How QuickBooks calculates finance charges ?

	QuickBooks uses the following equation to calculate finance charges:
	Number of days past due x balance due x rate/365 E.g.
	Suppose that on 1st June you invoice a customer whose terms are Net 30 and the grace period is 10 days.
	If the customer paid on 2nd July :
	QuickBooks does not assess finance charges as it paid within the grace period.
	If the customer has not paid up to 15th July (Assessment date) :
	You can calculate finance charges from due date or Invoice date (From 1st June or 1stJuly ) depending on the preference setting.