QuickBooks Finance Charge: Company Preferences Part 2

QuickBooks Cash Flow Reports for Your Business

In this post, we will cover the rest of the available options in the Company Preferences screen in the Finance

Charges sections of the QuickBooks preferences window. Click here to read part 1.

  • Assess Finance Charges on Overdue Finance Charges
    • Check this box if you want to charge interest on overdue finance charges. However please note that this is not legal in all areas. You need to check with the appropriate jurisdiction as to whether or not you can do this.
  • Calculate Charges from
    • This section of the screen has two options.  It is important to understand the differences between the two.
      • Choosing “Due date” means that when a finance charge is assessed, it is assessed from the due date instead of the billed date. So if you give a customer 10 days from the billed date, and he pays it in 15, then the late charges will be assessed for the 5 days, not the 15.
      • Choosing “Invoice/Billed Date” means that if a customer pays a bill late, the late charges are calculated from the day you billed them. So if you give a customer 10 days to pay a bill and the customer pays the bill in 15 days, then the late charges will be assessed for 15 days.
  • Mark Finance Charge Invoice “To be printed”
    • Checking this box will mark a finance charge invoice “To Be Printed” So you can print all the invoices at once by choosing File->Print-> Invoices.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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