You can use a finance charge to apply a late fee to a customer's unpaid invoice. This charge appears in the Invoices/Receivables register and can also be included on a printed customer statement.
Note: This feature is available only in the Business & Personal edition of Quicken Classic for Windows.
When to use this
Use a finance charge to apply interest or penalties when a customer has not paid by the due date. This entry increases the customer’s balance and appears alongside their other receivables.
Example: If a customer misses the due date on a $500 invoice, you can apply a $25 finance charge to reflect the late fee.
What this does
Creating a finance charge increases the customer's outstanding balance in your Invoices/Receivables account. It does not link to a specific invoice but is added as a separate receivable.
To apply a finance charge
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Open the account used to track this customer’s invoices and payments.
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Navigate to the Business tab and select Invoices and Receivables.
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Click the Account Actions icon (gear icon), then choose New Finance Charge.
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In the Finance Charge form:
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Select the Customer and, if applicable, the Project/Job.
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Review the list of unpaid invoices to assess aging.
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Choose a Category for the charge. This is often a business income category such as Finance Charges.
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(Optional) Enter a Memo describing the charge.
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Review the Transaction Date. By default, Quicken uses today's date.
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Enter the Expected Payment Date if known.
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In the Amount field, enter the value of the finance charge.
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Click OK to record the charge in the Invoices/Receivables register.