I am a new user to QB and I want to be able to run the reports for late invoices and assess finance charges on those. I figured out how to do it with a flat fee, but is there a way to have QB auto calculate the fee based on a percentage of the balance? (ie 10% of the total due after 30 days)? I see an annual interest option but that doesnt seem to assess anything when i tell it to add the charges on overdue invoices. Thanks for the help in advance.
Hi Paul,
Welcome to the forums. The only way QuickBooks calculates finance charges is on the total balance. The formula is Annual Percentage Rate/365 X Days overdue X Amount. The only customizable parts of the finance charge feature are the Grace Period and whether you calculate the charges from the due date or from the invoice date. That is a good suggestion, though, and I'll pass it along to the developers.
There might be a 3rd party software [ http://marketplace.intuit.com/ ] package that can give you more control over the late fees, or you could hire a developer [ http://marketplace.intuit.com/... ] to write you a custom application to interface with QuickBooks.
Thanks,
Nic
?Please remember that this is a User-to-User community forum. If you come in to get an answer, see if there are any that you can provide. The more people who do that, the more likely you will get your answer.?
I cannot come up with the same figures QB does when it calculates finance charges.I have the latest update. We charge 18%;do not charge interest on interest;net 30. I understand the formula is Days past due x amount of Invoice x rate / 365. The calculation seems to be twice as much as it should be. Please advise.
M. Oakes
