Automatic Late Fees?
ASPS
Member Posts: 13 ✭✭
Hey Guys,
Is it possible to somehow automatically charge a late fee for customers who's payments are overdue? I'm open to workarounds as well.
If there's not already a workaround, it would be a great feature to have on Wave. Thanks!
3
Comments
Hi, @ASPS,
No, there isn't a feature to automatically add a late fee to invoices in Wave at this time. I'm happy to pass your feedback along! Do you mind telling us a bit more about your business? It'll give us better insight into the impact that a feature like this would have, both on your own work and on other Wavers.
What field do you work in? Do you find that you have to charge a late fee often? Could you tell me a bit more about your late fee structure? How do you handle late fees now?
i am not the original poster, but i have several renters, and when their bill is not paid by the 5th, i add a 10% fee to the bill. Software Engineer can add a line item titled 'fee' and that fee amount can be based on % of total bill, % of a product item, or an inputted amount. With an added block that allows you to choose when that 'fee' gets implemented (not paid by date or just 'apply now'). Also want to be able to allow for fees to go to a separate income account from what the product or service is set to.
I agree this would be nice. As an owner of a few different businesses I see how this could be applicable in may ways. For one business, renters that do not pay by the 10th of each month get a $10 late fee. In another instance we charge a 2% fee for all invoices that are not paid within the net terms.
@GoodAccounting @mhermsen we're always looking at ways to make invoices "smarter". Things like late fees, early pay discounts, etc. being automatically added would be great. Similarly, I want to see Recurring Invoices have the ability to update language as per the month (i.e. monthly RI's updating the month of the year to make it more personal). Finding efficiencies is one of my favourite pass times!
@Tyler, YES! Monthly RI's updating each month would be super helpful as well.
So....What is the latest? Do you have a work-around solution?
Hey @Zelda As of right now, we don't have any immediate plans to add a feature such as adding late payments to invoices that are sent out to clients. Full transparency, we are focusing our attention elsewhere in Wave (improving reconciliation, looking for viable workarounds for moving personal transactions to business accounts, as well as migration). I appreciate your understanding in this and hopefully we'll have something in the works for the future.