Hey there, @corkarooster58.
Welcome to the Community. You've come to the right place for help. Allow me to offer some guidance on how you can add a finance charge on a late invoice in QuickBooks Online. There are two options available to you for recording this: with a second invoice or adding a finance charge line item to the existing invoice. Because QuickBooks Online does not have a native feature for calculating finance charges, these two methods will be your best course of action. I've included steps down below on how to do so:
Note: I've also submitted a feature request to our team of product developers for adding a finance charge module to QuickBooks Online. They use feedback like this when considering new features for the program.
Create an invoice for an additional charge:
Select the Plus icon (+) on the Toolbar.
Under Customers, choose Invoice.
Select Save and close.
Add an additional charge on an existing invoice:
From the left menu, select Sales, then Customers.
Select Save and close.
Should you need it, I've included the article that helps with adding finance charges in QBO: How to enter late fees or finance and service charges on invoices.
Both of these methods will help you to invoice customers for finances charges. If you have any questions about the information I've provided or anything else QuickBooks, feel free to reach out to me here in the Community. I'm always here to help.
Are there any updates to having a native function within QBO?
This is a painful process in that we have to do each month:
1. Export to excel of all invoices that are over XX.
2. Calculate the FC for those over amounts
3. Manually key those FC's to an invoice.
This is very labor intensive and is costing us more in labor to do it, than not do it, which means there is no incentive for clients to pay on time. Please fix it!
Hello there, @brianelevates.
As of now, these functions are unavailable in QuickBooks Online. The feature we have is to add interest but only a few have this function since its still on-going for testing.
However, if you have the feature to set up and apply automatic late fees, please follow the steps below to set up late fees:
For more detailed information, you can read this article: Setting Up and Applying Automatic Late Fees.
But if you don't have the function, you can enter late fees or finance charges on invoices. Here's an article you can read for the detailed steps and information: How to Enter Late Fees or Finance and Service Charges on Invoices.
We're just around if you have other questions.
I, too, am very frustrated in QBO. Assessing finance charges to customers is a VERY BASIC function and I'm very disappointed in the lack of robust functionality in QBO. We updated from QBDesktop Pro 2016 and I feel it was much more intuitive and functional piece of software than QBO, from a bookkeeping perspective.
I concur with the last post: PLEASE fix this ASAP.
Thank you in advance.
Thanks for joining this thread, lbg.
Finding new ways to adapt to our customers’ needs is how QuickBooks gets even better. Since the finance charge function for QuickBooks Online (QBO) is currently unavailable, for the meantime you may want to consider the workaround provided by my colleagues above.
Rest assured that you will receive an update once this function is already implemented. You can also visit the QuickBooks blog website to be aware of the new and updated features in QBO: https://quickbooks.intuit.com/blog/.
I appreciate your patience. Please know that you're always welcome to post here in the QuickBooks Community if you have any other concerns. Have a good one.
Not having the "Assess Charges function" in QBO has created an large monthly job for us to do on 60-100 past due invoices. We are considering moving back to QB desktop because of it.
While I can submit this as feedback to our engineers, there's a way to manually enter late charges in QuickBooks Online. This may not be similar to the functionality in the desktop version, but some customers are finding it useful. I'll re-post the article here: How to Enter Late Fees or Finance and Service Charges on Invoices.
When you're about to change to QuickBooks Desktop, here are some helpful resources on how to convert your company data.
We'll be right here to guide you navigating QuickBooks. Please post your questions below. Thanks!