How Do I Enter a Finance Charge in QuickBooks

1
How to remove finance charges in QuickBooks

• How do I delete finance charges and interest? QB
  Issue Resolution When you assess finance
  charge, QuickBooks Desktop automatically creates
  a finance charge.

2
How Do I Enter a Finance Charge in QuickBooks

• Log in to the QuickBooks company file as Admin.
  Go to the Edit menu, then select Preferences.
  Select Finance QuickBooks finance charge
  calculation, then go to the Company Preferences
  tab. Fill in the Annual Interest Rate (),
  Minimum Finance Charge, and Grace Period (days)
  fields.
• Before you can start adding finance charges to
  tardy payments, you'll need to let QuickBooks know
  how you want them handled.
• If your vendor has added a finance charge to your
  account, you can record the charge in the Pay
  Bills window. Setting up finance charges.

3
How to Apply Finance Charges in QuickBooks

• QuickBooks Desktop for Windows. Before you start
  assessing finance charges, you need to set
  up your Finance Charge preferences.
• QuickBooks Online can automatically calculate
  late fees and add them to overdue invoices as a
  line below Product / Service.
• Multiple Issues Involved. Before
  you can start adding finance charges.

• e can help you record these fees correctly in
  QuickBooks Pro.
• Configure deposit and fees account settings
  in QuickBooks Desktop.
• Some small businesses apply late fees or finance
  charges on overdue invoices to encourage their
  customers to pay on time.
• To calculate late fees, first decide on the
  annual interest rate you want to charge, then
  divide that by 12.

4
Finance Charges - Experts in QuickBooks
https//www.businessaccountings.com/
5
How to set up finance charges in QuickBooks online

• QuickBooks does the heavy lifting as far as
  calculations are concerned, but it is important
  that you set your finance charges in QuickBooks
  up correctly. Customers will be annoyed by
  mistakes, and it is much easier to get this tool
  set up right from the start than to have to go in
  and untangle errors.
• You will need to let QuickBooks know how you want
  them handled.
• Open the Edit menu
• Select Preferences.
• Click the Finance Charge tab in the left vertical
  pane
• the Company Preferences tab in the window that
  opens. You will see something like this.

6
How to set up finance charges in QuickBooks
desktop

• Navigate to the Customers menu.
• Select Assess Finance Charges.
• Select the appropriate A/R account.
• You can also prevent finance charges to be
  assessed on an Invoice. There are two methods
  for this if you desire an invoice to be excluded
  from a customers balance while assessing finance
  charges.