> Inside the Policies tab in the Settings menu, you can select a Fixed Price invoice fee calculation (or late fee)
Important note: All changes save automatically as they are made.
How Fixed Price penalties work:
Typically referred to as 'late fees' if you would like to charge a flat fixed fee for all overdue invoices, no matter the invoice amount. This is the setting you would select.
Choose the Xero chart of account for your penalty revenue
Select which chart of account you would like to code your late fee income into. Xero will typically have a default option for your pick from (Interest Income) however feel free to set your own, or discuss this with your accounting professional.
Set your grace period / Select how many days after overdue to send the penalty
Latechaser will let you apply a grace period before sending penalties on overdue invoices.
Note: Select 2 days and Latechaser will wait 48 hours before sending the penalty invoice.
Note: If you don't want to apply a grace period, set this to 0.
Set your penalty amount
Set the dollar amount of the penalty that you want charge to your customer for overdue invoices.