Automatic Late Fees

Hi JessV!

Looks like I’m answering my question. We have the same name!

The Enterprise version has a feature called Assess Finance Charges. It is used to calculate late fees for unpaid invoices beyond the grace period. Though this feature is not automated like in the online version, you can assess late fees in just a few clicks. I’m happy to show you how to do it.

Enable finance charges:

1. From the Edit window, select Preferences.
2. Click on Finance Charge and click the Company Preferences
3. Enter the details of your finance charge and click OK.

To assess late fees, you can click the Finance Charge icon in the CUSTOMER workflow section of the Home Page. Then, select a customer and click on Assess Charges.

You can also right-click on the customer's name and select Assess Finance Charges.

You will then see an invoice for the Finance Charge on your customer's transaction list.

To learn more about the feature, you can check out the article about Finance Charges. 

Feel free to visit us back in the Community if you have other questions about assessing late fees. Wishing you only good sales and non-delinquent customers.

Thanks, JessT.

I saw that but it is set to calculate on an automated yearly interest rate.  I was looking for a one time fee. 

Thanks, JessT.

I saw that, but it is calculated with a yearly interest rate.  I was looking for a one time fee.

We're glad to have you back, JessV.

For now, automatic late fees that will apply for a one time fee is unavailable. I'll take note of your suggestion and forward this to our product engineers. This feature might be given a chance to be included in the next product updates.

I will not leave you there, though. As a workaround, you can manually calculate the charge amount. Then, create a new invoice and add another line item for the late fees as well as the amount (manually calculated) and send it to your customer.

In the Description column, you may also want to add the invoice number where the late fees will be applied. Adding invoice number or any information that will make you to easily track the late fees on the exact invoice you created with your customer.

You can take a look at to my sample screenshot below:

We're just around if you need other help with QuickBooks. I hope you're well today!

I am using Quickbooks Desktop.  In the statement module, there should be a separate area for "late fees" that do not have to do with finance charges.  We bill once a year and apply a flat rate late fee if not paid on time.  It would be helpful to have the customers who haven't paid available instead of creating invoices individually.  At the present time, I have to charge 35+ late fees.  And I do not want the late fee to be labeled finance charge.

Thank you.

 Hello, jw40.

We hear you, and we're continuously improving to enhance our customer's experience program features while using QuickBooks. I'd recommend sending your thoughts about this, too. You can click the Help and select Send Feedback Online. We always take your feedback into consideration when updating the product. 

The more request this gets, the more likely it'll be part of future enhancements. We always value customers who are keen to give us their feedback. I’ll be sure to follow-up on this matter with our managerial team. This way, they could come up with the appropriate course of action to improve QuickBooks as soon as possible.  

I appreciate your patience as we work through this. If there's anything else I can do for you, please let me know. I'll be around to help you out. Stay safe!

Hello has this update been released?

Thanks for joining the thread, @ftahir.

For now, the option to set up automatic late fees is still unavailable in Quickbooks Desktop Enterprise.

Since our developers based the adding of features by the number of requests they received from customers like you, let me send another feedback on your behalf. The more request they will get, the more likely it'll be implemented in the future. If you haven't sent anything yet, I'd recommend doing so. 

Simply follow these steps to send your suggestions:

1. Click the Help menu and select Send Feedback Online.
2. Choose Product Suggestion, then enter the details of your concern.
3. Select Send Feedback and click Close Window.
    

It's important that we always meet our customer's needs. While we continue to make improvements, I want you to be updated with the latest QuickBooks news and product release through our Firm of the Future site. This is where we share recent happenings and future developments, such as updates to newly added features.

In case you need related resources while working with QuickBooks, please feel free to skim through the topics from our help articles.

Please let me know how else I can help you with QuickBooks. I've got your back and am always happy to help. Keep safe!