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Charge invoice sample for IT

hi I'm Aimee from Razor Accounting the sharp solution for your finances! In this QuickBooks desktop tutorial I'm going to show you how to add an interest charge to your customers invoice you may wish to do this if your customer has an outstanding invoice that they have not paid within your specified payment terms so now you want to do two things one you want to get their attention by sending them a new invoice with an interest charge tacked on and two you want to reap a little benefit of earning some interest income because of the fact that you weren't paid on time so let's get started now before you go ahead and start charging your customers interest on their invoices that they haven't paid on time the first thing you need to do is communicate the information to them that there will be interest charged so an easy way to do that would be to add your payment terms and your interest rate directly to your invoice as you can see this invoice that I have up on the screen right now has some really basic information on it and it wouldn't give the customer an idea that there is going to be an interest charge so I'm going to show you how to add those two items to your invoice really quickly here we are at the QuickBooks home screen now if you want to customize your QuickBooks invoices what you need to do is go up to the top menu where it says lists go down to where it says templates and open up templates and from here you do need to know which QuickBooks invoice out of the ones that are here you are generally using when you issue invoices to your customers the one that I usually use is called Lucy's pet shop invoice and this is an invoice that I customized if you would like to learn how to customize your invoices I do have a tutorial on that it's called QuickBooks premier how to customize invoices and accounts receivable and I have a link to that video in the notes to this video so you can find it easily so I'm going to open up this invoice template by double clicking on it and as you can see there is a preview here of my invoice so the first thing that I want to do is to add my payment terms to the invoice and the way to do that is to go over to the bottom here where it says additional customization and open that up and I want to stay in the tab in here that says header and go down towards the middle where it says terms go over to the right and you'll see a box here and this is where you are going to fill in your payment terms for your business - says in that 15 which means I would like the customers to pay within 15 days of the invoice date so I'm going to leave that as is and to make that show up on the invoice you need to check the box here right under where it says print so go ahead and check that box and you'll notice once you check that box that your invoice preview has been updated and that new item has been added to your invoice now I'm going to move along and add on the note about the interest so I'm going over to the tab that says footer and down towards the bottom you'll see that there is a large text box here and I've already filled in my interest information it says in here 2% interest charged on overdue amounts so go ahead and fill in your interest rate in the text box provided here and when you're done filling in the information you want to again check the box under print here and that will make the information show up on your invoice as you can see it has been added over here and it's not in the best location and you'll also notice that the color of the font does not match the rest of my invoice so I'm going to correct those issues right now by going into the layout designer here at the bottom and this is where you can make a lot of different changes so the first thing I'm going to do is move the payment terms box I'm going to move it up and while this is selected I'm going to go up to the top left side of the screen where it says properties and I'm going to change the color of the font by going down and selecting font and I'm going to come down to the bottom here and change it from black to Navy so it matches the rest of the invoice I'm also going to increase the size of the font here to 12 and then I'm going to select okay and the next thing I'm going to do is change the border at the border on this text box is black and I would like it to be blue to match the rest of the invoice so I'm going to select blue here and then I'm going to select ok and ok again and you'll see that the text box has been changed already now I'm going down towards the bottom to change the interest terms so as you can see it's not in the best spot so I'm going to move it down and over a little bit and then I'm going to double click on it and this is another way of editing it so you can just double click on your text box and the properties will open up for you I'm going to change the font again to Navy and I'm going to change the text size again and then I'm going to select ok and ok again and that's it so I've made the changes for my fonts it looks better than it did before but I still have this box here that I don't need this as sample so I'm gonna go ahead and select it by clicking on it and then I'm just gonna hit delete on my keyboard to get rid of it so I'm finished making my edits I'm going to select ok and now I have my preview again so we have added our payment terms and interest rate to the invoice but if you really want to get your customers attention you can add a past-due stamp to the invoice too so I'm going to select ok here to get out of this screen and I'm back at the main menu and you'll notice over here on the left side is a little box that you can check that says print past-due stamps so I'm going to select that and then I'm going to select okay I'm going to exit up here and I'm going into create invoices now I'm going to find the past-due invoice that I would like to add the interest charge to you so I'm going to select ctrl + F or else you can go up to the find box on the top left here and select your invoice by scrolling through your customer job or you can actually put in an invoice number if that's easier for you my overdue invoice is under mr. black so I'm going to select find and it came up right away so if you look at the upper left side of the screen you'll see that there is a past due note on this invoice so say if the customer was only overdue by one or two days and you just wanted to let them know you can print them an invoice that has this past due stamp on it and submit it to them just to give them a friendly reminder but if you do move forward with editing this invoice and adding on an interest charge this past due stamp is going to disappear because you've changed the invoice the next thing that we're going to do is create a line item called interest within this create invoices screen so I'm going to go right underneath my previously recorded revenue for the client and I'm just going to click underneath here in the item column and I'm going to select add new and I'm going to keep the new item under the service category and in the item name I'm going to put interest I'm going down to the description box and I'm going to put in interest on overdue account next I'm going to fill in the interest rates so I'm just going to click in the rate box I'm going to put in 2% and going down I'm going to select the appropriate tax code for my business and in the account we want to select an account called interest income if it's available in the general ledger and if you don't have that we can create it now so I'm just gonna go up to the top and select add new and the account name is going to be called interest income I'm not gonna make it a sub account I'm not gonna fill in the description I think that account name is good enough for this one and in the tax line mapping this is an income account so go down and find your revenue accounts so here is the intersection and I'm going to put it into interest income and I'm going to select loan interest and once you're finished filling in the information for your new general ledger account go ahead and select save and close now we've added in a new general ledger account called interest income I'm going to select ok and as you can see the 2% interest has been added it's calculated it as six dollars and fifty cents and the total is at the bottom so once you're done with your transaction you can print the invoice for your customer by going up to the top and selecting print and invoice or if you want to look at it before you print it you can go to your print preview so looking at the print preview of this invoice we have added in the payment terms here at the top it says net 15 I've also added in the interest rate down here at the bottom and there is a clear description here of the additional amount added to this customer invoice it says here interest on overdue account it says the rate is 2 percent and they've been charged a total of 6 dollars and 50 cents and then the tax has been recalculated on the total invoice amount and the balance due is at the bottom so sending this updated invoice to your customer is a good way of getting them to pay on time and letting them know that if they don't pay on time that they're going to be paying interest so that's all for this QuickBooks desktop tutorial on how to charge your customers interest on an invoice if you do have any questions please leave a comment on this video and I will be happy to answer your question as quickly as I can and if you like this video if you found it helpful please leave it a like and don't forget to subscribe to the channel thank you for watching