Ask the Experts | Charging Late Fees

When it is important that your company is able to see if there are late fees that have been fulfilled, or if there are still unpaid balances. On this week’s Ask the Experts call, an HVAC contractor from Oregon asks:

How do most HVAC companies charge for late fees on their past due invoices? Is it a percentage of the price? Is it charged per month?

Contractor University faculty member James Leichter (Founder of Aptora) gives his expert advice about the best ways to record late fees charges in your accounting books.

Contractor University members can click here to log in to their member dashboard and submit a question through the Ask the Expert portal.