Q&A: How do I add late fees for rental properties that are different amounts?

This question came up on the official QuickBooks forums (see also our forums). It’s a common scenario landlords with several properties face. We explain it in depth is sections 5.04 Manually Charge Late Fees and 5.05 Automatically Charge Late Fees in the kit.

How do I add late fees for rental properties that are different amounts?
We have several rental home with all different rent amounts, I have set up and memorized the monthly rent, but how can I add late fees without having to enter and calculate each one each time?

You are probably invoicing for rent already (that’s how we teach it, and do it ourselves), and then those invoices are memorized. Great.

Late fees are simple, although you’ll need to decide if it is a fixed fee or a percentage of rent. Set this up in your preferences. (Edit > Preferences…, or similar for mac / online users)

How do you do this? Use the Assess Finance Charges feature. Set a grace period, and then “Assess Finance Charges.” Each property’s invoice is different, so based on your preferences, each property’s finance charges will be calculated uniquely.

Note: some landlords choose to manually enter late fees, so that they get to review each tenant before charging them, in case special arrangements were made.

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