Charge interest and late fees on overdue customer invoices. Rules say what a late invoice costs, an interest run lists every overdue invoice with its charge for review, and one click creates the interest invoices. Every charge keeps its period, so no day is ever charged twice.
Key Features
- Interest rules — Rate per day, month or year, simple or compound, for each day late or for every started period, with grace days, a fixed late fee, a minimum charge and a ceiling.
- Rule per customer, payment term or company — The rule of the customer wins over the rule of the payment term, which wins over the default rule. A customer can be exempt and a disputed invoice can be left out.
- Interest run with review — One list of the overdue invoices: days late, amount late, period, interest, late fee and a status that explains every line that is not charged.
- Interest invoice with correct accounting — A separate customer invoice per customer and currency, or a line on the open draft invoice of the customer. The overdue invoice itself is never reopened.
- No double charging — Each run continues where the last one stopped; the late fee is charged once; the ceiling counts earlier charges; a cancelled interest invoice frees its period again.
- Interest on the amount really open — Partial payments and credit notes reduce the balance from their date. Invoices paid late can be charged for the days they were late. Each instalment has its own due date.
- Trace and analysis — Chatter on the run, a note and a counter on every overdue invoice, and a list, pivot and graph of everything charged. A run with draft invoices can be undone.
- Settings and access right — Journal, income account, tax, automatic posting, start date and an optional right that limits who may charge interest, per company.
Benefits
- Late payers pay for the delay, calculated the same way every time
- The accountant sees and approves every amount before a customer is invoiced
- Auditors find which invoice was charged, for which days and on which interest invoice
- Works right after installation with a default rule of 1% per month
Ideal For
- Companies whose terms of sale provide for interest or a fee on late payment
- Accounting teams that calculate late interest in a spreadsheet today
- Wholesalers, service companies and agencies with many customer invoices
Technical Highlights
- Calculated per open receivable item, in the invoice currency, on the daily balance
- Multi-company rules on runs and charges; settings per company
- Interest invoices are standard Odoo customer invoices: taxes, fiscal positions, payments
- Depends on the Invoicing app only; Community and Enterprise; fully translatable
Supported Odoo Versions
- Odoo 19
- Odoo 20
