem and was consequently provided with a resolution from expert QuickBooks ProAdvisors that was contacted by the user.

Query

The user needs to add the late fee charge and interest within the QuickBooks software. He tried to setup a process under which late fees and interest charges can automatically be processed on the old invoices which are due. However, had a problem in processing it with the QuickBooks software, and consequently approached an Intuit setup QuickBooks ProAdvisor.

Resolution:

In response to the user’s query, expert tried to perform the same function within the software and came to only one conclusion. QuickBooks does not support automatic entry of interest charges and late fees on the invoice that are due long time back. To enter this fee and interest, user will have to either add an additional line in the invoice or go for creation of a separate invoice.

Creating a new invoice in order to add a charge or late fees:

  1. Locate and click on the “+”icon in the top part of the screen.
  2. Click on the Invoice tab.
  3. Provide the required details as asked for in the Invoice form inclusive of appropriate services or products details.
  4. For the next line click on the appropriate product or service being used and for which the interest charge or late fees is being employed for.
  5. Alternatively user will have to select Add New Product or Service option and fill in details as they are asked in case the late fees charged item is not available in the option and has yet to be set for.
  6. Next type in the exact amount of charge and close the screen by first clicking on ‘Save’ button followed by ‘Close’ tab.

To include an additional charge on an existing invoice:

  1. Locate appropriate invoice or sales form from the menu in the left pane of the screen.
  2. From the new menu select the customers tab located on the top of the screen.
  3. Click on the appropriate customer from the list shown.
  4. Under the new menu listing all the transactions, click on the one that needs to be charged to open it.
  5. For the first line click on the appropriate product or service being used and for which the interest charge or late fees is being employed for.
  6. Alternatively user will have to select Add New Product or Service option and fill in details as they are asked in case the late fees charged item is not available in the option and has yet to be set for.
  7. Next type in the exact amount of charge and close the screen by first clicking on ‘Save’ button followed by ‘Close’ tab.

In order to inform Intuit and recommend the suggestion of automatically making changes within the old invoice for addition of late fees and interest charges user can follow the process below to reach the correct person of interest within Intuit or QuickBooks.

The process flow is:

  1. Locate the Gearicon present right next to the company name.
  2. Under the menu of the company name click on the option called
  3. Now just follow the instructions prompted on the screen to successfully provide authentic feedback.

As QuickBooks is generally updated quite a lot, user can expect the company to create an update and additional feature for the same in the next upgrade.

The above illustrated steps ensure that the user can easily add or charge the late fees and interest charges details within the system without any hassle, in right time and correct amount. In the situation user still faces the same problems; it is recommended to approach the QuickBooks experts who are extremely knowledgeable regarding all things QuickBooks set up by Intuit. Moreover, if there is any issue in connecting with the team of QuickBooks for the same user can connect with us at our toll free number +18554815335 and live chat option on our website – quickbooksnumber.support.

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