Is there a way in QBO to charge our customers late fees for each invoices if they don't pay on time, like when we have net 30 payment terms?

Hello dexter-drz-llc,

Welcome to Community!  QuickBooks Online provides the ability to manually add late fees to your invoices, as you see necessary. I would be happy to show you how!

To get started, you'll need to create a late fee item, so you can add it to your invoices. Here's how;

1. Open your Settings ⚙ and select Products and services

2. Hit New, then choose Service

3. Enter a Name, such as (Late Fee)

4. From the Category ▼ dropdown, select the category that best describes the fee. Find out more about item categories.

5. Complete the remaining fields, as you feel necessary

6. Select Save and close.

Note: If you don't charge a standard fee, you can change the amount on the invoice.

Follow these steps to add the fee to invoices;

1. Open Sales from the left menu and then Invoices 

2. Select the invoice you want to add the late fee to

3. Edit invoice

4. From the Product/Service ▼ dropdown, select the service fee you created

5. In the Amount field, enter the amount of the late fee 

6. In the Message on invoice section, enter a note about the fee, as you feel necessary

7. Hit Save and send or Save and close.

Feel free to reach back out, if you have other questions. We are always glad to assist!

QB Desktop has a feature to assess a finance charge based on the terms, date any prior fees were assessed, and outstanding amount due. When assessed it QB desktop would create a new invoice on that date for the FC.

The Late Fee option in QBO is garbage. Why would I want to change the original invoice? In what world does that make sense?  That would be very confusing to the people receiving the invoice and creates issues when the period is closed!

When will QBO provide the same ability as the Desktop version?

Hello there, Nmarns.

I appreciate you taking the time to explain your thoughts. I completely understand your frustration with how the Late Fee feature worked in QuickBooks Online (QBO) compared to QuickBooks Desktop (QBDT).

To answer your question directly, currently, there is no timeline for when QBO will introduce functionality similar to the QBDT finance charge feature. However, customer feedback plays a vital part in how we prioritize updates, and we encourage you to share your suggestions with our product development team for review.

Here's how to submit your Feedback:

1. Click the Gear icon and choose Feedback.
2. Write your comments or suggestions, explaining why this change would benefit your business.
3. Select Next to send it in.
   
   

If you have any other questions or concerns about QBO, please feel free to let us know. We’re always here to help!