Settings and activity
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324 votes
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Philip Van Schalkwyk
commented
There is a great little APP to do this: "Statey".
But having to pay USD 10 per month extra to get the functionality is a sad state of affairs.Dear Xero
Please buy and incorporate "Statey", then you can address this immediately.....An error occurred while saving the comment Philip Van Schalkwyk
commented
Please prioritize. Having to manually do this monthly is a problem for the majority of our clients.
Philip Van Schalkwyk
supported this idea
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575 votes
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…
An error occurred while saving the comment Philip Van Schalkwyk
commented
Hi all
I understand that this is a feature that a lot of us ask for, but I would be remiss to not add a note of caution.My experience in small business environments in Africa, is that charging interest is often more effort than it is worth, and can run afoul of legislation and regulation very quickly is you are not careful.
Why more effort than worth? More often than not, when a client does pay, they are going to beg and plea for you to write back the interest....especially under current economic conditions.
Why legislation and regulation?
1. If you do not have an agreement with the client stating that you may charge interest, you could very well be in breach of law if you do charge interest, and
2. Most southern African countries have Usury Legislation that specificy maximum interest rates, and requirements to change the rate every-time that official interest rates change. If you fail to do so, you would be in breach of law.I would be the first to state that this is not necessarily the same in all jurisdictions, but it is something to keep in mind.
While we wait for Xero to add this, try Statey. It's a Xero add-on app. Yes, the base version costs USD 10 p/m, but it works great. Fully automated, let's you know when statements are sent. We use the base version in our practice, and it avoids having to remember and then manually run statements.