This is how you can assess finance charges in QuickBooks
- You can do this if you have administrative rights as you will need to set them up first. If you have assessed finance charges before then you will be able to see the Preferences dialog box. Here you can check or edit the settings by clicking on the Preferences dialog box.
- Go to the Annual Interest Rate (%) text box and type in the interest rate.
- In the Minimum Finance Charge text box enter the minimum charge you want to levy on a past due invoice.
- Enter the Days of Grace that is the number of days you are willing to allow people after the due date to make payments. QuickBooks will not start assessing finance charges before the grace period is over.
- Choose Income or Other Income type account you want to use to track the finance charges from the Finance Charge Account drop-down list.
- You can choose either invoice date or billed date or the due date to calculate the finance charges.
- If there is need for the finance charge invoices to be printed later tick mark the box Mark Finance Charge Invoices “To Be Printed”.
- After you have specified how finance charges must be calculated in QuickBooks, click OK.
You may have questions related to Finance Charges in QuickBooks:
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If you still face any problem with the calculation of finance charges, then you can go ahead and take help from the certified experts of QuickBooks. The Intuit technical support team will assist you anytime you make the call.
