At times, you may include a late fee or finance charge on your invoices. In such cases, you will receive a payment for the invoice amount plus that late fee amount. Earlier BillQuick transferred the invoice amount to QuickBooks but did not transfer the late fee or its payment. In order for the accounts receivable to match in the two databases (reconciliation of transactions), you had to manually create a finance charge and corresponding payment in QuickBooks. The finance charge had to be for the exact amount of late fees.
However, BillQuick now allows you to transfer late fee charge to QuickBooks just as standard invoices. When you create a separate late fee invoice in Invoice Review screen, BillQuick generates a manual invoice internally with an invoice number same as that of the actual invoice but with ‘LF’ appended to it. The first late fee invoice will have the same invoice number but with a prefix of LF, and any subsequent late fee invoices will have initials LF1, LF2 and so on. Once created, you can transfer this manual late fee invoice to QuickBooks. You can also create a separate late fee payment for this invoice (excluding the principal amount) and then transfer it to QuickBooks. While transferring late fee invoices and payments, BillQuick will post them to the appropriate QuickBooks accounts.