by Karen
(Montreal, Quebec, Canada)
Where To Record Late Fees and Interest Charges
Just starting to learn the basics of bookkeeping. I am learning how to enter expenses.
If the company does not pay a bill on time and there is interest on the next bill does that go into the same account or does it get seperated out to interest and bank charges?
For example: Company A did not pay their October bill. In November when they get their next bill they are charged for both October and November and charged $2.50 for interest on the unpaid bill. Company A pays the entire bill in November.
When I create a payment for it in Simply Accounting, do I put the interest charge as a Telephone Expense or do I put it in Interest and Bank fees?
Return to Self-Employed Bookkeepers.
Use the search feature to quickly find the
information you're looking for.
Click on image above to read the chat.
Join Me On Facebook
Help support this site by "liking" me! Here's where I post current information.
Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.