How to Apply Finance Charges in QuickBooks
You may hate to have to do it, but assessing finance charges for late payments may improve your overall cash flow.
- Get a merchant account and let customers pay you electronically
- Offer a discount for early payments
- Shorten the payment due cycle (21 days instead of 30 days, for example)
- Be more aggressive about collections
Multiple Issues Involved
You'll need to decide on your QuickBooks Finance Charge settings before you can begin to apply these late fees.
Applying the Charges
By selecting an Assessment Date, you're telling QuickBooks how many late days should be included in its finance charge calculations.
Dispatching the Charges
You can see your finance charge invoices when you go to print them.