QB Issue Resolution:

I believe I can shed some light on the late fees function and why late fees continued to accrue.

 

QuickBooks is going to go by the date the check is recorded, not the date of the check.  For example, if the check was recorded on March 1st, the late fees would have stopped accruing.  Since the check wasn’t posted until March 9th, the late fees kept accruing because QuickBooks didn’t know that a check payment was received for March 1st.

 

If the check was received March 1st, but not recorded until March 9th, QuickBooks won’t go back and retroactively remove the late fees.  That would have to be done manually.

 

My suggestion would be to record the check payment on the day it is received, but put it into undeposited funds and record the deposit once it is posted to the bank.  That should halt the late fees.

 

Let me know if you have any other questions!

 

Resolution for Issue 'I have the Late Fees functionality turned on. I can see that it is adding late fee line items to the past due invoices. So far, so good. However, after I post a payment against an invoice, the late fees are not adjusted for the payment posting. Example: invoice created 1 Jan with a due date of 31 Jan. On 1 Feb, late fee line items are added each day. On 1 Mar, check is received from customer. At this point, late fees have been added for 29 days. On 9 Mar, payment is posted against the invoice with a date of 1 Mar. At this point, my expectation is that the balance due on the invoice includes 29 days of late fees because that is when the payment was posted. However, what I am seeing is that the balance due actually includes 37 days of late fees, which is incorrect. If someone can give some insight or practical experience with late fees, I’d appreciate it. Thanks.' available: Yes (Solved).
Source: Intuit Community forum.

I have the Late Fees functionality turned on. I can see that it is adding late fee line items to the past due invoices. So far, so good. However, after I post a payment against an invoice, the late fees are not adjusted for the payment posting. Example: invoice created 1 Jan with a due date of 31 Jan. On 1 Feb, late fee line items are added each day. On 1 Mar, check is received from customer. At this point, late fees have been added for 29 days. On 9 Mar, payment is posted against the invoice with a date of 1 Mar. At this point, my expectation is that the balance due on the invoice includes 29 days of late fees because that is when the payment was posted. However, what I am seeing is that the balance due actually includes 37 days of late fees, which is incorrect. If someone can give some insight or practical experience with late fees, I’d appreciate it. Thanks.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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