I would like to see a feature that adds interest after x number of days overdue, such that for example £100 owed 1% interest everyday so after 30 days it show the invoice as approx £130-140 (can’t be bothered to do the maths to figure the exact amount out) but shows it as separate column showing the interest separately, also admin charge might be good addon to this as your have admin work to recover it and chase it up
Will leave open for others to comment or add their vote. From an implementation point of view this kind of automation wouldn’t be straight forward so we’d need to see a clear demand first.
I think this a good idea was going to post it my self - i have to keep adding it or accounts, takes up to much time (naughty) late payers.
1 Like
I need exactly this kind of invoice feature
We are having a real problem with late fees.
We really need quickfile to help with this. We want to change our process to start incurring late fees after x number of days at x% calculated daily/weekly/monthly.
We need to be able to turn the screw when needed.
Hi Stephen,
I’ve moved your post to this current feature request. I’m afraid we don’t have any plans right at this moment to auto accrue interest on overdue invoices. Your feedback has been noted and we will keep an eye on this thread and update you with any progress.
Anything automated for commercial interest accrual is a difficult one to solve and I have doubts on how effective it would be if we were simply auto-accruing interest as an additional line on an invoice. The interest is usually calculated daily, but how often would we update the interest value? Every update should require the invoice to be reissued again to ensure that the client is aware of the new balance to pay.
One possible solution here is to provide an option for overdue invoices to show a running interest figure (but only on the admin side), at any point the admin could convert that interest figure to a new invoice and QF would automatically handle the invoice creation and send. At the moment this is the only sensible option I can think of right now without things getting hugely complex. I’m open to any other suggestions here too!
OK I understand the difficulties let me put some more thought into it from a Process point of view and not the client with an issue. I’ll find a beer mat to scribble some idea on and come back to you:)
1 Like
Hi Glenn,
We are using the QF for so many years and so far we are quite happy with it.
As our business is growing we would be happy to see the the automated interest future added to the system. I believe this future will be a good addition.
Its always good to see what the other similar system as Sage, SAP etc offer in terms of automated interest solutions for their clients and try to create an even better product.
Kind regards,
Paco
1 Like
I’d really like some sort of late interest feature to be added. Also a bit red stamp saying ‘OVERDUE’ to be applied to late payers. Currently I have to manually add this to an invoice reminder. I like the feature where I can see if a client has logged in or not, because it helps me know if they are being truthful when they tell me ‘it was sent to accounts a month ago’ when they haven’t even looked at it!
Hi @Yelekreb
Thank you for your comments - your interest has been noted.
You can add a red “Overdue” stamp to the invoice itself. If you go to Account Settings >> Invoice Customisation and click on the Status box, this will reveal your options there.
However, this would also add the “Paid” and “Part Paid” stamps where relevant, like these:
1 Like
Is there any update on this?
It’s taking up too much of my time doing it manually. The whole point of accounting software is to save time. Given the current economic climate I can imagine late payments are a factor in most business owners’ lives.
Hi @D_GT
There are no updates here, however, I would like to encourage you to click the “Vote” button at the top to ensure your support for this request is counted.