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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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  • Michael Humphreys commented  ·   ·  Report

    Does anyone have a workaround? This is really something that should be at the core of a SaS like this.

  • Kathy Skinner commented  ·   ·  Report

    Should be one of the automated features, Instabooks has this as part of their accounting package.

    "Charge late fees
    Add due dates and payment terms to your invoices. Automatically charge late fees for overdue invoices to motivate customers to pay your invoices on time. This practice will guarantee your positive cash flow and profit margin.

  • Phill Berry commented  ·   ·  Report

    It's been a while, assuming those technology upgrades might be finished and you can work on this now?

  • Kwok Ying Chan commented  ·   ·  Report

    Hello, Please could you give an update on where we are at since October 2022 on product development on adding the interest on unpaid invoices? A response will be appreciated.

  • Mark Knight commented  ·   ·  Report

    This feature is needed due to the number of overdue invoices in today's economy where people are continually missing deadlines and as a small business this is a time-wasting task manually creating a new invoice per month per user overdue. As a user I have created as excel spreadsheet formulas that calculates annual interest compounded monthly x number of days overdue / month, If I can achieve this for interest calculation then manually create an invoice called Overdue Interest the programming behind the math is not that difficult. Xero needs to get with the times as these features are available in competitor products and this feature has been requested since 2019.

  • Nicola Truuts commented  ·   ·  Report

    Extremely disappointing that the ability to add interest to an invoice is still not available. Do you even bother to actually listen to your customers??

  • Julie Sutton commented  ·   ·  Report

    Anthony - the update above is it - don't expect anything to happen on the request for a good few years if ever! Been waiting for things like supplier statements and "paying" creidt notes for years and that's not on the road map either! Have asked Xero to share their roadmap but they never do .....
    But its ok - "New invoicing" is here (which is truly awful - but hey ho!)

  • Anthony Nixon commented  ·   ·  Report

    What's the update on this one Xero? 4 months is a long time...

  • Morgan McDonald commented  ·   ·  Report

    Good old xero with the 'cast your vote' to show how important it is. I think people requesting this feature at least 4 odd years ago and still requesting it is telling in how needed this feature is. Not unlike the ability to print multiple payslips for employees rather than going in and printing one by one by one by one. Gets tiresome the lack of 'smarts' this program has.

  • Marcia Donaldson commented  ·   ·  Report

    How is it possible that Xero has not yet added this feature?! This is extremely important for businesses!

  • Stuart Tilling commented  ·   ·  Report

    is anyone from Xero ever going to answer this question?? it looks like it gets ignored often and would be such a great feature to be able to use on our constant offenders!!

    To me this does not look like a very hard feature to be able to add as it is available and included in the price of most other accountancy apps and subscriptions these days.

    I am at the point now, where I may have to start looking at changing over to another provider if that cannot be an option at some point in the near future.

    Please advise if anyone dare at Xero!!

  • Matt Boxwell commented  ·   ·  Report

    No this hasn’t been rectified and Xero don’t appear to have done anything about it.

  • Olivia Shockley commented  ·   ·  Report

    Would like to add to the chorus requesting the ability to have auto late fees/percentages applied to invoices.

  • Sue Brant commented  ·   ·  Report

    This fundamental request has to be added to your development scope now. I am new to Xero and would not have selected this product had I understood this missing functionality.

    Where can we find the features you are working on?

  • Matt Boxwell commented  ·   ·  Report

    Quick books apparently has this feature and works well. One of my friends runs it and find it easy to use. Make sure you tell Xero why you’re leaving when you do go, 11 years is far too long. Give them the bird and find someone who cares about small businesses.

  • Helen Kane commented  ·   ·  Report

    I'm shocked at the comments and looking for another system to change to now.

  • Jo Loffler commented  ·   ·  Report

    so this has been a request for 11 years and you still haven't moved on it?

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