Compound Interest. Late Fees.

Patent Authority LLC's Avatar

Patent Authority LLC

16 Apr, 2013 09:05 PM

I would like to make late fees compound every month. Currently late fees are applied each month only to original amount owed, e.g. as simple interest.

Any suggestions on how to automate adding compound interest fees to an invoice?

  1. Support Staff 1 Posted by Seth B on 16 Apr, 2013 09:20 PM

    Seth B's Avatar

    Sorry, but that's not possible at this time.

    - seth //

  2. 2 Posted by Patent Authorit... on 02 Oct, 2013 07:44 PM

    Patent Authority LLC's Avatar

    I know! I'm sure you have a full plate, but...
         A = P*(1+r/n)^(n*t)
    What do you say?!

  3. Support Staff 3 Posted by Seth B on 02 Oct, 2013 07:57 PM

    Seth B's Avatar

    You're the only one who's ever requested this as a feature. Sorry, but not going to happen. This is just another thing that would complicate the UI.

    Not enough need for it...

  4. Seth B closed this discussion on 02 Oct, 2013 07:57 PM.

  5. Elliot Furman re-opened this discussion on 02 Oct, 2013 09:38 PM

  6. 4 Posted by Elliot Furman on 02 Oct, 2013 09:38 PM

    Elliot Furman's Avatar

    Haha! That's maybe the third time I requested something that no one else
    seemed to care about . Oh well. I guess everyone else gets paid on time.
     Thanks for the good work!

  7. Support Staff 5 Posted by Seth B on 02 Oct, 2013 11:22 PM

    Seth B's Avatar

    In the interest of complete transparency - not many people use the late fee feature as it's implemented right now either.

    A quick database query revealed less than 6% of all invoices created in the system have it enabled.

    Definitely not enough support to go adding extra UI complexity. Thanks for understanding.

  8. 6 Posted by Jean-Sébastien ... on 10 Sep, 2019 05:50 AM

    Jean-Sébastien Goupil's Avatar

    Can we get this documented somehow.
    I had to search the discussion forum to understand if the late fees were compounded or simple. There is not much info about this.

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