I’ve been manually adding interest on my invoices every month (and I would love for a feature that automatically calculates this because it makes billing take three or four times longer than it should) however I have found that if there is a payment on the invoice the system deletes the payment and creates an operating retainer and then I have to go back and re-apply the operating retainer to my invoice. This is a pain, but not in itself a problem – until I run income reports and it shows that a single client has paid 1,200 that month when it was actually paid four months ago. Since the payments are essentially removed I now have to manually go through all of our payments for the month, remove the charges that didn’t actually occur that month, and then I have to manually calculate income and profit.
Is there an easier way to do this or a quick fix that I’m not aware of? I tried adding interest as a soft cost instead but that made calculating interest too complicated. Can you alter the billing screen so that late fees/discounts/finance charges can be applied without erasing prior payments? Even better – do you have a timeline for auto-calculating interest?
Hi and thank you for the question. When you are applying operating retainers, you can apply a prior date on the payment to match the original date.
I will put in a request on your behalf to allow fees/discounts etc to be added to invoices without erasing invoices.
As for the auto-calculating of interest, that feature is in the pipeline and estimated to be added in the second quarter