I want the facility to include the Late Commercial Payments Act (with interest and compensation automatically calculated) on statements and invoices. Can this be done?

Good day, Kevin C.

Thanks for your thoughts. The option to include the Late Commercial Payments Act on invoices and automatically calculate the interest and compensation is currently unavailable in QuickBooks Online (QBO).

As a workaround, you can create an invoice for an additional charge or add it to the existing transaction. 

Here's how to create an invoice for an additional charge:

1. Go to the Plus (+) icon.
2. Under Customers, choose Invoice.
3. Fill out the invoice with the necessary information.
4. From the Product/Service drop down, choose the finance/service charge or late fee item. If you don't have an item for additional charges, select Add new from the Product/Service item drop down. Choose the appropriate type, then fill out the information form.
5. Enter the amount of the charge.
6. Click on Save and close.

To add an additional charge on an existing invoice:

1. Open the invoice.
2. In the next unused line on the Product/Service section, choose the finance/service charge or late fee item.
3. Enter the amount of the charge.
4. Select Save and close.

I'll send your suggestion directly to our product developers. Your idea would be a big help in getting this implemented.

For now, I encourage staying current on all the QuickBooks news and announcements by visiting our website: The QuickBooks Blog UK.

I'll also update you once this feature becomes available. 

Please let me know if you have any follow-up questions. I'm always here to help. Wishing you a good one.

I agree with this suggestion. We have been experiencing increasing amounts of companies paying late, despite reminders being sent regularly and also advising them of the Late Commercial Payments Act. We have not been that militant in the past but as it is on the increase and increasing our workload significantly chasing these payments, we are becoming tougher in the way we manage this. It would be helpful to have a section within Sales, to calculate and add the additional daily interest (8% over the Bank of England base rate)  and compensation automatically when invoices become overdue. I can see from the help section, that it looks like it is feasible in the US to add late fees, but not here in the UK?

Great having you join us here in the Community, @Atlas Sarah. I'll share an insight on your query about your concern with QuickBooks Online.

As my colleague have informed, the option to include the Late Commercial Payments Act on invoices and automatically calculate the interest and compensation is currently unavailable in QuickBooks Online (QBO).

Moreover, I do think this would be a great time to send this suggestion to our Product Development Team. We value your suggestions. This way, our developers can determine what features to add in QBO's future enhancements.

Here's how:

1. Go to the Gear icon.
2. Choose Feedback.
3. Enter your comments or product suggestions.
4. Then click Next to submit feedback.
   
   

To keep posted on what's new with QuickBooks, you can always visit our QuickBooks blog. Our Community Help articles also provide references and topics you need help with handing your account. 

Get back to me here if you have further questions about the information above. I'd be more than happy to answer it for you. Have a nice day.