Change Default Due Date for Vendor Invoices in QuickBooks

In QuickBooks when you enter a vendor bill, the due date fills in automatically, depending on the terms you have with the vendor. If you don’t set up terms for a vendor, the due date for a vendor bill is automatically filled out using a default number of days for paying bills. QuickBooks sets this default at 10 days, but you can change the default to a number of days that you choose. To change this default date in QuickBooks:

1. Choose Edit | Preferences from the QuickBooks menu bar.
2. Click the Bills icon on the left pane and click the Company Preferences tab.
3. Fill in the text box with the number of days after receipt bills are due.
4. Click OK to save the new setting.

Turning on Finance Charges in QuickBooks

QuickBooks gives you an option to impose finance charges on overdue amounts as an incentive to get your customers to pay on time. To use this option in QuickBooks you decide the rate and circumstances under which finance charges are assessed. In the Finance Charge preferences dialog box you must specify an interest rate to charge, a minimum finance charge, the grace period you permit before finance charges are assessed, the posting account, and which date to begin calculating finance charges from. Additionally, you can choose to issue a finance charge on overdue finance charges and to have QuickBooks automatically mark the invoices “To be printed”. To enable and establish finance charges for your customers in QuickBooks you must do the following:

1. Choose Edit | Preferences from the QuickBooks menu bar.
2. Click the Finance Charge icon on the left pane and then click the Company Preferences tab.
3. Fill in the Annual Interest Rate (%) field with the rate you want to charge annually (this means that if you want to charge 1.5% per month, you enter 18% in this field).
4. Fill in the Grace Period (days) field with the number of days of lateness you permit before finance charges are assessed.
5. Enter the income account you want to use to post finance charges (usually an income account).
6. Specify whether to calculate the finance charge from the due date or from the invoice date in the Calculate Charges From field by clicking either the Due Date or Invoice/Billed Date option.
7. Click OK to save your settings after you have filled out the window.

Use Class Tracking in QuickBooks

Class Tracking in QuickBooks lets you group transactions to match the way you want to track and report your business activities. In effect, you can use classes to “classify” your business by some pattern, such as divisions, branches, or types of activity. Because you must use classes consistently for the Use Class Tracking feature to be useful, QuickBooks offers an option called Prompt To Assign Classes, to remind users to assign classes. To enable these features:

1. Choose Edit | Preferences from the QuickBooks menu bar.
2. Click the Accounting icon on the left pane to open the Accounting preferences, and click the Company Preferences tab.
3. Check the Use Class Tracking check box.
4. Click the Prompt To Assign Classes check box.

Using ToolTips in QuickBooks

Sometimes there is more text in a field than you can see. Using the Show ToolTips For Clipped Text option in QuickBooks means that when you hover your mouse over a field the entire block of text will display. Very handy!

1. Choose Edit | Preferences from the QuickBooks menu bar.
2. Click the General icon on the left pane and then click the My Preferences tab.
3. Click the Show ToolTips For Clipped Text option check box.

Automatic Cursor Placement in QuickBooks Payables Transactions

The Start With Payee Field On Check option applies to transactions connected to payables. Enabling this option can eliminate unnecessary keystrokes by telling QuickBooks where to insert the cursor when you open a payables transaction window. When enabled, the cursor automatically appears in the payee field (Write Checks), the Vendor field (Enter Bills), or the Purchase From field (Enter Credit Card Charges). One thing to note is that in the Enter Bills and Enter Credit Card Charges windows, this option is only effective if you have multiple Accounts Payable accounts or multiple Credit Card accounts. To enable this option: