Late Fee Manager is an add-in for QuickBooks Online that not only allows you to calculate and add interest invoices to your QuickBooks Online data, but also gives you the ability to send late fee reminder emails to your customers.
As you work with clients on QBO, you discover the features that we take for granted in the desktop version or not always in QBO. Late Fee Manager lets you expand clients to QBO who might have to otherwise calculate interest manually for their clients.
Late Fee Manager is available from the apps menu within QuickBooks Online. The pricing is based on the number of open invoices the QBO company has. Less than 100 invoices equals $19 per month, and 100 to 500 open invoices are $49 per month. The software has a one month free trail.
The software is easy to set up with a user-friendly wizard that guides you through your available set up choices. The choice that we like is the ability to select which customers are going to be charged interest. This was particularly important, because only some of the service lines of the business are charged interest.
The software is particularly good if you have large infrequent invoices with customers, because it generates an interest invoice for each outstanding invoice on the customers account each month. So, if a customer has four open invoices, he will receive four interest invoices each month:
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You can remind your customers before the invoice is due, on the due date, and/or after the due date:
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As I mentioned, you can charge all customers late fees or select which ones you want to charge fees to. You can configure whether to allow grace days or whether to charge a percentage or a flat amount each month, a combination of percentage and flat amount or the greater of the percentage or flat amount. You also can select the general ledger account to post the fee income to and the interest rate:
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In addition, you can decide whether to email the late fee charge invoices or just have them post to your QBO account.
Late Fee Manager was easy to set up and its customer support answered our questions via email in a timely manner. This is a great product to expand the capabilities of QuickBooks Online.
If you'd like to learn more about the software, click on apps from within QBO or click here.
Nancy Orben, CPA, is senior manager at Blue & Co. LLC, a regional CPA firm that provides consulting and certified public accounting services with information on the company, locations, employment and contacts.