16 Nov Troubleshooting Finance Charge Calculations
Posted at 23:43h in
Troubleshooting Finance Charge Calculations
If the amount QuickBooks calculates for finance charges does not seem right, double check the following issues:
- Confirm that all credits and payments have been applied to the invoice amounts by reviewing the open invoice report. The calculation is performed by each individual invoice, not based on the customer balance in total.
- Be sure the preferences are set properly, especially the calculate from due date or invoice date part of the preference
- If calculating based on due date, confirm the terms have been set up properly (i.e. the correct due date is being calculated)
- If this is the first time finance charges are assessed, the amounts will include the entire amount of finance charges due on the invoice, not just the amount incurred in the last month.