I suggest you ...

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.

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    Anonymous shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →

    270 comments

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      • Rozetta commented  ·   ·  Flag as inappropriate

        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  ·   ·  Flag as inappropriate

        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.

      • Anonymous commented  ·   ·  Flag as inappropriate

        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.

      • Anonymous commented  ·   ·  Flag as inappropriate

        YES YES YES YES... Allow the ability to have a predetermined amount that is automatically added to the invoice after the due date!!!!!

        (Let the company administrator determine the amount as well such as a $3, $5, or an $8 late fee etc or even a percentage late fee.)

      • Anonymous commented  ·   ·  Flag as inappropriate

        This has been going on for way to long!! Get it done and let us know when it will be ready!! No more we are reviewing it. I can't believe how long this problem dates back to until I read these posts!!

      • Anonymous commented  ·   ·  Flag as inappropriate

        Yes, we definitely need this. Add a % setting that will calculate and add amount owed on late fees to bills that our 30 days past due

      • vicki commented  ·   ·  Flag as inappropriate

        Yes, I agree with other comments. We have been hearing that your team is reviewing this issue for years. It should be standard in the software just like every other software. This is a huge issue and hopefully it gets resolved.

      • Anonymous commented  ·   ·  Flag as inappropriate

        With all due respect, Intuit has been "reviewing" this requirement for several years .... you are losing customers (including my company) because of the continued failure to offer this auto interest feature which has been available on the desk top version for decades.

      • Tim Kennedy commented  ·   ·  Flag as inappropriate

        I have paid for QBO for seven years and missed this feature the entire time. Please need Ted Kennedy's excellent direction posted 1/25 so the feature, should it appear at long last, will be useful.

      • Anonymous commented  ·   ·  Flag as inappropriate

        I am looking forward to this feature being added. It will help with the professionalism of our businesses.

      • Rob commented  ·   ·  Flag as inappropriate

        Honestly I thought the person monitoring this forum had passed on. It's been years....... and NOW it's being reviewed?

        How about getting it done?
        WTH are we paying you people for?

        I'd love to be a fly on the wall at Intuit.

      • Anonymous commented  ·   ·  Flag as inappropriate

        Stay tuned? I've been in 'stay tuned' mode for years waiting for you to implement this!! Please get this up and running soon. It is very labor intensive to manually add the charges to an invoice. Not to mention that it is ridiculous that an accounting program does not have this feature. Shame on you Quickbooks!

      • Ted Kennedy commented  ·   ·  Flag as inappropriate

        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.

      • Raquel commented  ·   ·  Flag as inappropriate

        We absolutely require this feature. To manually enter late fees / finance charges for past due invoices is labor intensive and prone to errors. This should be done automatically, and should be easily customizable. Quickbooks, please listen to your dedicated customers.

      • Jenny commented  ·   ·  Flag as inappropriate

        Would be WONDERFUL to be able to add Automatic Late Fees that you can adjust the template for all late invoices. Automatically add whatever percentage you choose to invoices that are all over X number of days past due.

      • Ryan Malek commented  ·   ·  Flag as inappropriate

        I would ABSOLUTELY love it if due date reminders could be sent and late fees could be calculated, applied, and sent automatically. Its extremely tiresome to have to manually perform this task at least weekly when its something that should be EASILY automated.

      • Suz commented  ·   ·  Flag as inappropriate

        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.

        I copied and pasted this from a previous post dated 11/10/17. Since I am experiencing the same issue. I will not recommend QBO to any of my future clients due to the limitation of the program and the slownest of the response to issues that affect many users.. QB Desktop is so much better..

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