How to Use Quickbooks to Record Finance Charges

by Contributor ; Updated July 27, 2017

How to Use Quickbooks to Record Finance Charges. Intuit's QuickBooks reduces a major headache for business owners - finances. The QuickBooks' interview customizes the software to work at its best for your business. Informative and easy reports show your business's economic heath. Incredibly detailed, QuickBooks uses the interview to determine which business management tools is best for your business. As your business grows, its easy to add new features to your QuickBooks business profile.

Step 1

Select "Access Finance Charges" from the Customer Menu. Choose the Jobs and Customers that have not made invoice payments. Omit any companies where special payment arrangements have been made.

Step 2

Update amounts in "finance charge column" by typing over the existing finance charges.

Step 3

Choose "settings" and update the interest rate if it has changed since your last mailing.

Step 4

Select "mark invoices to be printed" check box. Print and prepare finance charge invoices for customer mailing. Leaving the check box unchecked, allows you to print and mail finance charge statements instead of invoices.

Step 5

Click "Assess Charges." Finance charges will be added to all outstanding invoices.

Tips

  • An asterisk indicates unprocessed credits for customers and jobs. These credits are not reflected in the Assess Finance Charges window as an outstanding balance. Process credits to get a clearer company financial picture. Check out Resources for information about using QuickBooks.

Warnings

  • The QuickBooks System Administrator must perform these steps in single-user mode. If single-user mode is not used, finance charges will be set up incorrectly and billing errors will occur.

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