If you've tried everything but some customers won't pay, you can resort to finance charges. Finance charges usually don't cover the cost of keeping after the slackers, but QuickBooks at least minimizes the time you spend on this vexing task.
Customers tend to get cranky if you spring finance charges on them without warning. Up front, spend some time determining your payment policies: what interest rate you'll charge, what constitutes "late," and so on. Include these terms in the contracts you sign and on the sales forms you send. Then, after you configure QuickBooks with your finance charge settings, a few clicks is all you'll need to add those penalties to customer accounts.
you sign and on the sales forms you send. Then, after you configure QuickBooks with your finance charge settings, a few clicks is all you'll need to add those penalties to customer accounts.
The Preferences dialog box (choose Edit→Preferences) has a Finance Charge section. Because your finance charge policies should apply to all your customers, these preferences appear on the Company Preferences tab, which means only a QuickBooks administrator can change them. The ins and outs of setting finance charge preferences begin on page 137. Here's a quick review of the finance charge preferences you can set before you move on to assessing them:
Annual Interest Rate (%). Enter the interest rate for an entire year. For example, to charge 15 percent a year, type 15 in ...