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.
It's absurd that it's not a feature. What's even worse, is that it is a feature in the US version of QBO. Just not Canada. For some unknown reason. Care to fill us in Quickbooks? It's enough to move to Sage 50.
Being able to request new features that you want added is something we believe in so much we included it directly in the program. I'd be happy to go over how to request this feature be added to the Canadian version of QuickBooks Online.
As the Canadian version of QuickBooks Online is a different program than the American version the features the two offer will be different. In order to have features you want added, I recommend sending feedback to our development team by going to:
Once they receive enough feedback from customers they'll look into ways to possibly incorporate this feature in future updates.
If you have any questions let us know and we'd be happy to help.
@Nick K Your logic & recommendation re feedback only works, of course, if Intuit actually implements requested features on a reasonably timely basis. That's just not true here.
This is crazy frustrating for me .. we *know* you have the software code written for late fees. How ? Because it's readily available in the U.S. version of QBO. So, what's so hard about activating that same software code for the Canadian version. More specifically, why would it be so hard that Intuit still can't get it done after more than 2 years ?
One can only conclude that the most reasonable answer is: "we don't do it because we don't WANT TO". We like you as customers, but really, not that much.
Seriously, Intuit, you could do a much better job of feature parity between the Canadian and US versions especially for features like this.
Lastly: Recommending add-ons such as "Late Fee Manager" only works if the add-ons exist. Have you looked at the details for this add-on lately ? All links go to pages with 403 or 404 errors. The vendor is gone or unable to update their website .- which gives me NO confidence in their ability to support an addon.