FEATURE REQUEST: Late Payment Fees & Late Payment Interest

dangosarecute

Greetings!

I'd like to propose the addition of late payment fees & interest to the creation of Invoices and Bills.

I live in Brazil, and here we have a very unique kind of invoicing called "Boleto", in which you pay a small fee to a bank for the creation of a legally binding invoicing document.

Frequently, one adds to these late payment fees (e.g. 10% of invoice value if not paid by due date) and / or simple interest for each business day after the due date in which it is not paid.

This is a very common situation here in Brazil, and I'm sure similar arrangements exist elsewhere in the world, even if enforced more privately by contracts rather than by financial institutions.

The way to implement these kinds of fees on invoices / and bills, IMO, would be to add some sort of button with the option to add a late payment fee or late payment intererest, configuring the former with either a value or a percentage (same interface as today with products), and configuring the latter with an option for simple or compound interest and then the rate.

In case of late payment, these would automatically be debited / credited to Accounts Receivable / Payable, and credited / debited from separate Income / Expense accounts.

As of today, it is possible to account and track these receivables / payables but it is a hassle, recquiring going back and forth in editing invoices and bills, creating "Products" that aren't really products, etc.

Heating_Office_83

I would love the option of automatic interest/late fees being applied to overdue invoices that show in the Statements.

Barsin

Hey there @dangosarecute @Heating_Office_83

Just thought I'd reroute your request to this post here where others are asking for similar ideas. Hopefully you'll be able to glean some good info here from some of our other users!

https://community.waveapps.com/discussion/comment/23070#Comment_23070