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'Invoicing: Calculate and charge interest on overdue invoices automatically' has been merged into this idea

For small businesses: Business features

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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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  • Christiaan Hoek commented  ·   ·  Report

    Tjaart, I feel your pain, and now this morning I got an e-mail that Xero is retiring Pay Runs for global customers. Without providing alternative. So instead of getting functionality we ask for, we get it taken away.

  • Antoinette Micallef commented  ·   ·  Report

    Hi Tjaart van der Walt

    Love your post. It is so true, but I could not stop laughing until I read the part about increasing prices.

  • Tjaart van der Walt commented  ·   ·  Report

    Wow. Xero just released a bunch of innovations we simply can't live without. Like keyboard shortcuts, a calculator and an AI to make the mistakes for you. How did we ever manage without a calculator? What are we going to do with all the time we win back with keyboard shortcuts and an AI hallucinating in our financial workflow?

    Of course, this (and Tetris) prevented them from getting to the features that stupid business owners who know nothing about their own actual requirements asked for.

    We shouldn't complain though because they are increasing the price by >10% to reflect this customer-centric approach. Go Xero!

  • Antoinette Micallef commented  ·   ·  Report

    Hi Alison

    I figured that at the very least, others will know what is happening within Xero and its shortfalls.

    I have previously posted on Trustpilot and listed all of my concerns, including the lack of service.

  • Alison Langdon commented  ·   ·  Report

    Hi Antoinette

    RE: "If you want a response from Xero, you will need to post it on Trustpilot."

    I have never seen a response from Xero from any platform, so will put a post on Trustpilot and see what happens.

  • Chris Verhoeven commented  ·   ·  Report

    Brenda, it is important that xero remains competitive within its market, their products and services especially so. The fact that there are other companies achieving this feature and they have seen the gaint hole in xero so they have made it an app to pay for and use within xero, shows the complete failer of xero listening to their customers.
    This thread has gained a fair amount of traction in the last few weeks, xero are even failing to acknowledge it with an update.

  • Brenda Templin commented  ·   ·  Report

    I agree this is an issue that needs to be solved for all of us. That being said, as a Xero user, I feel we should keep our comments to what is needed to better the software. Each of us have different needs for the software and what is used by one company may not be important to another.

  • Tjaart van der Walt commented  ·   ·  Report

    Exactly - thank you James. I don't care for the cottage industry trying to cash on Xero users hitting the Trough of Disillusionment. This is Xero's fundamental lack of functionality to solve. Xero should at the very least, give their users the ability to add this into Statements with custom fields.

    I guess their business analysts are too busy coming up with features nobody wanted and the developers are too busy playing Tetris.

  • James Gossling commented  ·   ·  Report

    Denym, you work for paidnice and you already commented that on this thread a year ago. I used paidnice and it's just okay. it's another system to login to and it costs money when this is something that most companies who invoice have in their contracts so it should be a native solution.

  • Sandra Lester commented  ·   ·  Report

    There should be a section on the invoice to remind the customer of the payment terms of the contract, and the late payment interest should calculate automatically based on the payment terms. This is a simple automation. Please add it ASAP!

  • Nicola Truuts commented  ·   ·  Report

    Any update on this vital feature in Xero? With so many late payers these days I need an easy to use function to be able to calculate and add interest and late payment fees. An update would be appreciated as it's been a year since the last one...

  • Michelle Gobbert commented  ·   ·  Report

    Would love to see an interest feature rather than having to use Excel spreadsheets and then check back and forth that Excel and Xero balance after the manual entry of an interest invoice in Xero.

  • Chris Verhoeven commented  ·   ·  Report

    Is this really that hard? What does xero do when customers miss payments to xero?

  • Martin Attwell commented  ·   ·  Report

    Why has this basic business requirement still not been implemented?

  • Sharon Guild commented  ·   ·  Report

    This is a very necessary tool for my business. Any update?

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