How To Assess Finance Charges In QuickBooks Desktop?

Assessing Finance charges is a regular activity of A/R workflow in QuickBooks. You access finance charges for any unpaid balance or late fees or interest. In this article, we are going to learn How to Assess Finance Charges in QuickBooks Desktop. For any assistance, you can contact QuickBooks Enterprise Support Number +1855-548-3394 in order to talk to our experts.

How To set your Finance Charges Preferences in QuickBooks?

Before to Assessing Finance Charges in QuickBooks, you have to set your Finance Charges Preferences in QuickBooks.

• Open QuickBooks Company file and login as Administrator.
• Go to Edit menu and click Preferences
• Click the Finance Charge option and open Company preference tab
• Enter the Annual Interest Rate, Minimum Finance Charge, and the Grace Period (days).
• From the Finance charge account dropdown, select the account that you used for tracking income from the finance charges.
• Clear Assess Overdue Finance Charges checkbox if you don’t want QuickBooks to assess the finance charges on overdue finances charges.
• Note: since laws differ on whether you charge interest on overdue interest payments, you need to confirm with the suitable jurisdiction that you are following lending laws of the jurisdiction.
• Choose the correct radio button for due date or invoice/billed date to show when you want QuickBooks to calculate finance charges.
• Checkmark the Mark finance charge invoices as To are printed if you want to print all your finance charge invoices at once.
• Choose OK

How Access Finance Charges in QuickBooks?

You have to follow the below step in order to access finance charges in QuickBooks:

• Open QuickBooks on your desktop.
• Choose the Customers menu and then click on Assess Finance Charges.
• Choose the correct A/R account.

(Important: QuickBooks shows the A/R Account field ONLY when your Chart of Accounts contains more than one A/R.)

• Set the Assessment date.
• Choose the customers and jobs you want to assess finance charges for.
• Select Assess Charges.

Note: QuickBooks creates a Finance Charge Invoice per customer when you assess finance charges. It gives the option to print it or leave it cleared so that it can be included in your next statements.

How To Reach For QuickBooks Customer Support?

You can dial toll-free QuickBooks Support Phone Number +1855-548-3394 in order to contact our customer support executives. We have skilled and highly experienced technicians in our QuickBooks Enterprise Tech Support team. Our experts can be reached any time 24×7 throughout the year. You just have to call QuickBooks Enterprise Support Number +1855(548)3394 for availing our services instantly.