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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.

824 votes

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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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  • Fabrice V commented  ·   ·  Report

    This would be such a nice feature to have because right now it's a very cumbersome process.

  • Annabel Kaye commented  ·   ·  Report

    Basic business function sorely lacking in your product! Seriously!!

  • Alison Langdon commented  ·   ·  Report

    Can Xero please add the votes of all the users who voted for this idea under their old customer support regime? This way it would have the more than 1000 votes that it should have.

  • Alex Mahara commented  ·   ·  Report

    Thanks Caroline we already use this, but it would be great if xero
    1) calculated the rolling interest in a column under Invoices Due
    2) created a new invoice for the late fee to the same customer with the statement "We are exercising our statutory right to claim interest (at 8% over the Bank of England base rate) and compensation for debt recovery costs under the Late Payment legislation, because we were not paid according to our agreed credit terms."

    For now just 1) would be great

    Thanks

  • Caroline Mitchell commented  ·   ·  Report

    Please can we have an update on when we can expect this to be rolled out? Other accountancy tools already have this feature.

  • Alex Mahara commented  ·   ·  Report

    For subscription invoices would be great if we could add the late payment fee (invoice interest) of the previous invoice to the new invoice.

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