Things are tough right now, @dgwpeach. I understand how hard this is for you. Not to worry because I'm here to share workarounds you can use in fixing the late payment fees issue.
QBO can automatically apply late charges on the invoice. All you have to do is to activate the feature.
Here’s how:
- Go to the Gear icon at the top and pick Account and Settings under Your Company.
- Tap the Sales menu on the left panel and mark the Pencil icon for Late fees.
- Choose the type that applies to your business: Percent, Flat Fee, and Flat fee and percent.
- Follow the on-screen instructions to complete the process.
- Click Save and Done.
After turning on this functionality, fees will be calculated on invoices that become overdue. Please know the online program does not retroactively apply the charge.
Alternatively, manually add late fees as another line item on the transaction. Check out this article for the step by step process: Add service fees manually to invoices.
For answers to frequently asked questions and tasks you can do using the feature, see the following guide: Set up and apply automatic late fees to invoices.
I recommend seeking your business consultant for a piece of advice. This way, they can help you handle late fees properly in QuickBooks. They can also suggest what account to create in your chart of accounts.
If you don't have an accountant, I'll help you get one. You can visit this article: Find ProAdvisor.
Need to send statements to your customers with the late fees and other unpaid balances? We have an article to help you with the steps: Create and send customer statements in QuickBooks Online.
If you have other questions or concerns about late fees, just let us know. We’ll be here to help. Have a good one!
