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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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  • Aleksandra Simeonova commented  ·   ·  Report

    @Kelly Munro (Community Manager, Xero) editing already issued and sent invoice is a wrong doing if not fraudulent activity. Invoices can be changed by issuing a Credit Note. Nevertheless once you have started working on new invoices as project, this should have been an imperative to have. Its been requested by so many users for such a long time. BTW there was noting wrong with the previous invoicing it just need to be improved by such things as late interest on unpaid invoices.

  • Tjaart van der Walt commented  ·   ·  Report

    Well looking at the type of features Xero release now, we should change strategy.
    So Xero,
    1) Interest on late payments as a feature is completely unimportant. Even though Xero is the only accounting system on the planet that doesn't support this, please don't spend any precious development time on this.
    2) Please focus on features without which we cannot run our business like a preview panel for reports or an alert when I am stupid enough to pay someone twice. Maybe a button that makes a funny sound.

  • James Robertson commented  ·   ·  Report

    Well said Martin, I've been in this thread for years and Xero has continuously dangled a carrot with absolutely no intent to follow through. No Transparency, and frankly, a complete disrespect towards users who have been waiting patiently for an actual solution. Either commit to delivering this feature in a concrete timeline or be upfront and admit its not happening. Keeping this on a perpetual "maybe someday" track shows an unwillingness to make basic development decisions and take real action. Make the call Xero- we deserve clarity.

  • Martin Danger commented  ·   ·  Report

    Xero, act courageously. Either say "No, this is not something we will do." or say "Yes, we will do this and we will have it done by DATE."

    Keeping things like this open speaks to a weak character. It looks like an organisation that doesn't want to upset anyone but also doesn't want to do the work. Just be honest. Either do it or don't do it. Just pretend that there is no option in between these two.

  • Martin Danger commented  ·   ·  Report

    From and including: Thursday, 29 March 2012
    To, but not including Wednesday, 13 November 2024

    Result: 4612 days
    It is 4612 days from the start date to the end date, but not including the end date.

    Or 12 years, 7 months, 15 days excluding the end date.

    Or 151 months, 15 days excluding the end date.

  • Nick Saunders commented  ·   ·  Report

    input this Xero.. you just give price rises like it's nothing how about actioning what the people want not what you want

  • Andrew MacRobert commented  ·   ·  Report

    Please add a facility to add late payment fees and interest on overdue invoices. It's very simple and used very occasionally, no business should buy any add-ons/app for this simple function.

  • Miriam Hennah commented  ·   ·  Report

    Please add a facility to add late payment fees. It's very simple and used very occasionally, so no business case to buy any add-ons.

  • Nicola Truuts commented  ·   ·  Report

    Any update from the Xero team on this much needed feature. Seems like a no brainer to me. Such a pain to try and calculate interest on overdue invoices manually. I would have thought it would be an important feature in any financial system.. Do the Xero people listen to what the customers are wanting?

  • Willem Burger commented  ·   ·  Report

    Please add interest to a customer invoice, almost every company have customers who pay late, very tedious to generate additional interest invoices every month.

  • AK Caust commented  ·   ·  Report

    It is incorrect accounting practice to edit the amount of an invoice once issued to a third party, so Xero's suggestion Apr 11, 2024 is unacceptable.

    Please provide an acceptable 'work around' whilst we all wait for this feature (that has been continually requested for many many years and has been available in other accounting software for many many years).

    Thanks

    PS whilst I am sure Paidnice is an awesome solution for those who are continually chasing overdue payments/adding fees and require an ongoing solution, it is too expensive for those who only occasionally have to apply fees.

  • Patrick McNamara commented  ·   ·  Report

    It would be amazing if we can set up firm settings where if an invoice is 30+ days late the system will automatically assess late fees for clients

  • Amy Nair commented  ·   ·  Report

    i would also like to request this feature

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