Automatic Late Fee's and/or Finance Charges
EVERYONE wants / needs this. Why is this not done yet... Also make it so we don't need to interact with it. Its so much easier just being able to tell a customer "Well, the computer did it." It would also help remove favoritism. I have a tendency to overlook some accounts for the people that I like.
Ralph Howarth commented
This is in beta since April 26th to a select group people to test it. Unfortunately I cannot say what is in it since I was hospitalized at the time of the invite.
PLEASE update QB to have Automatic Late Fees/ Finance Charges!!! This is such a basic function - - and apparently from the number of votes/comments and for the number of YEARS this has been requested - - is something that QB clients want !
I miss the ability that I had in quickbooks desktop to assess interest charges on accounts that were in arrears. It calculated the interest on each overdue invoice according the interest rate set by our board of directors. I would like to see this feature added into the online version so I can simply push a button that says "assess finance charges" and it calculates the interest and generates an invoice with the invoice listed and the amount of interest assessed on each invoice. PLEASE. H
To the poster of "This is not a lack of QBO features... this is a lack of professionalism ...".
IMHO, these comments are out of line and inflammatory. How an individual QBO client uses the product is up to that individual. Charging or deferring to charge is a business owner's privilege and right. And, this, in no way, determines the need for the feature and the sad omission of it on the part of Intuit. That is where any charge of unprofessionalism should be directed - at Intuit.
Treana Wunsch commented
I am shocked to find out this is not a function. QBO, please add this as soon as possible. This is needed by everyone.
Shreekant Apte commented
Can QBO provide a Tool or Configuration where Interest can be Auto Calculated & Invoiced to Customers who have made payments after the Due Date
Christi Hulet commented
Our company would greatly benefit from an option to automatically apply a late fee for accounts overdue by 30 days or more.
I'd be willing to bet that if QBO could charge us a fee for this functionality, it would have been done 6 years ago when requested. How about we charge QBO an "Inconvenience Fee" for every day, month, year and transaction that this basic functionality doesn't get implemented for...? How does that sound to QBO...?
For the original poster of this suggestion... "It would also help remove favoritism. I have a tendency to overlook some accounts for the people that I like."
This is not a lack of QBO features... this is a lack of professionalism on the part of the
business owner/operator. If you offer a 1 time or multiple time forgiveness of late fees, fine... but make that a rule for ALL your customers... not just the ones you "like" . Thats a user shortcoming, not a program one.
Automatic Interest charges on late invoices. Please add a feature that will automatically add interest charges to each invoice.
when do you expect this function to be up & running?
Please Help -------------
Have the option of percentage or fixed amount.
Make sure it generates or shows on recurring invoices.
Our policy is payment must be post marked by due date, so if payment is in the mail and system creates a late fee, it would be great if when payment is received have an option ( check box ?) to reverse/remove late fee.
"Our team is reviewing the requirements necessary for implementing the ability to automatically charge late fees for overdue invoices. Stay tuned!"
The requirements necessary? How about this ... fire every single fucking person that you have working in your design and programming department and hire all new people that know how to do these VERY BASIC ACCOUNTING THINGS.
THIS is a basic feature that is built into almost every other software program I have used. The ability to add finance charges to invoices? Are you serious!?
What is the matter with QB online? I just switched and am about to go back to desktop or look for another vendor. Assessing finance charges is a BASIC feature. QB online is simply AWFUL.
LOVE THE FOLLOWING! Just what I was thinking!
Ted Kennedy commented · January 25, 2018 3:28 PM ·
I made this post earlier, but just to make sure, here's how to do it:
1. Have a default finance charge rate which is applied to all new customers, and a default account to which finance charges are credited.
2. Allow the rate to be changed for each customer, or to turn off finance charges for the customer.
3. When sending statements, have a last-minute override to not charge finance charges, in case there is some unusual circumstance.
4. Compute the finance charge and add it to the statement, but do not make an entry for it in QBO. (It really should NOT be part of the invoice - that makes the invoice inaccurate).
5. When applying payments to invoices, have a Finance Charge field on the data entry screen. If the customer paid a finance charge, the amount goes in that field and is credited to the account defined in step #1. If the customer doesn't pay the finance charge, you just let it go. You're glad to get the payment and you might make a note to require prepayment from the customer in the future.
This is a very simple and elegant way to handle finance charges.
It is not accurate to add the finance charge to the invoice. It doesn't belong there - it is the result of the customer not paying the invoice on time, not something that was originally charged to them.
QBO should have had this feature right from the beginning! It is a normal, fundamental part of an accounting system, and one that is VERY easy to implement when done as outlined above.
Travis McVicker commented
Yes it would be alot easier for me and my employees if it was done automaticaly. I would love to see this done SOON. I Spend alot of time each week doing the late penalty fees.
I really don't want to look at other systems, I like QB, but it sure would be great to auto some customers with LATE FEE! Thanks.