Purchases > Adding finance charges paid to suppliers
Before you can record finance charges, you need to select an account for tracking late payment charges. Go to the Setup menu, choose Linked Accounts, and then Purchases Accounts. Select the I pay charges for late payment option and select an expense account to record the late payment charges.
When you pay the finance charge, type the amount in the Finance Charge field of the Pay Bills window.
If you enter a finance charge in the Pay Bills window, two transactions are recorded:
Therefore, if you want to delete a finance charge payment, you must delete both transactions. If only one entry is deleted, the Payable Reconciliation Summary report may show an out-of-balance amount equal to the finance charge. When you delete one of the entries, you will be reminded to delete the other entry for the finance charge. Note that the warning will appear even though you may have already deleted the corresponding payment.
Top of page