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-...
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.