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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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Accepted  ·  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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  • Gloria Schoeppe commented  ·   ·  Report

    Most accounting software has this feature. Zero should implement this feature.

  • Scott Callas commented  ·   ·  Report

    In my HOA management company, I need the interest feature for late payments, and could also use a late fee, in addition to the interest. Though - late payment interest would be a huge help!

  • Rebecca Raber commented  ·   ·  Report

    This would be a very useful feature and as said by many others it is an inclusion with most other accounting software.

  • Antoinette Micallef commented  ·   ·  Report

    I agree.

    This feature is free in other accounting programs. The ability to charge interest on late payments is a basic accounting process. Is Xero not an accounting program?

    There is obviously a lot of support for this feature, as below comment, profit must be their main objective here, not their customers.

  • Antoinette Micallef commented  ·   ·  Report

    I agree. I was using MYOB prior to moving over to Xero. There are some functions that are standard with MYOB which are add on's in Xero. One of them is the ability to work out and charge interest on overdue invoices.

    I have looked at Latechaser and while this looks like a good program, it is simply not feasible for my business to have to pay another subscription for something that is free with my previous accounting program.

    Please look into adding this feature to Xero.

  • Rene Robertson commented  ·   ·  Report

    Yes this is one thing we miss about MYOB. Definitely a function that is missing and would be handy.

  • Attila Kalmar commented  ·   ·  Report

    I believe (and after research, it is most likely true) Xero has another business name providing this as a 3rd party add-on, and I do not think they want to say goodbye to the extra profit they must provide for the basic service for free (as their competitors)

  • Chris Marr commented  ·   ·  Report

    I posted a couple of times in the old thread and like everyone else here, I've given up hope of ever seeing this feature in Xero.
    I only came back in here because today I recieved an email saying Xero has a new CEO and she invited us to "be vocal" in Community Discussions.
    I doubt anything will happen however.

  • Sandra Lester commented  ·   ·  Report

    I would really like to automate this. I have one client that hasn't paid thirty invoices and I have to adjust them all by hand!

  • Arnis Veisbergs commented  ·   ·  Report

    At least we can all "enjoy" absolutely useless quarterly updates on new report layouts instead of features that would actually make a difference...Go Xero!

  • Agnes Andersen commented  ·   ·  Report

    Our requirement:
    Adding a reminder fee to invoice reminders

  • Martinette Kotzé commented  ·   ·  Report

    Maybe we can encourage all colleagues and clients to vote, hopefully we get to more than 1036 votes as from the previous poll (@ChristiaanHoek).

  • Leonide Madore commented  ·   ·  Report

    Without comment because it is so critically basic & urgent

  • BERNARD LE ROUX commented  ·   ·  Report

    It is great that you guys are "keeping close to the ideas here", however this request was first requested 10 years ago! How long does it take for you guys to get stuff done? This should have been active right from the start like almost all other accounting packages.

  • Dennis Seyersdahl commented  ·   ·  Report

    I selected Critical as I am dealing with this right now. I have to go in and adjust the cost every week.

    I encourage all to vote on the how important is this to you?

  • Dennis Seyersdahl commented  ·   ·  Report

    What will it take to get XERO to respond why this is not on the roadmap yet or when it will plan to be done. You are so far ahead in many ways of QuickBooks and others, but this is a big deal for most of us.

  • Ann Daniels commented  ·   ·  Report

    Client's are asking for this facility to be set up within their subscription and should be an option to be looked at.

  • Donald Mckee commented  ·   ·  Report

    As mentioned previously, this feature has been requested years ago and is available with a host of other accounting software systems.

    Upgrading technology across your Sales features is all well and good but this feature should not need years of development.

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