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Invoice - Prompt Payment / Settlement Discount

To apply a prompt payment discount/settlement discount to an Accounts Receivable invoice from the match items screen in the Bank Reconciliation.

Purpose: So users can offer early discounts to vendors/suppliers without needing to do manual credit notes or editing the invoices.

355 votes

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AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
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  • Jim Mulholland commented  ·   ·  Report

    Please explain why this cannot or has not been done.
    Most definitely should be a basic in any decent package.
    What about the VAT implications on doing credit notes?
    Bemused at the lack of acceptance and action to this request.

  • Riaan Badenhorst commented  ·   ·  Report

    Not sure why this idea page exists. High-upvoted ideas get archived and ignored. Low-voted ideas are taken. Have seen a nearly 400-upvoted idea gets taken down and one with less than 20 votes, gets installed. Not sure how this works, but I am done wasting my time.

  • Michael Rakonjac commented  ·   ·  Report

    Yes I want it too!! its a pain to keep doing this manually for so many of our suppliers!

  • Harleen Fate commented  ·   ·  Report

    Add a discount while in the reconciliation screen. When you go to allocate a payment, but the client has a 5% discount (for example) if they pay in the first 30 days, then you have to go out of that screen and into the invoices page, locate the invoice, click to edit it, add the discount, save it and then reload into the reconciliation page to be able to allocate it. Incredibly time consuming when most of the invoices that come in are to be discounted.

  • Elana Gold commented  ·   ·  Report

    I have just switched over from MYOB and this is extremely disappointing as MYOB has had this function for at least the 16 years I was using it.

    Xero, many have asked for this and these days offering incentives for early payment is paramount.

    As this has been requested for many years, I would think you should be making this a priority.

  • Denym Bird commented  ·   ·  Report

    Updating that our Prompt Payment Discounts at Paidnice are getting good feedback from accountants and bookkeepers using it. I wonder if higher invoice monthly minimums specifically for PPDs would make our pricing more appealing to those here?

  • Chuck Mak commented  ·   ·  Report

    The ability for Xero to calculate and apply an early payment discount when paying bills. At the moment I can doing manual credits to bills when processing payment, it is a pain.

  • Riaan Badenhorst commented  ·   ·  Report

    @Victor ter Hark

    Although your workaround seems good, it is not possible when handling 1000+ clients.

    But it would be worth waiting if this was the only basic function missing. Xero has loss touch with their accounting clients and seems more focused on roadshows (lights and wows) and implement much less important (and much less voted) features into the system.

    I was a huge Xero fan at the start, but as Xero grew, unfortunately their heads grew as well. I moved nearly all my client base off Xero, and is only left with a few that spend thousands in training and implementation and has to stay for now.

    One thing is sure, I do not recommend Xero to any of my clients or my fellow peers at our institution.

  • Victor ter Hark commented  ·   ·  Report

    Although I agree this should be implemented, I am now sadly receiving all your complaints in my inbox and I do not know how to unsubscribe. Thats the real problem haha. (Found the unsubscribe in the mail!)

    Jokes aside. If you need this functionality, think about how rounding errors or bank fees are handled in Xero. This is nothing more than a field that books debit or credit amounts to an account.

    Create your own account (Payment Discounts) and manually create the transaction by using the create view. This way you don't have a one-second button, it's still quick and easy and does essentially the same thing.

  • Ben Knight commented  ·   ·  Report

    Thinking of converting the team back to MYOB. Don’t seem to get any reply/ support from Xero

  • Marco Brown commented  ·   ·  Report

    Some suggestions (critical in nature) have been ignored since 2014!

  • Julian Wong Old commented  ·   ·  Report

    support and would like to see it been implemented ASAP.
    where can we see the status of this suggestion? Is it rejected? accepted? In progress? etc

  • Karen Soich commented  ·   ·  Report

    Has this actually been developed? We apply prompt payment discounts to all our invoicing.

  • Peter Humphrey commented  ·   ·  Report

    Hi Denym, Your tool looks nice, but at $39USD per month, it doubles the cost of Xero.

    "Denym Bird commented
    · May 01, 2023 12:44 · Report
    Taking this thread as a bit of inspiration, I went ahead and built this feature in our late fee Xero app, Paidnice... Open to feedback from the community here... https://www.paidnice.com/prompt-payment-discounts"

  • Grant Smith commented  ·   ·  Report

    I hope we can make sure we continue to tell the team at xero that this is critical for business and they should get it resolved. I also hope that we can rise to maintain our civil and persistent pressure.

    Xero has much value, but needs to hear this need is important. We shoud be getting a management response TOO!

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