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1. Sales Invoices - Add interest to late invoices (including paid/part-paid Invoices)

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   169 comments  ·  For small businesses » Business features  ·  delete…  ·  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

   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… more

   Alex Mahara supported this idea  ·  09 November, 2022
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   Alex Mahara commented  ·  09 September, 2022  ·  Edit…  ·  delete…

   I've had a look at Latechaser but I'm not keen to add 3rd party apps as they often 'go wrong' unexpectedly. I was hoping Xero could just add a Late Payment Fee item in the invoice which dynamically calculates interest on the invoice; a simple but highly useful function.

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   Alex Mahara commented  ·  22 May, 2022  ·  Edit…  ·  delete…

   A competitor of Xero does it :(

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   Alex Mahara commented  ·  05 May, 2022  ·  Edit…  ·  delete…

   Thanks Caroline we already use this, but it would be great if xero
   1) calculated the rolling interest in a column under Invoices Due
   2) created a new invoice for the late fee to the same customer with the statement "We are exercising our statutory right to claim interest (at 8% over the Bank of England base rate) and compensation for debt recovery costs under the Late Payment legislation, because we were not paid according to our agreed credit terms."

   For now just 1) would be great

   Thanks

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   Alex Mahara commented  ·  08 April, 2022  ·  Edit…  ·  delete…

   For subscription invoices would be great if we could add the late payment fee (invoice interest) of the previous invoice to the new invoice.

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