Finance Charges on Past Due Accounts
LoriR
Member Posts: 2
We have a small homeowners association with a small budget and Wave would be perfect for us if it could calculate service charges on past due accounts. I would think this would be useful functionality for any business as it is an incentive for customers to pay on time.
Briefly describe your business. What do you do? Who are your customers?
Small residential HOA; Association Members (owners)
What is the business, financing, or operational problem that you are facing, that your suggestion is intended to address?
We are required to charge finance charges if an invoice is not paid within 30 days. This functionality isn't currently in Wave. It would require a lot of extra work to calculate this by hand and bill it separately.
What outcome do you see your suggestion creating - i.e. what would your suggestion enable in your business; not what would it look like in Wave?
I've noted that others have asked for this functionality. It would involve being able to customize the interest rate and when it would be applied (for us it is if the invoice is past 30 days). With our current accounting program, no separate invoice is created - it is added to the customer's account and they are notified when we send them a statement showing the outstanding balance and the finance charges owed.
OK, now how do you picture this outcome being achieved in Wave?
This would be a new process "run finance charges" that would calculate and post charges to those customers accounts that are past due.
Who else do you think would find this outcome useful?
Everyone 
Comments
Hey @LoriR , this is an impressively detailed account of how this feature would be beneficial to you and your business. Thank you for adding this, it really helps our product team understand how adding a feature helps our users!