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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…
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Stavros Symeonidis
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Until Xero builds this, I made a free page that works out the interest on your late invoices from Xero's sales invoices export. In Xero that's Business, Invoices, the All tab, tick them all, then Export. You type your own yearly rate and the day to count up to, and it lists each late invoice by customer with the sum on every line, so you can raise one interest invoice per debtor. It can't price invoices already paid late, because the export has no date paid. The file stays in your browser.
https://otum.io/tools/late-invoice-interest
Xero still can't schedule a price rise. For the step before, finding the clients you forgot to raise, I made a free page that reads Xero's sales invoices export. It lists every client paying less for a service than the most you charged anyone for it that month, with their price and the month they've paid it since. It needs the same item code or description on each client's invoices. The file stays in your browser.
https://otum.io/tools/clients-old-price