Assessing finance charges is one of the most important aspects of Accounts Receivable workflow in QuickBooks. You have to assess finance charges if you have a late fee or you have some unpaid balances. This article will provide you the detailed explanation about the process of assessing financial charges in QuickBooks Desktop.

How to Assess Finance Charges in QuickBooks Desktop

You need to go through the full article in order to assessing financial charges in QuickBooks but before doing this you need to set your Financial Charges Preferences in QuickBooks. To do so, follow the below mentioned steps:

  • Open the QuickBooks Company File with administrator rights.
  • Go to Edit > Preferences > Finance Charge
  • Go to the Company Preference tab
  • Provide the required details in the respective fields.
  • Click on Finance charge account and from the drop-down list select the account you used to track income from the finance charges.
  • You can uncheck the Assess overdue finance charges box in case if you don’t want QuickBooks to assess the financial charges on overdue finances charges.(optional)
  • Enter the due date or invoice/billed date to show when you need QuickBooks to calculate finance charges.
  • Click on OK

How To Assess Finance Charge In QuickBooks Desktop?

  • Go to the Customers menu and click on Assess Finance Charges
  • Chooses appropriate Account Receivable A/R account

Note: You can see the A/R account field only if the COA has more than one Accounts Receivables

  • Set the Assessment date
  • Select the customers & job that you want to assess finance charges for
  • Select Assess Charges

Note: QuickBooks creates a Finance charge Invoice per customer automatically whenever you assess Financial Charges. You are provided the option to print it or leave it.

You can also restrict finance charges to be assessed on an invoice. There are two simple methods to do so if you want an invoice to be excluded from a customer’s balance while assessing financial charges. The two methods are as follow:

  • Create a job which is not a part of finance
  • Create a second Accounts Receivable which you can exclude from finance charges

Follow The Steps Carefully or Contact Or ProAdvisors

Reach Us For Support

By following the above mentioned steps, you will be able to assess you finance charges in QuickBooks Desktop. However, if you face any kind of issue while performing the process or you have any kind of doubt in any of the step then you can directly contact the customer support team of For this, you just need to dial the toll-free QuickBooks Support Phone Number +1888-396-0208.

5 votes, average: 4.00 out of 55 votes, average: 4.00 out of 55 votes, average: 4.00 out of 55 votes, average: 4.00 out of 55 votes, average: 4.00 out of 5 (5 votes, average: 4.00 out of 5)
You need to be a registered member to rate this.
How to Assess Finance Charges in QuickBooks Desktop

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Us: +1888-396-0208