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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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  • Julie Sutton commented  ·   ·  Report

    Sadly when Xero first appeared on the market, it felt quite revolutionary - however feel they have been sitting on their laurels for far too long and it feels they are now lagging behind and have no idea how to catch up

  • Attila Kalmar commented  ·   ·  Report

    They are increasing the fee, and do visual updates but do not care about their customers and their needs anymore. No real upgrades to how the system works. This idea was submitted in 2012. Ten years was not enough for them to implement it. Maybe it is time to switch to another accounting software with more/updated functions.

  • Rhys Cornock commented  ·   ·  Report

    Dear Xero. According to your annual report, Xero's operating revenue for F22 was $1.097 Billion. Please spend 0.0001 of this ($109,700) making this feature.

    It will immediately add tangible value for everyone in your 3.271 million (F22) strong subscriber base and improve retention rates dramatically. It would likely pay itself off within minutes.

  • Kevin Leung commented  ·   ·  Report

    Xero does not care about this...it's been a full year since we've seen a response. Clearly ZERO progress.

  • Angela Young commented  ·   ·  Report

    This is actually quite an important feature and I was surprised to find out that its not standard

  • Vicky White commented  ·   ·  Report

    Please add this feature. Critical to small business operations, particularly in these times. My clients are hammering me at the moment for a better/easier solution, especially with long statement balances.

  • Deune Mienie commented  ·   ·  Report

    Hi Xero, Will this ever become a function in Xero in the near future? Seeing allot of comments but no feedback? Wondering what would be the best workaround this?

  • Annette C commented  ·   ·  Report

    Can you please add this feature? We need it, especially in these times where customers are delaying payments. This issue was raised over 10 years ago. How long does it take to incorporate such a simple and necessary function?

  • Echo Veit commented  ·   ·  Report

    This is a basic function that is a necessity for any business operating, may need to look elsewhere if this feature will not be implemented.

  • Patrick Sheedy commented  ·   ·  Report

    I very much support this feature. Cashflow management is a very time-consuming practice without having to manually alter individual invoices when payment terms have not been met.

  • Greg Bridle commented  ·   ·  Report

    As many others have commented, this is a critical feature for small business trying to manage their cashflow. Large companies will not pay invoices on time if there is no incentive to do so, and the only incentive they understand are punitive charges. Having to manually apply late fees is a big overhead for a small business where we are often running everything with a small staff.

    This is the second highest voted feature under Business Features, it would be great if the Product Manager would be able to review this. As a few people have commented it is something that many of your competitors offer, and it can become an enticement to move due to the costs of managing late invoices.

  • James Osborne commented  ·   ·  Report

    Reckon accounts (quickbooks) had this functionality in the early 2000's. In a time where companies are delaying their payments more and more, the answer to deterioration of cashflow cannot be put more resource into a process that should be for all intents and purposes quite simple to implement. making sales is one thing, business need tools to recover funds effectively.

  • Lucy Gordon commented  ·   ·  Report

    Adding interest manually to our invoices when they are overdue is seriously time heavy and prone to errors.

    As a small business I need to be doing the work, not adding a few £ of interest to invoices each day!

    Heavily suggest this feature is added ASAP.

  • Gloria Schoeppe commented  ·   ·  Report

    Zero, how many complaints is it going to take to add the interest calculation!!!!!!!!!
    What's the magic number? I see a lot of customers threatening to change software, how many customers do you want to lose. I would like a new response from Zero-not the same one you keep posting year after year.

  • Lana Laing commented  ·   ·  Report

    I do know this is a feature sage has, as we are hoping to impliment this system soon if this isnt a change due in the near future we are going to have to look into changing supplier.

  • Vicki Neal commented  ·   ·  Report

    Hi there,
    This is a function we definitely wish to implicate.
    If Xero do not do this, - is there another software that interacts with Xero which'll allow for the additional charges to be added to individual invoices when they meet a certain criteria?
    thanks

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