How to Pay Late Fees in QuickBooks
By Shawn Farner
Some companies use business lines of credit from banks in order to make business-related purchases without having to use cash. When a company misses a payment for a line of credit, however, most lenders will charge a late fee on top of the amount already owed. If your company has missed a payment on a line of credit, it's important that you enter the late fee you paid in QuickBooks so that it is recorded properly for expense and tax-related purposes.
Start QuickBooks and click the "Banking" option in the menu.
Click "Use Register" to open your company's register.
Click on the bank account from which you paid your late fee and then click "OK."
Enter the date of the payment in the "Date" field and enter the name of your credit lender in the "Payee" field.
Enter the amount of the late fee in the "Amount" field, and then enter "Late Fee" in the memo field. Click "Record" to save the transaction.
- QuickBooks 2010 Solutions Guide; Laura Madeira
Shawn Farner is a graduate of Indiana University of Pennsylvania, receiving his Bachelor of Arts in English in 2008. His writing has appeared on CrunchGear.com, SlashGear.com and gizHQ.com. He currently resides in Harrisburg, Pa.