Is there a way to include interest charges on customer's statement on Wave Accounting?

lindiricher

I want to include interest charges on overdue invoices when I send out customers statement of account. How do I do this?

EnsignBellaRo

Hi @lindiricher! There isn't a way to do this without adding it to an invoice, afaik. Your best bet is to make sure you have your interest rates somewhere on your invoices (like on the memo section) and just add it to the unpaid invoice as a new line item.

Mani

@lindiricher Good question. Every once in a while, we hear this request. You're right that we've yet to build a custom function or convenience features that allows this to be done effortlessly. To get it done, you could do any one of three things:

1. Edit each late invoice and add a late fee manually, with the income account for the product/service line item set to a "Late Fees" category in your Chart of Accounts (or equivalent, as you see fit).
2. Edit just one of the late invoices and add a late fee manually that accounts for all of the outstanding invoices.
3. Issue a new invoice that's just for the late fees.

We recognize this can be better. Let us know the kind of functionality you'd like to see. For example, we know a single payment option against multiple invoices on a customer statement, inclusive of late fees, could help. But how about the kind of reporting you'd want to see?

Brit

I think this would be a really great setting to have so that you can just click it and indicate what you are charging for interest and have it auto calculate based on what percentage of the invoice was paid, rather than manually filling it out every week and having to change the actual invoice (which you really shouldn't do). For banking, having a separate invoice causes a lot of confusion, also having it as a line item would mean that they are then getting taxed on something that should be added like a tax.

richkrn

Hi @Mani
Any update on where this is on the product roadmap?

AlexL

Hi @richkrn . This still isn't on our roadmap. The best way of dealing with this would be following the steps that Mani set out above.

richkrn

Thanks for the reply @AlexL. Is your team at least capturing these feature requests in a backlog and weighting them (Agile Dev)?
This seems like a pretty basic function that, while workarounds abound, would add incremental value to your platform.
Thanks

ConnorM

Hey @richkrn! I've actually just moved this thread into our feature idea section of the community. Our team browses through these in order to gauge interest when looking into potential additions to future builds of the platform. Absolutely hear you, and 100% appreciate the feedback.

Orangeoak

Please please please add this function!! I am currently using an excel spreadsheet to calculate the interest owed.

tyhoppy

I need this function as well!!!!!

Dantrell

Please insert automatic interest function on invoice. For example, we finance our customer orders. For instance, the customer total order amount is 1000. He paid 500. So on top of 500 balance we charge him 5% of total order amount which they will pay in 30days. So 500*5% = 25 + balance 500 = 525. > @Mani said:

@lindiricher Good question. Every once in a while, we hear this request. You're right that we've yet to build a custom function or convenience features that allows this to be done effortlessly. To get it done, you could do any one of three things:

1. Edit each late invoice and add a late fee manually, with the income account for the product/service line item set to a "Late Fees" category in your Chart of Accounts (or equivalent, as you see fit).
2. Edit just one of the late invoices and add a late fee manually that accounts for all of the outstanding invoices.
3. Issue a new invoice that's just for the late fees.

We recognize this can be better. Let us know the kind of functionality you'd like to see. For example, we know a single payment option against multiple invoices on a customer statement, inclusive of late fees, could help. But how about the kind of reporting you'd want to see?

gdrinot

This is a much needed feature. It is weird that it isn't even on the roadmap and some other features made it. Much needed and certainly a feature people want.