Currently, neither LeanLaw nor QuickBooks Online have this feature fully available. LeanLaw will automate this process as a function of our platform, but it will take some time. Given this, we looked at some other pathways.
Option One: Beta Feature In QBO: Link to Explainer
It seems Intuit has brought on a beta feature to solve this problem. The features seem to be present, but I can't speak to its effectiveness as I have not used it. Intuit does make this claim:
Note: At this time not all customers have the option to turn on automatic late fees. We will be expanding the feature to more customers in the coming months. .. so check your product to see if it is available.
Option Two: engage an outside app that is part of the QBO ecosystem. I sourced three apps. They all work in a similar way, in that they are trying to facilitate an aspect of your AR. InvoiceSherpa is the best known of the group and may be useful; aside from just the interest component.
- Invoiced - A/R Automation (https://invoiced.com/) $50 or $100 depending on the number of invoices.
- Late Fee Manager (http://latefeemanager.com/) $19 for 100 invoices, $49 for 500 invoices.
- InvoiceSherpa: (https://www.invoicesherpa.com/) $49 for 100 invoices / $99 up to 500 invoices.
We're sorry we don't have the exact solution built in, but it seems that there may be a near term solution.