Automatic interest on overdue invoices

Question

Hi everyone,&nbsp;Is there a way for invoices to automatically update to show interest charges if they are overdue? I have setup % monthly charge for late payment on invoices, but I can't find anywhere how that charge gets to the customer.&nbsp;&nbsp;The only way to find their monthly finannce charge is by opening up the overdue invoice andf cliking on terms at the top, within that window it will show a $ value.&nbsp;&nbsp;Is there a way for that amount to automatically be added to the overdue invoice?&nbsp;

leneth_a · Answer

Hi coreyhartland,&nbsp;&nbsp;Thanks for your post and welcome here to the Community Forum.&nbsp;&nbsp;In response to your question, currently, we don't have a feature for invoices to automatically reflect interest charges when they become overdue. However, if you wish to see this feature implemented, we encourage you to share your suggestions on our Product Ideas Exchange board. Your input is valuable, and we'll make sure to communicate your requests and feedback to the relevant team for consideration.&nbsp;&nbsp;Please don't hesitate to post again if you need help in the future.&nbsp;&nbsp;
If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.
Cheers, &nbsp;&nbsp;Leneth&nbsp;

coreyhartland · Answer

Hi&nbsp;Leneth_A&nbsp;&nbsp;So how do i go about charging the interest to the customer?

leneth_a · Answer

Hi coreyhartland,&nbsp;&nbsp;Thanks for getting back to us.&nbsp;&nbsp;You could look at setting up Finance charges for your customers which are amounts added to an outstanding balance as a penalty for overdue payment. These are usually added to the customer statement. You would need to however set up the terms on the invoice, once this has been set up this would calculate the charges automatically. Our help article Finance charges paid by customers has information and instructions on how to set this up within AccountRight. &nbsp;&nbsp;&nbsp;Feel free to post again anytime you require further assistance.&nbsp;&nbsp;Cheers, &nbsp;&nbsp;Leneth

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Automatic interest on overdue invoices

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