Interest on Overdue Invoices | Overdue Invoice Interest Management
by DevIntelle Consulting Service Pvt.Ltd https://www.devintellecs.com$ 80.81
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Invoicing (account)
• Discuss (mail) |
| Lines of code | 1830 |
| Technical Name |
dev_interest_on_overdue |
| License | See License tab |
| Website | https://www.devintellecs.com |
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Invoicing (account)
• Discuss (mail) |
| Lines of code | 1830 |
| Technical Name |
dev_interest_on_overdue |
| License | See License tab |
| Website | https://www.devintellecs.com |
Interest on Overdue Invoices
Interest on Overdue Invoices Odoo app helps businesses calculate and apply
interest charges on overdue customer invoices directly within Odoo.
This module allows companies to manage late payment interest in a controlled
and transparent way while keeping accounting records accurate.
The app supports configurable interest rules, allowing interest to be calculated
as a percentage or flat amount. Businesses can define grace periods to allow
delayed payments without penalties and apply penalty charges as one-time fees
when required. All interest calculations are recorded with a
complete calculation history for audit and reference.
With per-customer interest configuration, multi-company support, and
full integration with Odoo Accounting, this module gives users
full control over late payment policies. It ensures interest entries are posted
safely,
avoids duplicate charges, and maintains proper financial tracking.
This Overdue Invoice Interest Management Odoo app is ideal for companies that want to
reduce late payments, enforce payment discipline, and
manage overdue invoices efficiently without affecting
customer relationships.
FEATURES
-
Flexible Interest Rules
Set up percentage-based or flat fee interest rates. Configure daily, monthly, or yearly period types to match your business policy.
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Grace Period & Penalties
Define grace days before interest starts accumulating. Optionally apply one-time penalty charges for severely overdue invoices.
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Per-Customer Configuration
Override global company settings for specific customers. Enable/disable interest or set custom rules and extra grace days per partner.
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Min & Max Interest Caps
Define minimum and maximum interest limits to ensure charges remain within reasonable bounds regardless of the calculation.
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Safe Accounting
No automatic posting. All interest actions create draft debit notes requiring explicit user confirmation, ensuring complete control.
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Interest Calculations History
Maintain a full history of all interest calculations. Review detailed breakdowns before applying to ensure accuracy.
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Multi-Company Support
Fully supports multi-company environments with isolated rules, settings, and data for each entity.
General Settings
Start by configuring the global settings for your company. Here you can enable the 'Interest on Overdue' feature, define the default interest rule that applies to all customers unless overridden, and map the specific Income Account and Accounting Journals where these interest charges will be posted. This ensures a seamless integration with your chart of accounts.
Company Configuration Page
Customer Configuration
Tailor the interest policy for specific clients. On the Customer Contact form, you can override the global defaults. Use this to explicitly disable interest for VIP clients, assign a specific stricter or more lenient interest rule, or provide additional grace period days to specific customers to maintain good relationships.
Customer Settings Override
Interest Rules
Define how interest is calculated. You can manage all your rules from a central list and simple forms. The system supports both Flat Fee and Percentage-based calculations to match your business needs.
Rule Overview
Get a clear overview of all your interest policies in one place. The Interest Rules menu lists all defined rules—whether flat fee or percentage-based—allowing you to manage and update your penalty structures easily.
Flat Fee Rule
Configure a Flat Fee rule to charge a fixed penalty amount regardless of the invoice value. This is ideal for administrative late fees. In this example, a fixed amount of 100 is configured to be charged per period.
Percentage Rule
Set up a Percentage-based rule to charge interest proportional to the overdue amount. For instance, you can define a 1.5% monthly interest rate. The system will automatically calculate the exact interest based on the open balance and the number of days the invoice is overdue.
Full Process Flow
The module provides a comprehensive workflow from detecting overdue invoices to generating the final interest debit note. Below are the workflows for both Flat Fee and Percentage scenarios.
SCENARIO 1: FLAT FEE APPLICATION
1. Overdue Detection
The system automatically identifies overdue invoices. Here, an invoice is shown that is 1 day overdue, triggering the eligibility for interest application.
2. Trigger Calculation
A dedicated 'Preview Interest' button appears on overdue invoices. Clicking this gives you a real-time preview of the potential charges without immediately posting them.
3. Calculation Preview
Review the calculation logic in detail. The wizard shows exactly how the interest was computed—displaying the overdue days and the resulting penalty amount—ensuring transparency before you proceed.
4. Apply Interest
Once verified, use the 'Apply Interest' action link to confirm the charge. This action initiates the creation of the accounting entry.
5. Generated Invoice (Draft)
A new customer invoice (Debit Note) is generated for the interest amount. This document is linked to the original overdue invoice and awaits your final confirmation to be posted.
6. Smart Button Access
Navigate easily between documents. A smart button is added to the original invoice, providing a direct link to all related interest charges, keeping your records organized.
7. Final Interest Record
View the specific interest record generated. This document validates the calculation and serves as the official record of the penalty applied.
SCENARIO 2: PERCENTAGE BASED CALCULATION
1. Percentage Rule Setup
Here is a Percentage Rule configuration, typically used for compounding interest or standard late payment fees based on the outstanding balance.
2. Invoice Analysis
An invoice subject to the percentage rule. The system monitors the due date and the outstanding amount to prepare for calculation.
3. Calculation Details
The calculation preview for the percentage rule. Notice how the system applies the configured rate (e.g., 1.5%) to the residual amount for the specific duration of the delay.
4. Resulting Interest Invoice
The resulting Interest Invoice for the percentage calculation. It cleanly separates the interest charge from the principal, ensuring accurate financial reporting.
Interest Calculations History
Keep a complete calculation history. The Interest Calculation menu logs every single calculation run, allowing you to track when interest was charged, for which invoice, and the exact amount, ensuring full accountability.
Interest Calculation History
Version 19.0.1.0
- Initial Release for Odoo 19
- Fixed Fee & Percentage Interest Calculation
- Grace Period & Penalty Configuration
- Customer Specific Rules
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Is this app compatible with Odoo Enterprise?
- Yes, our app works with Odoo Enterprise as well as Community.
-
If need of customization in this app, How can i contact ?
- Please contact us on odoo@devintellecs.com
-
Do i get free support?
- Yes, you will get free support for 90days.
-
Do i get free updates?
- Yes, you will get free updates for lifetime.
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Do i have to buy this module for each version ?
- Yes, you have to buy this module for each version.
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Odoo Proprietary License v1.0 This software and associated files (the "Software") may only be used (executed, modified, executed after modifications) if you have purchased a valid license from the authors, typically via Odoo Apps, or if you have received a written agreement from the authors of the Software (see the COPYRIGHT file). You may develop Odoo modules that use the Software as a library (typically by depending on it, importing it and using its resources), but without copying any source code or material from the Software. You may distribute those modules under the license of your choice, provided that this license is compatible with the terms of the Odoo Proprietary License (For example: LGPL, MIT, or proprietary licenses similar to this one). It is forbidden to publish, distribute, sublicense, or sell copies of the Software or modified copies of the Software. The above copyright notice and this permission notice must be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
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