If you are thinking to assess the finance charges which is a part of account receivable workflow in QuickBooks. You assess finance charges when you have late fees and when there are unpaid balances. So, in this post we will see updation on assessing the finance charges in QuickBooks Desktop.
Before you begin with Assessing Process, you are required to set your “Finance Charges Preferences” in QuickBooks Desktop.
- Double click on icon of QuickBooks Desktop
- Choose the company file of QuickBooks and click on Preferences tab
- Select the Finance Charge and click on Company Preferences tab
- Type the Annual Interest rate, Minimum finance charge, and grace period
- In the Finance Charge Account drop down menu, select the account where you can keep record of the income from the Finance Charges
- If in case, you are not required to assess the finance charge for overdue finance charge “Assess overdue finance charge”
- Select the exact option button for ‘due date’ or invoice date, where you can calculate the finance charges.
- Click on OK
If you are facing any issue, feel free to contact us at QuickBooks Support.
Learn to Assess Finance Charges in QuickBooks Desktop
- Click on the Customers menu
- Click on Assess Finance Charges
- Choose the exact account receivable account
- Click on the Assessment date
- Select the Customers and Jobs for which you want to assess the finance charges
- Select Assess charges
Make sure you are performing these steps very carefully as in QuickBooks. If you are stuck while running QuickBooks immediately contact QuickBooks Support for making your accounting bug free.
You can also protect your finance charges to be assessed on an Invoice. There are two types for which you are required to create an invoice excluding the balance for customer at the time for assessing the finance charges. You can perform the following two options:
- Generate a job which is not part of finance
- Generate a second “Account Receivable” which is excluded from the Finance charges.
If in case, any of the above steps does not work, immediately contact to QuickBooks Support so that the team of experts can lead to your query and solve it to make your business accounting hurdle free. You can also draw a list of queries on our mail id at firstname.lastname@example.org. Our executives are available 24*7 to help you for resolving the issue of assessing the finance charges. You can also visit our website by typing URL as www.qbooks247.com.