Skip to content
← For small businesses

Enter your idea

For small businesses: Business features

Categories

(thinking…)

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.

324 votes

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close

We’ll send you updates on this idea

AdminXero Team (Admin, Xero) shared this idea  ·   ·  Report…  ·  Admin →
How important is this to you?

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close
Submitting...
An error occurred while saving the comment
  • 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!

  • Admin Operator commented  ·   ·  Report

    Larissa - Can I just say you are going to Regret going from MYOB to Xero "Building Beautiful" let me tell you there is not even Building BASIC with Xero - no Support nothing every get done - for sakes they don't even have 30, 60, 90 days on Customer statements!!! Goood Luck getting anything done

  • Larissa Young commented  ·   ·  Report

    Please implement this function ASAP - I have just switched from MYOB to Xero and am very disappointed that this is not an existing function.

  • Matt Swain commented  ·   ·  Report

    Very basic function not available in Xero. Disappointing given how long this has been requested and how simple to implement.

  • Ben Knight commented  ·   ·  Report

    When reconciling bank feeds can you put an option with the adjustment tab for early payment discount? You can than select all invoices to be reconciled and if amount calculates to the statement you can than select discount and apply the discount amount?

  • Jon Giddings commented  ·   ·  Report

    A basic function for any other package we have used in our business. No other has been without it. We moved to Xero because it syncs with our new POS & operating system. Extremely surprised & totally disappointed that auto calculation of settlement discount & early payment discount is not standard for both suppliers & customers. Surely, it's not that difficult to implement.

1 3 5