In this post, we will cover the rest of the available options in the Company Preferences screen in the QuickBooks Finance Charge sections of the QuickBooks preferences window. Click here to read part 1.

• Assess Finance Charges on Overdue QuickBooks Finance Charge
  • 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.