Is there a way to trick QBO to calculate late fees on customer balances brought over from desktop?

Hello there, usergmpoatreasurer.

You'll have to manually add late fees to the old invoices converted from QuickBooks Desktop (QBDT) to QuickBooks Online (QBO):

1. Go to Sales, then choose Invoices.
2. Locate the invoice you want to add late fees.

3. Then select Late Fees from the table. 

4. Click Save and close.
   
   

Moving forward, you'll need to set up automatic late fees in QBO since settings will not be automatically brought over from QuickBooks Desktop.

Here's how:

1. Go to the Gear icon, then Account and settings.
2. Select Sales.
3. Click late fees.
   
   

Then, you can add late fees to your customer's future invoices. For more information about managing late fees in QBO, check out this article: Set up and apply automatic late fees to invoices.

You'll want to run the Invoice List report to review all the invoices made in your account.

Here's how:

1. Go to Reports.
2. Enter the Invoice List in the search field.
   
3. Customize the filter if necessary.
4. Click Run report.
   

Also, I have articles here about managing reports in QuickBooks Online (QBO) for your reference:

• Customize and modify columns on reports
• Run reports in QuickBooks Online
  
  

The Community is always open if you have other questions while working with late fees in QBO. I'll be around to help. Wishing you a great day ahead.

The good news is that I had already done the step to set up the automatic late fees for future invoices.  I know this is working as we have 60 members that pay monthly (and of course a few that are late).  We use the % method of 1.5% per month (18% annual).

I am having troubles following your steps to add late fees to old invoices from QBDT manually.  I went to Sales, invoices and was able to locate the invoice I wanted to add late fees.  When I click on that invoice record, a screen comes up to the right.  When I select product and services, it comes up with the services that the Member was invoiced as of 6/1/20.  There is not an option to select late fees.

If I could get some additional instructions, that would be great.  My concern is that I am going to have to do this for 15 members with multiple invoices each month.

I still have my question, if QBO could be "tricked" to automatically invoice.  Let me give you an example.  On 6/1/20 we invoiced a member for$1,354 for services.  This is an annual invoice due 30 days.  We converted from QBDT to QBO on 2/1/21 and finance charges of $162.50 had accumulated.  Could I create an invoice dated 2/1/21 for $1,354.00 (entries would be Debit AR and Credit P/L) and that new invoice would start assessing late fees.  I would then go in and write off the 6/1/20 invoice of $1,354 (entries would be Debit P/L, credit AR).  My Accounts Receivable and Profit and Loss statements should reflect the current amount.  

Thoughts

Hello @usergmpoatreasurer,

Let me add a few things about adding late fees to your old invoices from QuickBooks Desktop.

You're on the right track, you can add the late fees as an additional line item of the invoice in question since you've turned it on from the settings. Let me show you how.

1. Locate the invoice in question.
2. On the screen to the right, select Edit invoice.
3. Under PRODUCT/SERVICE, select Late fees.
4. Enter the amount of your customer's late fee.
5. Click Save and close.

For the debit and credit accounts, if you wish to write off your invoices, I'd recommend contacting your accountant for guidance. They can help you in choosing the correct category the statement is reflecting on your report accordingly.

If you haven't yet, I've got you this link so you can find someone near you based on your current location: Business is better with a ProAdvisorBusiness is better with a ProAdvisor.

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Invoice and Payments for QuickBooks Online.

If there's anything else that I can help you with, please let me know in the comments below. I'll be here lend a hand.

I am sorry that I am slow in responding.  After reviewing the responses, I had consulted an expert and she confirmed that QBO late fee process does not properly account for late fees using the % method.  As we converted Feb 1, I wanted to see how QBO would calculate the late fees at the end of March.  Let's take a monthly payor.  The invoice amount of $112.83 dated 2/1/21 was due in 30 days.  Interest was added at a rate of 1.5% monthly for $1.69.  The interest calculation was due on 3/1/21 and the entry was booked in February and added to the Feb invoice (which had already been sent out to the customer).  At the end of March both the Feb 1 and Mar 1 payment was due. QBO only calculated the interest on the March 1 payment of $1.69 and added it to the March 1 invoice (which also had already been sent out to the customer).  It did not calculate interest on the open Feb invoice.  To me several things are wrong:  1) it is not calculating interest correctly on the outstanding balances and 2) it is adding it to an invoice that has already been generated and sent to the customer.  DT would generate a new invoice at the end of the finance charge period (in this case the 31st/1st of the month).  I have written to QB to make them aware of this situation.  I will be turning off the automatic late fee feature and calculating interest manually.  This problem needs to be addressed in QBO.

Thanks for following up with the Community, usergmpoatreasurer.

I can certainly understand how this improvement to our late fees feature could be useful and have submitted a suggestion to our developers as of today.

You can also submit your own feature requests while using QuickBooks.

Here's how:

1. Use the Gear (⚙️) icon.
   
2. Choose Feedback.
3. Enter your suggestions and/or comments.
4. Press Next.
5. Click Skip and send message.
6. The available drop-down menu can be used to pick an appropriate category.
7. Select Send message.

Your feedback's definitely valuable to Intuit. It will be reviewed by our Product Development team and considered in future updates. Feature requests can be tracked through Intuit's Customer Feedback website.

Please feel welcome to send a reply if there's any questions. Have a great day!

I am having the same issues and none of this trouble shooting is working.  It's awful that we "upgrade" to quickbooks online, pay more money and it is an awful experience.  This was a simple and fast task in quickbooks desktop and now there is no solution!!!!!!  I have spent far too much time trying to resolve this issue.

Hello there, coachkirst.

I acknowledge your time and effort to track the late fees in QuickBooks Online (QBO). I'm here to help ensure I can properly address your concern.

May I know which troubleshooting steps didn't resolve the issue? Did you come across any errors or problems while following the resolution? I appreciate it if you could add more details about your concern. This way, I can provide the best solution.

I look forward to working with you again. Thank you in advance and have a good one, coachkirst.