How to set up automatic late fees in quickbooks online? Setting up automatic late fees in QuickBooks Online is a great way to ensure that you receive timely payments from your customers. Late fees can be automatically added to invoices that remain unpaid after a certain period of time. This can save you time and help you manage your cash flow more efficiently. In this article, we will guide you through the step-by-step process of setting up automatic late fees in QuickBooks Online.
Step 1:
Log in to QuickBooks Online Open your preferred web browser and go to the QuickBooks Online website (www.quickbooks.intuit.com). Log in to your account using your email and password.
Step 2:
Set up late fees Click on the gear icon on the top right-hand corner of the page and select ‘Account and Settings’. Next, click on the ‘Sales’ tab and then ‘Late Fees’.
Step 3:
Turn on late fees In the ‘Late Fees’ section, click on the pencil icon to edit the late fee settings. Turn on the late fees by toggling the switch to ‘On’.
Step 4:
Enter the late fee details Enter the late fee details, including the late fee amount, the number of days after the due date when the late fee will be applied, and the grace period (if applicable). You can also choose whether you want to apply the late fee to the original invoice amount or the outstanding balance.
Step 5:
Save your settings Once you have entered the late fee details, click on ‘Save’ to save your settings. QuickBooks Online will now automatically apply late fees to invoices that remain unpaid after the specified number of days.
Step 6:
View and edit late fees To view or edit your late fee settings, go back to the ‘Sales’ tab and select ‘Late Fees’. Here you can view all late fees that have been applied to invoices, as well as edit or delete late fee rules.
In conclusion, setting up automatic late fees in QuickBooks Online is a simple and effective way to ensure timely payments from your customers. By following the above steps, you can easily set up and manage late fees in QuickBooks Online, saving you time and helping you manage your cash flow more efficiently.