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Sales Invoices - Add interest to late invoices (including paid/part-paid Invoices)

Ability to add interest for the late payment. This includes part-paid too

Purpose: Save time by adding the interest without having to delete the existing one and remake a new one with the additional interest.

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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under review  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi everyone, a year on from my last engagement we wanted to provide an update for you all here.

As many will be across we're in the midst of making a lot of iterations and improvements to new invoicing leading up to the retirement of classic invoicing in September (2024).

We have a fair amount of work lined up in the teams schedule over the coming months and to give an indication there isn't any committed plans around a function to add interest to invoices.

That said, we do have a team that have picked up and are considering how we might solve this with the technology in new invoicing - It's early days on this yet, but I'll share if there's any progress on this for you all here.

In the meantime, as has been shared by others over time there are a few ways you could accomplish this today;

  • Include detail of any charges for late payments to your invoice template Payment terms & details, and
  • Edit and add a new line to your invoice to add the late fee - you could make use of Xero's inbuilt calculator for this, or
  • Edit and add a 'mark up' to each line of your invoice - again Xero's inbuilt calculator could help with calculating the amounts
  • Explore Xero's app store to see if you can find an integration that works for your business needs
  • In an effort to prevent late payment of invoices Credit limits may help in being able to prevent customers raising too much debt with your business

We appreciate the options above don't automate the full process of what you're asking here, and we will share if there's any news. Thanks

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  • Ritesh Kapadia commented  ·   ·  Report

    Our new companies are being setup in Quickbooks Online since that has late fees built in. I wish Xero would prioritize this.

  • Anik Shah commented  ·   ·  Report

    It would be nice if this feature were already implemented. It seems like a core feature that wouldn't take too much work. Why are we relegated to pay for another add-on?

  • Tjaart van der Walt commented  ·   ·  Report

    Xero is increasing the sub costs again, but there has been nothing new for us for years. While your developers are sharpening their Tetris skills, your customers are struggling to live with the pain that is Xero.

    PLEASE - AT LEAST LET US TO DO IT OURSELVES

    If you could give us a custom field in the Statements template, we could put the interest in ourselves (but of course you don't have a custom field).

    If we could get the statements via the API, we could pull the statement apart and add the interest (but of course you can't get the statements via the API and it is only available in pdf in the front-end).

    If we could use the API to get the data used to calculate the statement lines, we could also build the statements ourselves (but of course that is also too hard for Xero).

  • Fabrice Vermeer commented  ·   ·  Report

    You basically just need to replicate PaidNice.com

    This should really be a built in feature

  • Jamie Larsen commented  ·   ·  Report

    This feature should be the top priority. As a business owner in today's market we have to put fees on to make customers feel the urgency to pay! Also, we can't keep running a business without invoices paid on time. It is quite disappointing. I pay as much as I do for a subscription, and it does not have this, and you're not even working to bring it in ASAP.

  • Mohit Khanna commented  ·   ·  Report

    Another vote that this is very important for our business and for our clients.

    Please introduce this soon to support so many small businesses that have started relying on Xero.

  • Dale Martin commented  ·   ·  Report

    What an absolutely absurd thing to not have already implemented in your software. Xero should be able to do this, it’s simple, many integrations do this with xero… and to be honest that is probably the problem, they don’t want to include features that other apps offer, why include something in the base subscription that other apps offer for a price? Especially when Xero gets a cut of that extra subscription. You didn’t just take design inspiration from Apple, you’ve copied their play book.

  • APRIL DOHERTY commented  ·   ·  Report

    This is becoming more and more of an issue as we expand. Automated would be great, but even being able to have a spot on the statement to add it to would be good. How is everyone else doing this? Are they creating a separate invoice for late fee / interest due? If so, are they changing it every month it is late, or creating a new invoice each time?

  • Stowe Fire District 4 commented  ·   ·  Report

    I am very disappointed that such a basic invoicing feature such as adding late fees is not in Xero. This is enough of an issue that I've started to look at alternatives to Xero.

  • Tony Ellwood commented  ·   ·  Report

    It's a big deal for us as well as we are a charity/club and can ill-afford late payments!
    Yes, you can do it manually but that is not the point. If you can automate invoicing then it can't be difficult to add late-payment fees/charges.

  • Julie Sutton commented  ·   ·  Report

    @antoinette - In the UK here and I've started regularly commenting on their social media posts ....... "canned" text responses obviously but I keep on .....

  • Hendrik Greeff commented  ·   ·  Report

    I developed a excel solution. Typical::: export - copy and paste - press a few buttons -copy and paste - import as bulk invoices as per the templet on Xero for invoice import.
    Pilot test have worked will, will be implementing End of March. Will let the group know how it goes. :)

  • Alison Langdon commented  ·   ·  Report

    @Neall Siems

    The whole point of this request is that Xero should be able to do it! Anybody can pay for another add-on, but when it is a fundamental business practice that other accounting packages include as standard, why is it not a part of Xero?

  • Janet Conley commented  ·   ·  Report

    Disappointed that this has still not been resolved despite the fees for using Xero suggesting a superior product.

  • Henry Fried commented  ·   ·  Report

    Hi everyone, crazy that a late fee feature isn't something that has been added to the Xero software yet. It would be extremely useful.

  • Talia Tuliau commented  ·   ·  Report

    Very surprised to learn that this is not a function. It shouldn't be a "nice to have" - it should have been part of the package from day one.

  • Debbie Hornsey commented  ·   ·  Report

    The Feb24 Xero product update opens talking about the updates to help make you and your business more efficient. Except some of these updates are more about presentation such as a new sticky header and extra columns. Surely a function to calculate and add interest to late invoices would be more worthwhile efficiency for businesses.

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