Great question. While we always hope our customers pay on time, things happen and you may want to implement late fees. What amount to charge as a late fee is entirely up to you, but if you're unsure, an accountant would be able to offer more insight or help you determine an appropriate account. The program makes it easy to connect with an accountant by giving you the option to invite an accountant by email or to Find an accountant using the tool in the My Accountant tab in the left menu.
Adding late fees isn't currently an integrated feature in QuickBooks Online, however there is a workaround you can look at by reading the following article: How to enter late fees or finance and service charges on invoices
There may also be apps that can help you with this process. Go to the Apps menu and use keywords to search for what's available.
I hope that helps! I'll be here should you need anything else. :)
Why isn't interest on overdue invoices available in QBO like it is in QB Desktop?
It's disappointing to have switched to QBO because the sales team said it is full of many new features, only to find out QBO is lacking several key features we used in Quickbooks Desktop and there is no mention of these downgrades in the sales pitch.
Thanks for joining us here. I know how important it is to have a clear expectation of available features in a new software you're migrating over to. While QuickBooks Online and QuickBooks Desktops both offer great options, they aren't quite the same. Here are some useful articles to help you learn more about that.
As my colleague mentioned above, interest fees can only be added manually to invoices. I can see how having an automatic feature for that could benefit you and your business, and I encourage you to submit feedback about this to our product developers. We are always looking for new product ideas, and your valuable feedback helps a lot with that.
Don't hesitate to stop by if you have other questions. Have a great day.
I switched from desktop to online version. There are key features that I need that are not in the online version. No automatic interest charges calculated like the desktop version and custom reports are not as customizable as in the desktop version. Online version is lacking, why would QB not keep these features?
Hi again, Sam360. I can see that customizing your reports is very important to you, as you previously posted about it in the Community. QuickBooks Online enables you to customize your reports using various tools, and I want to make sure you can take advantage of those. In case you haven't already, I invite you to review the response I provided for you via this link to customize your report as needed: Custom Balance Sheet Report
As for the automatic interest charges, I encourage you to submit feedback to our engineers using the link shared above in my previous response to this thread. Feel free to also explore our Apps menu to find any third-party apps that could better assist you with this task.
I'm here if you have more questions.