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Interest Charges

dbazadbaza Member Posts: 1

Hi,

Does anyone know if Wave is considering adding functionality of interest charges to invoice and statements as this function seems to be a common functionality offered by all of Wave's competitors?

Ideally, it would be great to be paid on time,but many of my customers do not unfortunately with some paying a few days to a few weeks late. The ideal would be to charge , for example 2% per month or a maximum of 24 % per annum and accordingly formulated down to a single day.

If someone at Wave could confirm if this has been or is intended to be wish-listed anytime soon?

Thanks,

Darryn

in Sales & Invoicing Feature Ideas

Comments

  • ejyhengejyheng Member Posts: 1

    Hi, how do we set up interest charge (E.g. 3% per annum) on overdue invoice amount and shows latest interest accrued on invoice when payee opens them?

    edited August 31, 2018
  • UHRP3UHRP3 Member Posts: 78 ✭✭

    Hi ejyheng,

    As such there is no customising/settings to add up interest for overdue invoice.
    You need to insert a new item may be with the name "Interest" and enter the amount

    Or you can create new item Miscellaneous and enter the description as Interest with the required value

    edited March 3, 2018
  • ejyhengejyheng Member Posts: 1

    Thanks for your help. We want the latest interest charges to display when payee makes payment as the rates will be calculated on a daily basis, instead of manually enter the amount.

    edited February 27, 2018
  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @ejyheng.

    There isn't currently a way to calculate interests automatically using Wave. Are invoices that remain unpaid for over a year a common experience in your experience?

    If that's the case, you might want to post a feature request under the Wave Features category. Before you do, please read this post. It'll explain how we at Wave choose new features and tell you how to best frame your request.

  • asdwasdw Member Posts: 1

    This would be very helpful as most customers dont pay on time everytime

  • TylerKTylerK Member Posts: 94 admin

    Hey @dbaza and @asdw!

    We are currently reviewing how we can make our invoicing offering even better so this is great insight to have! Things like adding interest would be a big win for efficiency (and potentially cash flow). I also want to see things like discounts be handled better than they are now (i.e. by adding a negatively priced item). Cheers to the future!

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