Assessing finance charges in Accounts Receivable is considered as the most important aspects. You need to asses finance charges if there is a late fee or there are some unpaid balances in AR.
In this article, we will be providing you the complete information about how to asses financial charges in QuickBooks Desktop. You can also contact us at our toll-free QuickBooks Payroll Support Number +1888-382-7559.
You need to read this full article to asses financial charges in QuickBooks but before you go to the actual steps, you need to set your Financial Charges Preferences in QuickBooks by following below-mentioned steps:
- Log into your company file with administrator rights.
- From the main menu of QuickBooks, go to Edit > Preferences > Finance Charge.
- Navigate to the Company Preferences tab and provide the details in the respective fields.
- Select Finance Charge Account and then choose the account from the drop-down list. This is the account that you used to track income from finance charges.
- Unmark the Assess overdue finance charges checkbox if you don’t want QuickBooks to access the financial charges for overdue finances charges.
- Provide the due date or invoice/billed date to display whenever you want QuickBooks to calculate finance charges and then click on OK.
How To Assess Finance Charge In QuickBooks Desktop?
- From the main menu of QuickBooks, go to the Customers menu and select Assess Finance Charges.
- Select the Account Receivable A/R account for which you want to asses charges.
Note: You will be able to see the A/R account field only if there are more than one Accounts Receivables in the COA.
- Set the Assessment date.
- Choose the Customers & Job which is required to assess finance charges for.
- Choose Assess Charges.
Note: A Finance Charge Invoice per customer is automatically created by QuickBooks whenever the finance charges are assessed. You can print it or leave it.
The finance charges can also be restricted to be assessed on an invoice. There are two methods through which this can be done so whenever you require an invoice from being excluded from a customer’s balance while assessing financial charges. The two methods are as follow:
- Create a job which is not a part of finance.
- Create a second Accounts Receivable which you can exclude from finance charges.
Contact Us For Support
Following the provided steps in this article will allow you to assess finance charges in QuickBooks Desktop without any issue. In case, you are facing any kind of issue during the processes of assessing financial charges or you have any doubts regarding the process, you can contact us at our toll-free QuickBooks Support Phone Number +1888-382-7559 to get an instant support for your issues.