Interest for late payments on invoices? (Q Mac)

glennhauman · September 26

How can I track interest for late payments on an invoice created in Quicken Classic Business & Personal for Mac? In other words, if an invoice is net 30, I want interest to be applied for late payment.

jacobs · September 26

There is currently no functionality for automatically calculating a late payment fee in Quicken Mac. You'd have to calculate the fees manually and add them to invoices (you could add a line item and have a Product/Cateogry for late fee income).

You could create a request for auto-creation of late fees as a post in the Product Ideas section of the forum; other Mac users could then vote if they want that functionality.

UKR · September 27

The same or similar situation exists in Quicken for Windows, too.
However, you can manually create New Finance Charge transactions for your customers' past due invoices. These entries appear as new register transactions and are NOT added to previously generated customer invoices.
To inform the customer of status of past invoices, payments, credits and finance charges you need to generate Customer Statements and print and mail them to the customer.

Here's an example of a Customer Statement

jacobs · September 27

@UKR Unfortunately, none of what you wrote about exists yet in Quicken Mac. There are no finance charges, and there are no Statements.

UKR · September 27

https://community.quicken.com/discussion/comment/20512161#Comment_20512161

Well then, let the programmers use this as a suggestion for what to add to the next Mac release.

Interest for late payments on invoices? (Q Mac)

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