Getting your account setup wont take very long, you just need to understand a few key concepts of how Paidnice works.
If at any point you get lost, feel free to reach out to our friendly team, or book in a time with us we're happy to help.
Before you go down further start here:
Contents:
Step 1: Setup your Account
Step 2: Setup your Policies
How to setup a Late Fee (interest, fixed or per annum rate)
Step 1: Sign up for an account with Paidnice
> Sign up for an account with your Xero login, or email address.
If you are signing up with Xero:
> Select which Xero organisation you would like to sign in with, and then select Allow access.
Note: If you would like demo Paidnice with demo data, use the Xero Demo Store.
> You'll now be logged into Paidnice and will and on the dashboard.
Dashboard overview
You will now be on the dashboard. Your account is automatically on Safe Mode, you can play around with your account, and preview the actions Paidnice will take, before they happen.
Step 2: Setting up your Policies
2.1 How to setup a late fee:
Late Fees overview:
In Paidnice, Policies are what we call late fees and other interest payments.
You can setup as many custom policies (late fees) as you like, and assign them to as many groups (contacts) as you like (up to your plan limit)
Note: It's important that you attach at least one policy to a group, or else Paidnice will not issue any late fees for you.
Late fee settings overview:
Issue type
Depending on your preferred accounting setup, Paidnice will either issue a new invoice for the penalty/late fee or update the existing invoice.
Note: when selecting Existing, all late fees will automatically be approved. Only for New Invoice issue type, are you able to select Draft / Approved (as above).
Select late fee type, pick from:
Fixed late fee (eg $10)
Percentage amount (eg 2% of $100)
Daily pro-rata per day rate (eg 8% per annum (divided by) # of days in the year (times) the number of days the invoice is overdue)
Is there another you would like to see? Let us know.
Fee income account - chart of account (Important)
Which chart of account would you like to code your late fees into.
Important: You need to select an account code before Paidnice can work.
Grace period
The number of days from when the invoice goes overdue, to when the late fee is issued. We recommend giving yourself some time to factor in reconciling your accounts.
Fee amount
The fee you'd like to attach to your policy (fixed number, or the interest rate)
Repeat late fees late fees (when left unpaid)
Select to enable compounding of late fees by any set number of days you pick. For example, repeat the 2.9% interest charge after 30 days (to compound interest charge monthly)
Note: Compounding of the original late fee issued does not happen. Would you like it too? Let us know.
Description
Customise the text that will appear on the invoice line item. Use #PenaltyDate to include the date the penalty is issued on the invoice line item (recommended)