Settings and activity
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5 votes
Harry Hassapis
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8 votes
Hi Ana, out of interest is there a transaction type you generally find needing to use these actions? For example Spend money, Receive money or Payments applied to invoices and bills?
I've slightly amended the title of your idea for the date of the transactions, we have separate idea for changing the bank account you can join for any updates.
Harry Hassapis
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3 votesHarry Hassapis
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8 votesHarry Hassapis
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163 votesHarry Hassapis
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240 votesHarry Hassapis
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1,103 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 Harry Hassapis
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The last accounting system where I used had a feature where you put an interest rate for each for each customer then at the end of the month you'd finished reconciling all receipts, you would press the "calculate interest" button, it would open a window with fields. One was a date field where you put the cut-off date for which you wanted to calculate the charge - ie if today was 1st August, Id charge for any invoice 30 days or more overdue so I would choose the date 30/06/2023. Then in the comment field, Id write "Service charge for invoices overdue >30 days". It would have a GL code there which you could set up and then it stayed the same. The system would create a service charge for each client by totalling all invoices with due dates before the date I entered and charging 1.5% of the amount. Then it would generate an invoice form we had created and send it.
When the customer receives an invoice at the start of the new month, it was a reminder that being overdue was costing them money too. I would credit any charge where the client paid the overdue invoice within 7 days of the start of the month.
It completely changed the behaviour of 90% of my clients.
This is desperately needed here.
You don't need to add the charge to the current invoice, just fresh invoice based on the items overdue before a specified date is easier to work out.