From the course: QuickBooks Pro 2021 Essential Training

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Assess finance charges

Assess finance charges - QuickBooks Pro Tutorial

From the course: QuickBooks Pro 2021 Essential Training

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Assess finance charges

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- [Instructor] When your customers don't pay their bills on time, you can assess finance charges, which is a percentage of their outstanding balance. Before you can assess finance charges, you need to set them up in QuickBooks first. Select edit from the top menu and choose preferences. Change to the finance charge section on the left hand side and then company preferences. The first thing you need to decide is what the annual interest rate is going to be. That's the percentage of their outstanding balance. You also need to decide if there's going to be a minimum figure. That's the minimum amount before QuickBooks will start assessing charges. You can decide whether there's a grace period and you need to tell QuickBooks where to track this income. I'll create a new account by scrolling up and clicking add new. I'll give it a number following my numbering scheme and I'll call it finance charges. I'll click save and…

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