Settings and activity
5 results found
-
95 votes
An error occurred while saving the comment -
1,079 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 
Denym Bird
commented
Hi all, you can currently do this with Paidnice, a Xero app specialised in automating late charges in accordance to your payment terms https://www.paidnice.com/late-fees
An error occurred while saving the comment Denym Bird
commented
If you want a suggestion on a Xero app to solve for this, Paidnice (on the app store) can add interest and late fees in any way you want. https://www.paidnice.com/
-
47 votes
Hi everyone, while we appreciate your interest in a direct feature in Xero to schedule and manage loans this isn't something we have planned right now.
We do have some information on Xero Central that may help some here with managing loans in Xero.
We will continue to monitor the community support for this in the forums here, and share if there are any updates.
An error occurred while saving the comment Denym Bird
commented
Hi Simon, you can do this with Paidnice a Xero app on the app store specialised in late charges and interest calculations (annualised interest, charged and sent to the client monthly) https://www.paidnice.com/late-fees
-
Account Transactions: Receipts - Send automated 'payment received' e-mail when payment is reconciled
540 votesHi everyone, we totally get how automating the sending of receipts when a transaction is reconciled would free up time and the manual task involved in this activity.
Though not in the pipeline at present, this is a feature our product team would like to explore more in the future.
We’ll be sure to update you all again when we are able to look into this deeper. Thanks
An error occurred while saving the comment Denym Bird
commented
While not native to Xero, we have solved this at Paidnice with an email policy that triggers when the Xero invoice is marked paid (so reconciled, either manually or via any of your payment methods). Wrote a quick blog about it incase anybody wants to try it out: https://www.paidnice.com/blog/setup-automated-payment-received-email-xero
-
408 votes
Hi everyone, we thoroughly appreciate everyone’s interest and support for enabling the ability to apply a prompt payment discount to invoices.
We understand how a direct prompt payment discount feature would improve the efficiency and automate manual efforts currently involved for you all here, but would like to be transparent that this isn’t something we’ve been able to roadmap atm.
Right now, one way to indicate that your business accepts or will apply a discount for prompt payment would be to write this into the invoice payment terms. When acted on there are a few ways you could consider recording this in Xero, such as;
- Edit the invoice to apply a discount directly
- Edit the invoice to add a negative line that directly draws down the total amount of the invoice
- Apply a credit to the invoice for the portion of the discount
We'd recommend connecting with your Xero advisor…
An error occurred while saving the comment Denym Bird
commented
Updating that our Prompt Payment Discounts at Paidnice are getting good feedback from accountants and bookkeepers using it. I wonder if higher invoice monthly minimums specifically for PPDs would make our pricing more appealing to those here?
While not a native solution inside of Xero, you could use a Xero add-on like Paidnice, which can handle sending reminders and can include more options like including invoice attachments, sending time and other exclusions that you don't get with the default options in Xero.