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Level 1

How do I automatically apply a class to auto assessed late fees?

 
Solved
Best answer June 05, 2020

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QuickBooks Team

How do I automatically apply a class to auto assessed late fees?

It’s currently unavailable in QuickBooks Online, @btfowler1.

 

That’s why my colleague suggested creating a subclass, so it won't report to one class. And it should also fall under its specific place and customer.


You can reach out to your accountant. I’m sure they can assist you further with reclassifying transactions. 


Let me share a link that contains reports and accounting information: QuickBooks Help articles. It also includes account management, Income, and expense topics. You can select each to view them.


Please leave a comment anytime if you have additional questions. We're always here for you.

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6 Comments
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Level 2

How do I automatically apply a class to auto assessed late fees?

Hi @btfowler1,

 

With QuickBooks Online Accountant, we are able to reclassify all transactions in an account such as "Late Fee Income" to a specific class in a batch.

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Level 1

How do I automatically apply a class to auto assessed late fees?

For background, my business is rental property. Each class represents a property to track income and expenses. So, the late fees should not be going all towards the same class.

Highlighted
QuickBooks Team

How do I automatically apply a class to auto assessed late fees?

Hello there, @btfowler1.

 

You can create a sub-class so that your late fees will not report in one class. However, you may need to turn on classes and locations first and set up sub-class.

 

To do that: 

  1. Click on the Gear icon.
  2. Select on All List.
  3. Click on Classes.
  4. Click on New.
  5. Put a check-mark on the Is subclass box.
  6. Click on Save.

For more information on how classes and budgets work in QuickBooks Online, please check out these articles:

I suggest reaching out to your accountant for additional advice with regards to this matter.

 

If you have any more questions, please don't hesitate to reach out to me. I'm always here for you.

Highlighted
Level 1

How do I automatically apply a class to auto assessed late fees?

I don't believe this quite answers the question.

 

Currently, when a late fee is auto-assessed, it is done so without a class. I do not need to create additional classes, I need to the late fee line item to automatically assign to a particular class based on the customer it falls under.

 

Is that possible or no?

Highlighted
QuickBooks Team

How do I automatically apply a class to auto assessed late fees?

It’s currently unavailable in QuickBooks Online, @btfowler1.

 

That’s why my colleague suggested creating a subclass, so it won't report to one class. And it should also fall under its specific place and customer.


You can reach out to your accountant. I’m sure they can assist you further with reclassifying transactions. 


Let me share a link that contains reports and accounting information: QuickBooks Help articles. It also includes account management, Income, and expense topics. You can select each to view them.


Please leave a comment anytime if you have additional questions. We're always here for you.

View solution in original post

Highlighted
Level 2

How do I automatically apply a class to auto assessed late fees?

It's not possible but something that should be fixed. You should submit Feedback via the Gear icon.

 

Until then, it is possible to reclassify all invoices for each customer for the line items that have the late fee without a class to have one (see attachment).  Not ideal but a workaround in the meantime. 

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