For QB online, how can we compute and asses finance charges to our customers? The invoices have different ages and amounts, so the ability to include that is important.

aaron5 · ‎January 20, 2019

Anonymous · ‎January 21, 2019

Hi there, aaron5.

We can automatically calculate the service charge or late fee to your customers. However, at this time, not all customers have the option to turn it on. We will be expanding the feature to more customers in the coming months.

Please see this article for the detailed steps: Setting Up and Applying Automatic Late Fees

If this option isn't available in your account, you can manually add finance charge/late fee by either creating an invoice for the additional charge or adding it to an existing invoice.

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

Select the Plus icon (+).
Under Customers, choose Invoice.
Fill out the invoice with the necessary information.
From the Product/Service drop-down, choose the finance/service charge or late fee item. (Note: If you don't have an item for additional charges, select Add new. Choose the appropriate type, then fill out the Product/Service information form.)
Enter the amount of the charge.
Select Save and close.

To add an additional charge on an existing invoice:

From the left menu, select Sales, and select Customers.
Select the name of the customer to view the Transaction List page.
Find and select the invoice.
Add a new line item, choose the finance/service charge or late fee item.
Enter the amount of the charge.
Select Save and close.

Please let us know if you have any questions. Thanks!

View solution in original post

Anonymous · ‎January 21, 2019

Hi there, aaron5.

We can automatically calculate the service charge or late fee to your customers. However, at this time, not all customers have the option to turn it on. We will be expanding the feature to more customers in the coming months.

Please see this article for the detailed steps: Setting Up and Applying Automatic Late Fees

If this option isn't available in your account, you can manually add finance charge/late fee by either creating an invoice for the additional charge or adding it to an existing invoice.

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

Select the Plus icon (+).
Under Customers, choose Invoice.
Fill out the invoice with the necessary information.
From the Product/Service drop-down, choose the finance/service charge or late fee item. (Note: If you don't have an item for additional charges, select Add new. Choose the appropriate type, then fill out the Product/Service information form.)
Enter the amount of the charge.
Select Save and close.

To add an additional charge on an existing invoice:

From the left menu, select Sales, and select Customers.
Select the name of the customer to view the Transaction List page.
Find and select the invoice.
Add a new line item, choose the finance/service charge or late fee item.
Enter the amount of the charge.
Select Save and close.

Please let us know if you have any questions. Thanks!

ShantelG · ‎February 01, 2022

Why can't you select the customers you want to apply finance charges as you can do on QB Desktop? I do not want to do a separate invoice for each customer as this is very time consuming and I don't want it to be automatic as i have to go back and delete them for some customers. There has got to be an easier way!

ChristieAnn · ‎February 01, 2022

Hi there, ShantelG.

Thank you for visiting the QuickBooks Community. I'll be sharing details on how automatic late fees work in QuickBooks Online. Then, ensure you'll be able to set up the said option for a specific customer.

As mentioned above, you can set and add late fees to invoices in QuickBooks Online. This way, QuickBooks can apply finance charges automatically and the QuickBooks system adds fees based on your settings. That said, you can now put different late fee rules for certain customers in QuickBooks Online. To start with, I suggest going to the Account and settings to turn on the said feature and you must be logged in as the Primary Administrator or Company Administrator to perform this. Please know that at this time, not all QBO accounts have the option to activate the Automatic Late Fees feature. Rest assured our developers will expand this option to more customers in the coming months.

Once done, please follow the steps below on how to set a custom fee for an individual customer.

From the left menu, select Sales.
Choose the Customers section.
Click the customer's name you would like to customize. Then, select Late Fees from the table. You have two ways to customize it, either choosing Waive late fees or Override the default late fee settings.

To see further details, you can open this article: Set up and apply automatic late fees to invoices. This also provides different details on how the feature works in the invoices.

Lastly, you may open this article to see details on how the Sales page gives you a great at-a-glance view of all sales transactions so you edit or may any updated information within the page: View sales transactions.

Should you have any follow-up questions about late fees or any QuickBooks related, you can always find me here. Take good care!

Wyochris · ‎March 15, 2023

There needs to be an option to turn On late fees, but to begin with all customers Off. We do not want to charge fees to most of our customers (we have thousands). But as it stands now, the only way to add them for a handful of customers is to manually calculate the amount, which can be time consuming when there are many invoices.

Thanks,

Chris

Wyochris · ‎March 15, 2023

There needs to be an option to turn On late fees, but to begin with all customers Off. We do not want to charge fees to most of our customers (we have thousands). But as it stands now, the only way to add them for a handful of customers is to manually calculate the amount, which can be time consuming when there are many invoices.

Thanks,

Chris

RoseJillB · ‎March 15, 2023

Hi there, @Wyochris.

I heard your opinion about the functionality of adding late fees to some customers in QuickBooks Online (QBO).

You’re correct that the only option to apply those fees to some customers' invoices is to amend them manually. Thus, I suggest you send this suggestion directly to our engineering team.

This will enable us to understand better how to meet your business's needs. Depending on how many requests they get, they could also add this functionality to later editions. You can accomplish this by following the instructions listed below on a web browser:

Go to the Gear icon.
Select Feedback.
Enter a brief description of your product suggestion.
Click Next to submit feedback.

We regularly take your suggestions into account while updating our products. In this, you can track the progress of your feature request in our Feedback forum.

If you have more questions about QuickBooks, please let me know by commenting below. Have a good one!

christina3 · ‎April 01, 2023

I am in total agreement. I don't understand why you would have this ability in QBD for all these years, but not offer it with QBO. The amount of functions that I used on desktop that I know don't have with online is mind boggling. This was supposed to be MORE innovative and have MORE options and save me MORE time. Instead, I find myself struggling to perform the tasks I did before. Switching back to desktop is looking better and better...

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For QB online, how can we compute and asses finance charges to our customers? The invoices have different ages and amounts, so the ability to include that is important.