Adding finance charges to invoice or statement.

Unfortunately, there is not a feature in QuickBooks Online that would add a finance charge to customers with past due amounts.  If your client want to apply finance charges they would need to manually calculate the fee and add it as a line item on the invoice.  I will definitely enter this as a suggestion.  You can enter a suggestion as well by clicking here.

Hope this helps:)

Given the current economy, our receivables has skyrocketed over the past 4 months. QB's needs to create a automated solution for charging outstanding balances finance charges and late payments in addition to a discount if balance paid early. If this isn't done in the near future we will most likely be moving to Microsoft Accounting. This is a big $ issue. We tried to do the create a invoice finance charge method. It is cumbersome and labor intensive and has to be tracked. My suppliers have no problem charging us finance charge, we should have the same ease charging our clients.

Right on Target. I have been requesting this feature for the past 3 years with no response from QBOL. I am embarrassed when I tell our board of directors that I have to impose charges manually. Impossible to keep track of changes.

I will also switch if this feature continues to be unavailable. As you said it is available with the desk top version, but I like doing our accounting online.

Is MS Accounting an online accounting program?

I have to chime in here in agreement. We use the create a new invoice method and it is terrible. I am reluctant to switch away from the on-line edition due to the obvious advantages but this is frustrating.

This is also something I've asked QBOE for and alas, nothing has been done. I too, am stuck using a reoccuring invoice to add finance charges and it's virtually impossible to keep track of when I have tons of clients overdue on payment.

I have been asking for this feature from QBOE for a couple years now, and have yet to get a response. I spend upwards of 8 hours each month manually applying finance charges. This is the one feature that has prompted me to continue to look for better accounting programs

It would be appriecated if a QB's Representative would reply to this thread.

1 week later and still no QB's Response. This issue needs resolution.

This is a question I've asked a QBOE representative on the phone a few months ago.

I was told the only way this could be done is if you set up a re-occuring template to charge that customer the finance charge monthly, and then when that customer's account gets up to date you must delete the template. If the amount of the finance charge changes each month, you will have no choice but to manually enter an invoice on that account each month.

So if you consider this automatic (NOT!) then QBOE has it.

I am glad to hear I am not alone since I am new at using the online (since November). When a company like most of ours has limited resources we need efficiency and manually creating invoices each month is not efficient. I have been for the past two months creating the invoices with the finance charges manually and my bookkeeping company has one employee. Me and this is not efficient use of my time. My client is not willing to pay me more for my time.

I too have simply "given up" on the creation of finance charges. My time is just too valuable to me to recover the small percentage charged. I even tack on a $5.00 monthly late fee in addition to the 1-1/2% charge. I have been using QBOL for nearly 5 years and this one issue will motivate me to switch to another accounting system. There is no incentive for customers to pay within terms if there is no fear of reprisal, so the time must be spent on the phone collecting or going and seeing them. With no additonal money collected it changes your net significantly.

I have tried for two years to get QBOL to respond to this issue. As soon as we switched to QBOL I started to request this feature. Without this feature clients get interest free loans and have no urgeny to pay on time
QBOL never responds to this issue except to tell you have to do it manually!!
Note: This is not the only thread re: this issue.

I have posted the same question and have received no answer. It would be so simple for them to fix. Quick Books is a glorified version of Excel. All they would have to do put in the formula and add standard finance charges in the item list that you could chose from. I would do that but unfortunately I don't know the cell addresses of the invoices. I suppose they will come out with that next year and then we will have to buy the new version. If I am going to shell out more money then I may get something else that can even go beyond this.

This needs to be addressed. The economy is not get better any time soon. As a result, recievables will contine to get out of hand. It has been a month since this issue was raised; "again" and still no response from QB's. Not the response I would expect from a company that automatically charges our credit cards when our subscription are due. Not to mentioned we all just had our yearly fees raised. FYI - 45% of our companys recievables are greater than 90 days, compared to 10% last year. Are we alone? I would guess, not.

Here is how we have addressed this as a temporary fix - we have a small excel sheet in which you have set up the Interest rate and formulae to calculate overdue interest. So for any invoice or set of invoices you input current date (that is the date upto which you want the interest calculated), then input Due date of Invoice, Amount overdue - the excel sheet calculates the overdue interest amount.

Then we create a new invoice in which the only line item is the over due interest and then Generate Statement. Statements email automatically on generation.

This gives us the flexibility of NOT changing the old invoice (to add charges) and also the chance to reverse/void overdues based on the relationship with the customer etc.

May not be the best/most effficent system but it works for us !
- Anjali

I know that a lot of people would definitely like to be able to apply finance charges to their client's outstanding invoice.  I have entered this as a suggestion so the engineers are aware that this is something our customers are interested in.  If you would like to enter a request as well, please click here.

I too am new to quickbook and was wondering on how to add finance charges on past invoices over 30 days onto a new invoice. I am presently using quickbooks pro.

Well it looks like it will be a waste of time for me to enter my request as well. I just spent the better part of a weekend trying to solve this problem. I see Intuit has been ignoring customer requests on this for a very long time. I guess they don't need my money after all.

As soon as I find another program I am outta here! The online convenience isn't worth the lack of this feature.

I am very disappointed. How can this be a business accounting product with out this very basic feature?

 If anyone finds another program with the same features please, please let me know!

has this fin issue been solved? ive spent 4 hours today cant do it there is a how toso im confused