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This chapter is from the book

This chapter is from the book

Setting Finance Charge Preferences

Do you charge your customers a fee for late payments? If so, you can create several settings to ensure that the process of assessing finance charges is consistent and automatic. Any settings you establish here can be revised later, but you’ll save yourself time by thinking through these options and configuring the settings before you start dealing with customers who made late payments.

  • orange_circle_1.gif Select Edit, Preferences.
  • orange_circle_2.gif Click the Finance Charge icon.
  • orange_circle_3.gif Click the Company Preferences tab.
  • orange_circle_4.gif Indicate in the Annual Interest Rate field the amount of interest that your company charges for past-due customer payments.
  • orange_circle_5.gif Indicate in the Minimum Finance Charge field the amount, if any, that your company assesses on late payments.
  • orange_circle_6.gif Enter the number of days in the Grace Period (days) field allowed before finance charges are assessed.
  • orange_circle_7.gif Choose from the Finance Charge Account drop-down list the account you use to track finance charges.
  • orange_circle_8.gif Check Assess Finance Charges on Overdue Finance Charges if you add previous finance charges to the balance when computing additional finance charges.
  • orange_circle_9.gif Select an option in the Calculate Charges From section.
  • orange_circle_10.gif Check Mark Finance Charge Invoices “To Be Printed” if you want to send an invoice to customers when finance charges are assessed. If you check this box, QuickBooks automatically generates invoices and places them in your print queue.
  • orange_circle_11.gif Click OK.
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