Is there a way to include interest charges on customer's statement on Wave Accounting?

lindiricherlindiricher Member Posts: 1

I want to include interest charges on overdue invoices when I send out customers statement of account. How do I do this?

Comments

  • EnsignBellaRoEnsignBellaRo Member Posts: 28 ✭✭

    Hi @lindiricher! There isn't a way to do this without adding it to an invoice, afaik. Your best bet is to make sure you have your interest rates somewhere on your invoices (like on the memo section) and just add it to the unpaid invoice as a new line item.

  • ManiMani Administrator Posts: 76 admin

    @lindiricher Good question. Every once in a while, we hear this request. You're right that we've yet to build a custom function or convenience features that allows this to be done effortlessly. To get it done, you could do any one of three things:

    1. Edit each late invoice and add a late fee manually, with the income account for the product/service line item set to a "Late Fees" category in your Chart of Accounts (or equivalent, as you see fit).
    2. Edit just one of the late invoices and add a late fee manually that accounts for all of the outstanding invoices.
    3. Issue a new invoice that's just for the late fees.

    We recognize this can be better. Let us know the kind of functionality you'd like to see. For example, we know a single payment option against multiple invoices on a customer statement, inclusive of late fees, could help. But how about the kind of reporting you'd want to see?

  • BritBrit Member Posts: 2

    I think this would be a really great setting to have so that you can just click it and indicate what you are charging for interest and have it auto calculate based on what percentage of the invoice was paid, rather than manually filling it out every week and having to change the actual invoice (which you really shouldn't do). For banking, having a separate invoice causes a lot of confusion, also having it as a line item would mean that they are then getting taxed on something that should be added like a tax.

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