Settings and activity
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416 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…
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Rebecca Hill
commented
Please add a settlement discount option in the bank reconciliation page. Over 10 years in the making!!!!!
Rebecca Hill
supported this idea
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The issue of the settlement discount is slightly different for me. We use a different platform to create our invoices and put the settlement discount amount on there, and then import the invoices. The issue comes when they pay the lesser amount, i need to create a credit note for the 'missing' amount before i match off the bank payment. What i think would help this is if when matching the bank payment to the invoice, where you have a discrepancy, instead of just the minor adjustment and the bank fee, another option should be settlement discount and this therefore puts it in the correct place on the ledger without having to raise a whole credit note for it. Perhaps this feature would also help with the invoices raised on xero too?