It's a pleasure to see you again in the Community, @MaryBethP.
I'm here to share some information about the automatic late fees in QuickBooks Online (QBO).
Yes, you're right! When you turn on or set up automatic late fees, QBO should create an income account in your chart of accounts and a product/service item. Since you don't see these in the system, let's perform some troubleshooting steps that can help us isolate this.
To start off, try logging into your account using a different or a private browser. There are times that the browser is full of frequently accessed page resources, thus causing some unusual responses. To use a private browser, here's how:
Once logged in, go to the chart of accounts and products and services list to double-check. Here's how:
1. Go to the Accounting menu at the left pane, then Chart of Accounts.
2. Scroll down to locate the account.
3. Now go to the Sales menu, then Products and Services.
4. Scroll down to locate the item.
If it shows, return to your default browser and perform clear cache. Every so often the cache can become overwhelmed with older data which can potentially cause viewing and performance issues. Clearing it will refresh the system, and you'll be able to work with a clean slate.
For additional information about the automatic late fees, check out this article for further guidance: Setting up and applying automatic late fees.
That should get you fixed right up. Please comment below to let me know how things look after giving this a try. I'm always here to help. Have a great weekend.