Quickbooks online

 Hi,

Its very simple. Late fees can be entered as an expense. Here would be the path.

Click “+ New” on top left corner

Click expense under vendors column

Select date, suitable category, payment method and payment account.

Enter late fee amount and save.

This is the perspective where you are liable to pay late fee.

However, when it comes to your receivable side . You can enable late fees in account and settings under sales tab. After enabling late fee, QB auto creates late fee income account in chart of account. Like other accounts you can rename it in chart of account section.

QB offers two ways to calculate late fee.

1.Percentage of over due balance &

2.late fee.

For further information visit our website: Quickbooks Solution