Reporting - Show average Days to Pay by customer
Ability to show average days to pay by customer.
Purpose: User can sort into the customer that habitually pay late and take appropriate action.
Hi community, thanks for your interest in this idea. Just wanted to pop in here to share, for those who aren't already aware, that you can export the Receivable Invoice Summary report. The report has a 'Last Payment Date' column that you can add to it which is useful for finding customers who habitually pay late so that you can take appropriate action.
To be transparent, building a feature to show the average days to pay by customer isn't on our roadmap at this time, but we'll be sure to update this idea if that changes in future.
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Ben Spence commented
Where are we with this please xero? Surely it's a fundamental function of accounting software, average time to pay report for all your clients.
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Julie Sutton commented
@ashleigh - you don't - its a line by line report. All you can do is work out the days for each invoice then average them out at the end. Its a rubbish workaround that Xero thinks is acceptable! Crazy omission that should be standard in any accounting package
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Ashleigh Roche commented
When you pull the Receivable Invoice Summary - how do you include all invoices for one specific client on one line? - mine appears as all individual invoices
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Julie Sutton commented
@xero - it seems every idea on this forum gets the standard Xero response of "not on our roadmap" - does make we wonder what is on the roadmap ?
It certainly doesn't seem to include anything that any of your users actually want or need! -
Theo Francis commented
Howard your a star! Thank you
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Marc Sax commented
This is important in order to take action on a client account terms going forward.
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Howard Robbins commented
There is a workaround you can do that is a good substitute until they implement this feature. Export the 'Receivable Invoice Summary' report. The report has a 'Last Payment Date' column that you can add to it. Then if you subtract the last payment date from the invoice date you will get the days to pay. Make a unique customer list and average the results over a period you determine when you set the date range for the report e.g. 1 year, 2 years, 5 years.
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Lloyd Prout commented
This is a fabulous idea and is critical to strong working capital management.
This is one of my top requests for Xero. -
Katie Stubbs commented
If you're already focused on the above type of report then it needs to have the current overdue sales invoices on it as well.
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Katie Stubbs commented
Even if it's just a column on the sales on the sales invoices page - "days overdue" is useless. "average time to pay" column on the sales invoice page? and "days from invoice date" would be much more useful.
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Atelier Accounts commented
It would be easier to see this information on a report instead of looking at each contact individually.
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Angela Griffin commented
.
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Lesley Christian commented
This is a standard accounting report that is required.
I'm astounded that we have to use a workaround because the accounting software doesn't provide this. We have to export data to Excel and add a formula to calculate this average days to pay figure for us.
The Business Snapshop gives a snippet of average days to pay but it is not based on each customer invoice, it is across everything that you have outstanding in accounts receivable:
'How we calculate the average days
(Average accounts receivable / Sales) x Days in period'
This is a very generic piece of information and doesn't empower you to target any customers for persistently paying 'x' number of days past the invoice due date
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Claudia Ossa commented
This is highly needed in order to take appropiate action towards a potential revision of client account terms.
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Melissa Macare commented
Want to be able to forecast cash flow based on customers' historical payment patterns rather than due date of invoices.
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Tara Broderick commented
Days to payment should be standard in any accounting system.
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Reinhard Wollner commented
Wonderful idea - sorely needed!!!
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Hayley Young commented
A new 'payment date' field on reports. This would allow users to calculate average time to pay (defined as: number of days between invoice date and payment date).
Alternatively a new report which does this.
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Emma Goodin commented
Report contact payment time frames to capture clients who regularly take a certain timeframe to pay invoices. For example repeat offenders who pay after the due date. The financial year would be a good reporting time frame.
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Jennie Niccol commented
I am needing days taken to pay for each invoice. I don't just want average days to pay. I'm interested in the history over time.