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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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  • Tony Ellwood commented  ·   ·  Report

    It's a big deal for us as well as we are a charity/club and can ill-afford late payments!
    Yes, you can do it manually but that is not the point. If you can automate invoicing then it can't be difficult to add late-payment fees/charges.

  • Julie Sutton commented  ·   ·  Report

    @antoinette - In the UK here and I've started regularly commenting on their social media posts ....... "canned" text responses obviously but I keep on .....

  • Hendrik Greeff commented  ·   ·  Report

    I developed a excel solution. Typical::: export - copy and paste - press a few buttons -copy and paste - import as bulk invoices as per the templet on Xero for invoice import.
    Pilot test have worked will, will be implementing End of March. Will let the group know how it goes. :)

  • Alison Langdon commented  ·   ·  Report

    @Neall Siems

    The whole point of this request is that Xero should be able to do it! Anybody can pay for another add-on, but when it is a fundamental business practice that other accounting packages include as standard, why is it not a part of Xero?

  • Janet Conley commented  ·   ·  Report

    Disappointed that this has still not been resolved despite the fees for using Xero suggesting a superior product.

  • Henry Fried commented  ·   ·  Report

    Hi everyone, crazy that a late fee feature isn't something that has been added to the Xero software yet. It would be extremely useful.

  • Talia Tuliau commented  ·   ·  Report

    Very surprised to learn that this is not a function. It shouldn't be a "nice to have" - it should have been part of the package from day one.

  • Debbie Hornsey commented  ·   ·  Report

    The Feb24 Xero product update opens talking about the updates to help make you and your business more efficient. Except some of these updates are more about presentation such as a new sticky header and extra columns. Surely a function to calculate and add interest to late invoices would be more worthwhile efficiency for businesses.

  • Godfrey Boyd commented  ·   ·  Report

    This has been around for a while - any progress?

  • Anthony Nixon commented  ·   ·  Report

    Can anyone recommend which products do this best?
    I needed a real solution yesteryear!

  • Simon Browne commented  ·   ·  Report

    @Morgan McDonald re printing all payslips in one hit. Open the Payrun after it has been Posted and Filed, Options ( lower right), Email Payslips, click the top box to select all employees. Is that what you want to do?

  • Michael Humphreys commented  ·   ·  Report

    Does anyone have a workaround? This is really something that should be at the core of a SaS like this.

  • Phill Berry commented  ·   ·  Report

    It's been a while, assuming those technology upgrades might be finished and you can work on this now?

  • Kwok Ying Chan commented  ·   ·  Report

    Hello, Please could you give an update on where we are at since October 2022 on product development on adding the interest on unpaid invoices? A response will be appreciated.

  • Mark Knight commented  ·   ·  Report

    This feature is needed due to the number of overdue invoices in today's economy where people are continually missing deadlines and as a small business this is a time-wasting task manually creating a new invoice per month per user overdue. As a user I have created as excel spreadsheet formulas that calculates annual interest compounded monthly x number of days overdue / month, If I can achieve this for interest calculation then manually create an invoice called Overdue Interest the programming behind the math is not that difficult. Xero needs to get with the times as these features are available in competitor products and this feature has been requested since 2019.

  • Nicola Truuts commented  ·   ·  Report

    Extremely disappointing that the ability to add interest to an invoice is still not available. Do you even bother to actually listen to your customers??

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