This form allows to rename built-in Late payment fees account.
To access this form, go to Settings, then Chart of Accounts, then click Edit button for Late payment fees account.
The form contains the following fields:
Enter the name for this income account that tracks fees charged to customers for overdue payments.
The default name is Late payment fees but you can customize it to match your business terminology.
This account records revenue from finance charges, interest, or penalties on late customer payments.
Enter an optional account code to organize your chart of accounts systematically.
Account codes help with sorting accounts and can follow your existing numbering system.
Common codes for other income accounts range from 4900-4999 in many accounting systems.
Select the profit and loss statement group where this income account should appear.
Late payment fees are typically classified as other income or finance income.
The grouping affects how your income statement is organized and subtotaled.
Click Update button to save your changes.
This account cannot be deleted, it is automatically added to your Chart of Accounts when you have at least one late payment fee.
For more information see: Late payment fees