How to Assess Finance Charges in QuickBooks Desktop

QuickBooks allows you to assess finance charges easily. Assessing finance charges is considered as one of the most important part of Accounts Receivable workflow in QuickBooks Desktop. It is important for you to assess finance charges when you have a late fee or there are some unpaid balances. In this article, we will be providing you the complete solutions for assessing financial charges in QuickBooks.

Assess Finance Charges in QuickBooks

We recommend you reading the full article to asses financial charges. However, before performing the actual steps, it is important for you to set your Financial Charges Financial as well. For this, you need to follow the below-mentioned steps:

  • Log into your company file with administrator rights.
  • From the main menu, select Edit > Preferences > Finance Charge.
  • Navigate to the Company Preference tab and enter all the required details in the respective fields.
  • Select Finance charge account and then click on the account that you used to track income from the finance charges.
  • Remove the checkmark from Asses overdue finance charges checkbox if you don’t want QuickBooks to asses the financial charges on overdue finance charges.
  • Provide the Due Date or Invoice/Billed Date to display if you require QuickBooks to calculate finance charges.
  • Select OK.

How To Assess Finance Charge In QuickBooks Desktop?

  • From the Customers menu, select Assess Finance Charges.
  • Click on the Account Receivable A/R account for which you want to asses finance charges.

Note: The Account Receivable field will only be visible when the COA has multiple A/R account.

  • Assign the Assessment date.
  • Choose the customers & job for which you will be assessing finance charges.
  • Click on Assess Charges.

Note: The Finance Charge Invoice is automatically created by QuickBooks as per customers whenever the Financial Charges are assessed.

You can also stop finance charges from being assessed on an invoice. Basically, there two methods to exclude invoice from a customer’s balance when the financial charges are assessed. The two methods are as follow:

  • Create a job that is not a part of finance
  • Create a second Accounts Receivable that can be excluded from finance charges

Reach Us For Support

Following the steps provided in this article will surely allow you to access you finance charges in QuickBooks Desktop. However, if you are facing any kind of issues while assessing financial charges in QuickBooks, you can connect with the Intuit technical support department by dialing our toll-free QuickBooks Support Phone Number +1866-656-1012. You can also contact with our ProAdvisors through the QuickBooks Live Chat Support as well.