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Kimberly2
November 2, 2018
Question

interest charges on a statement

  • November 2, 2018
  • 6 replies
  • 100 views

How do you add interest on your statements

 

 

6 replies

Rasa-LilaMQuickBooks Team
QuickBooks Team
November 2, 2018

Good day, Kimberly2.


Welcome to the Online Community. I’ll be sure to point you in the right direction about adding interest charges on the statement.

 

Since there’s not a direct way of adding these items on a statement, you can either create a separate  invoice or add the charges on an existing invoice. To begin, create the interest charges item in your account.

 

Here's how:

 

  1. Go to the Gear icon at the top, and select Products and Services.
  2. In the Products and Services window, select New.
  3. Select the product or service type.
  4. Enter the name such as Interest charges.
  5. Fill in the field boxes.
  6. Once done, click on Save and close.

To record the charges, check out this article for the step by step process: How to enter late fees on invoices. Once you create a statement, the interest amount will automatically show on the transaction.

 

I've attached an article that will help manage your statements efficiently: Create Statements.

 

By following the resolution steps,you'll be able to see the interest charges added on the statement.

 

Feel free to leave a comment below if you have questions about working QBO. I'll be around to help. Have a great rest of your day.

JAR2020
October 22, 2020

How do you record interest on on all overdue accounts without doing to separately

MichelleBh
MichelleBh
Level 8
October 22, 2020

Thanks for joining on this thread, @JAR2020.

 

It would be my pleasure to walk you through the step-by-step instructions on how to record interest to the overdue accounts without doing separately in QuickBooks Online. 

 

First, if you haven't created an interest item yet, let's go ahead and create it. 

 

Here's how:

 

  1. Click the Gear icon, then choose Products and Services.
  2. Tap New.
  3. Select either Non-inventory or Service.
  4. Enter the desired name of the interest.
  5. From the Category ▼ dropdown, select the category that fit defines the fee. 
  6. Hit Save and close.

 

Once done, if you haven't sent the invoices yet, you can add the fee as a line item to the existing invoice. Let me guide you how: 

 

  1. Go to Sales, then go to the Customers tab.
  2. Choose the customer, then look for the past due invoice.
  3. Add the interest item in the unused line, then enter the amount.
  4. Tap Save and send or Save and close.

 

On the other hand, if the invoices are already sent, you'll need to create a new invoice to add the fee to what my colleague mentioned above. 

 

Here's how: 

 

  1. Click the Plus sign (+) icon, then choose Invoice.
  2. Under the PRODUCT/SERVICE column, add the interest item.
  3. Enter the amount manually in the AMOUNT tab.
  4. Tap Save and send or Save and close.

 

You also have an option to set up automatic late fees to your invoices. So QuickBooks can apply them automatically. Let's turn on the late fees feature first by going to the Settings, then select Account and Settings. After, choose the Sales tab and turn on the radio button under the Late fees field. 

 

 

For more details, browse this article: Set up and apply automatic late fees to invoices. 

 

You can always access any customer's reports to review the transactions you've made, then customize it to show the specific parts. 

 

Additionally, I've attached an article about how to personalize sales forms and add the info that implies most to your business. 

 

 

Let me know if you have follow-up questions. I'm glad to assist. Have a great day!

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