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;
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…
I'm an automation specialist. After reading this thread I built a custom solution to solve this problem.
For anyone building in-house, the key compliance points:
1.Interest calculated against actual outstanding balance — handles partial payments correctly
2.Posts to Account 270 (Interest Income) — Sales Revenue stays untouched
3.Bookkeeper approves a review digest before anything posts — no silent automation
I'm offering two free deployments this month to B2B businesses in exchange for feedback. No cost, no obligation.
Happy to share more details with anyone interested — feel free to reach out directly.
Please refer a sample invoice generated automatically for a part-paid overdue account — interest calculated against the actual outstanding balance, posted as a standalone invoice without touching the original. No manual rework needed.
Hi everyone,
I'm an automation specialist. After reading this thread I built a custom solution to solve this problem.
For anyone building in-house, the key compliance points:
1.Interest calculated against actual outstanding balance — handles partial payments correctly
2.Posts to Account 270 (Interest Income) — Sales Revenue stays untouched
3.Bookkeeper approves a review digest before anything posts — no silent automation
I'm offering two free deployments this month to B2B businesses in exchange for feedback. No cost, no obligation.
Happy to share more details with anyone interested — feel free to reach out directly.
Please refer a sample invoice generated automatically for a part-paid overdue account — interest calculated against the actual outstanding balance, posted as a standalone invoice without touching the original. No manual rework needed.