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 →

    296 comments

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      • Anonymous commented  ·   ·  Flag as inappropriate

        Late fee/finance charges would be a very good thing. When there is no penalty for being late people tend to forget or delay paying. I am all for this.

      • Tim Stewart commented  ·   ·  Flag as inappropriate

        I do add late fees after the 30 day period is up. However, it is hard for me to remember for all accounts, with so much going on in the shop. It would be very helpful to have some way to add the late fees for whomever/customer, and for any time period. Could you add it to the invoices somehow, so that when the designated time period arrives, such as the overdue invoices, the late fee charge is automatically added.
        Thanks for listening,
        Tim

      • anthony commented  ·   ·  Flag as inappropriate

        WE NEED TO BE ABLE TO CHARGE CLIENTS INTEREST AND LATE PAYMENT FEES, GEEZ ON!!!! THIS IS A BASIC FEATURE ON EVERY ACCOUNTING PROGRAM EXCEPT FOR THE QUICKBOOKS ONLINE VERSION IN THE 5+ YEARS NOW! THIS IS UNACCEPTABLE NOW!!!!

      • Carl@DVRA commented  ·   ·  Flag as inappropriate

        They have been too busy doing high-demand modifications like re-designing the UI, at least, 3 times since 2012.

      • Ralph Howarth commented  ·   ·  Flag as inappropriate

        Because it is not a simple thing.

        You cannot compare QB Desktop with QBO. QB Desktop does list customization and management where you have to leverage the list management to get more of what you want it to do. QBO starts off with some automation presumptions that forks the list management into separate functions. The functions are: Activity, Charges, Billable Expenses, & Time. These functions determine how an invoice is constructed. So we all want late fees; but just how should they be levied? As Charges? or as Activity? If Activity, then they become their own invoice. Then the customer either has to get the invoice processed separately, or be included in a statement processing run. Either way, it can be more work to give a customer due notice of late fees and charges. If the fees are added as Delayed Charges, then those charges await processing of the next invoice, which depends on whether the user has their invoices setup to automatically include charges or if the company settings have the charge automation turned on. If not, the user has to remember to manually link the charges on an upcoming invoice.

        Then there is the late payment policy of your organization. Are multiple late fees assigned for the same charge that misses payments month to month? or is interest charged subsequently thereafter? By law, some industries cannot levy a late fee multiple times on the same charge but can charge interest.

        Then what about scheduled electronic payments when customers participate in Bank Authorization Transfers? Are customers going to be immune from late fees when they have scheduled payments and the processing is delayed by no fault of their own? Just applying late fees to all Overdue Invoices is not an adequate solution as the algorithm for administering late fees is elaborate out of necessity.

        Then there are "price level" tiers of late fees and interest rates. Sometimes a policy of late fees is a graduated scale where the late fee amount escalates up for multiple occurrences of the same in a given time period. Sometimes interest rates also very depending on the nature of the activity that pertains to different revenue center policies.

        Just having a "simple" late fee / finance charge automation can quickly devolve into a blunt, shotgun instrument that demonstrates poor discrimination of just when such fees should apply. Such a tool can quickly exacerbate a host of customer relation problems if not built and wielded properly. Ultimately, whatever QBO gets around to building is going to have a design to it; and if you use it counter to the design, it can render some unintended consequences like any automation can.

        No, I do not work for QBO. I am a business technologist, and have been wary of how technology can help and cause trouble in the same sandbox. In order for such a tool to implement well, it would have to have a solid filter trapping method to target the correct invoices for charging late fees and interest. Such filter trapping is synonymous with any kind of bulk data grid editor (think batch transaction editor) that pulls data into a targeted record set. Then and only then can you run a targeted function operation on the data. Without a good filter trap, automation can become an avalanche of a whole bucket of tuwuble (in the tweety bird voice.)

      • Anonymous commented  ·   ·  Flag as inappropriate

        There are way more votes for this than MANY of the other projects QB is currently working on. Why is this taking so long for such a simple thing?

      • Anonymous commented  ·   ·  Flag as inappropriate

        Quickbooks online NEEDS to have the ability to automatically add finance charges to past due accounts. This is an important feature of the desktop version. My accountants are spending hours every month manually calculating finance charges for our account and for our clients.

      • Anonymous commented  ·   ·  Flag as inappropriate

        I need to charge interest on overdue accounts and QB doesn't allow that, it's really a shame

      • Jake Willer commented  ·   ·  Flag as inappropriate

        Quickbooks online should have a place on the invoice for late fee charges or interest to be added. It would also be nice if there were some type of overdue invoice letters that say that the interest/late fees will now be applied if not paid in full.

      • Dirty Nails LLC commented  ·   ·  Flag as inappropriate

        Stating that it is available in a third party app that has a minimum charge of $19.00 per month is not acceptable. With QBO we already pay a hefty $33.00+ monthly. This is a basic accounting function for business owners and should be available in QBO as it is available in desktop version.

      QuickBooks Online Feature Requests: Billing

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