Automated Overdue Interest & Monthly Account Fee on Invoices

I’d like to request enhancements to WorkGuru’s invoicing system to better support overdue account management and automated administrative charges in line with our trading terms.

1. Overdue Interest Calculation (Automated)

Feature

Add an option (checkbox or toggle) on invoices or customer accounts to automatically apply penalty interest when invoices become overdue.

Functionality

•Once an invoice passes its due date, the system should:

 •Automatically begin calculating interest daily

 •Apply an annual interest rate (P.A.), configurable in settings (e.g. % above RBA cash rate or fixed %)

 •Convert to a daily rate and accrue until paid

Formula Example

•Daily Interest = (Outstanding Amount × Annual Interest Rate) ÷ 365

Display on Invoice

•Line item added automatically:

 •“Overdue Interest (X days)”

•Show:

 •Original invoice amount

 •Accrued interest

 •Total payable (live calculation)

2. Monthly Account Keeping Fee (Automated Line Item)

Feature

Add a tick box or account setting that automatically applies a monthly account keeping/admin fee.

Functionality

•When enabled:

 •System automatically adds a line item to the account at the start of each month

 •Fee applies to any customer on credit terms

 •Can be:

  •Fixed amount (e.g. $X/month), and/or

  •Only applies if account is overdue (optional setting)

Invoice Display

•Auto-generated line item:

 •“Monthly Account Keeping Fee – [Month]”

3. User Controls / Settings

•Default interest rate (global setting)

•Ability to override per customer or per invoice

•Toggle:

 •✅ Apply penalty interest

 •✅ Apply monthly account fee

•Optional:

 •Grace period before interest applies (e.g. 7 days overdue)

 •Apply interest on total outstanding account vs individual invoice

4. Alignment with Trading Terms

This feature aligns with standard credit terms where:

•Overdue accounts incur daily accruing penalty interest

•Administrative costs are recovered via monthly account keeping fees

Automating this ensures:

•Consistency with agreed terms

•Reduced manual calculations

•Transparent communication to customers

•Improved cash flow and collections

Summary

This feature would eliminate manual handling of:

•Overdue interest calculations

•Recurring admin/account fees

While strengthening compliance xwith credit terms and improving debtor management efficiency.

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