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

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   182 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

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   Robert Dew commented  ·  12 May, 2023  ·  Edit…  ·  delete…

   I see a couple of people have indicated that they have moved to another company that actually cares about collecting overdue accounts and has this very simple feature.
   It would be appreciated it one (or more) of these people would post a list of the alternative suppliers and how they rate them so those of us that require this simple feature can migrate to them,
   I see that an enterprising business has jumped in to try an fill the cap, but at an extra cost which while is an a possibility I certainly don't wish to have any more of the costs of carrying debt eaten up and would rather move a supplier that offer it all in one package

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   Robert Dew commented  ·  08 August, 2022  ·  Edit…  ·  delete…

   Being a small business when clients don't pay they are counting on you not having the facilities to follow through on simple things like adding ankoverdue charge because they know it takes time and time us something most small business don't have.
   Therefore if the system could automatically add the charge basic in preset parametre8it would be a great help in convincing customers to pay on time.

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   Robert Dew supported this idea  ·  03 August, 2022