Automatic Late Fee APY for Unpaid Invoices

Welcome to the Community forum, @MissouriHOATreasurer.

Just to confirm, have you encountered a specific error message while trying to enter a rate below 1%? Knowing the exact prompt will help me provide the best guidance. 

Please know that QuickBooks Online does accept late fee values below 1%, though the system standardizes these to three decimal places. For example, if you enter 0.7226%, QuickBooks will automatically round this value to 0.723%.

Since your governing documents specify a strict 9% APY cap, it is a great idea to consult with your accountant. They can help verify if the system's three-decimal rounding aligns perfectly with your legal requirements or suggest the best way to record these charges to keep your books compliant. If you don't have an accountant, you can find one here in our Resource Center.

If you have any other concerns about managing your invoice settings or late fees in QuickBooks, please don't hesitate to reach out. We're just around the corner to lend a hand.

Thanks for the confirmation that we can apply < 1%.

It turns out that you cannot start with the decimal point, you do have to indicate 0. in order for the value to be accepted.