Some businesses will wish to assess a flat late charge for overdue invoices rather than a Finance Charge percentage.
You may also want to assign either a source class or target classes to a Finance Charge invoice before it is created and saved.
The Finance Charge preferences can be altered to assess late charges for past due invoices.
NOTE: If this change is made, Finance Charges based on a annual percentage will be disabled.
Now when Finance Charges are assessed, QuickBooks Desktop will use this item a create a flat late fee charge.
Assign a class to finance charge invoices: