Late Fees / Finance Charges: Difference between revisions

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<br>[[File:Invoice_ActionsGenerateFinanceCharge.png]]
<br>[[File:Invoice_ActionsGenerateFinanceCharge.png]]
== Sync Invoice with Late Fees to QuickBooks ==
If you check '''Export to QB''' on an invoice with a late fee on it, the late fee passes to QB through SMP_LateFees as shown in the image below.
<br>[[File:LateFeesOnInvoice.png]]
<br>Make sure you have the income account and tax code set on the SMP_LateFees item in QuickBooks
<br>- Open QuickBooks
<br>- Click '''Lists''' > '''Item List'''
<br>- Locate '''SMP_LateFees''' and open the item up
<br>- Set the '''Income Account''' you want to use for late fees
<br>- Set the '''Tax Code''' on the item
<br>- Click '''OK'''
<br>[[File:SMP_LateFeesOnInvoice.png]]

Revision as of 00:16, 19 December 2012

If you are using late fees, each customer that would get charged a late fee should have the rate set in their customer record



You can also set a default so any new customer you create will have the finance charge field populated with the default rate (Setup > Company > Customer Defaults > Finance Chg %. Enter monthly rate)



Setup how many days past due you want to start calculating finance charges:
- Go to Setup > Company > System
- Click Edit
- Locate the Calculate finance charges when invoice is ____ days past due (image below). Enter number of days.
- Click Save.



Then you can run a utility that will calculate the late fee for all of your open invoices
- Go to Utilities > Utilities > System
- Select Generate Finance Charges
- Click Run It
- SME will calculate the finance charges.



The late fee shows on the Totals tab on the invoice


You can also go to individual invoices and calculate late fees.
- Go to the invoice
- Click Actions > Calculate Finance Charge.



Sync Invoice with Late Fees to QuickBooks

If you check Export to QB on an invoice with a late fee on it, the late fee passes to QB through SMP_LateFees as shown in the image below.


Make sure you have the income account and tax code set on the SMP_LateFees item in QuickBooks
- Open QuickBooks
- Click Lists > Item List
- Locate SMP_LateFees and open the item up
- Set the Income Account you want to use for late fees
- Set the Tax Code on the item
- Click OK