New: Set Custom Starting Dates for Late Fee Calculations

We're excited to announce our latest feature enhancement: Earliest Interest Date. This update gives you precise control over when Paidnice starts calculating late fees on overdue invoices - perfect for businesses transitioning from other systems or needing more flexibility with their late fee policies.

The Challenge This Solves

Many of our customers have told us they need more control over when interest calculations begin. Common scenarios include:

• You've recently migrated to Paidnice but manually calculated late fees up to a certain date in your previous system
• You want to implement late fees but don't want to retroactively charge interest on long-overdue invoices
• You need to align interest calculations with specific accounting periods or policy changes

Without this feature, Paidnice would calculate interest from the original invoice due date, potentially resulting in duplicate charges or calculations going back further than desired.

How It Works

Setting your Earliest Interest Date is simple:

1. Navigate to your late fee policy settings
2. Click "More Options & Filters"
3. Select "Earliest Interest Date" from the dropdown menu
4. Use the date picker to select when Paidnice should start calculating interest

Once set, Paidnice will only calculate interest on overdue invoices starting from your chosen date - regardless of how old the invoice might be.

Real-World Example

One of our customers, Pierre, recently faced this exact challenge. His business had manually charged interest on overdue invoices up to March 31, 2025, but after switching to Paidnice, the system began calculating interest from the original invoice date of March 1, 2021 - potentially double-charging interest for the same period.

Using the new Earliest Interest Date feature, Pierre was able to set April 1, 2025 as the starting point for Paidnice's calculations. This ensured a smooth transition without any overlapping interest charges.

Why This Matters

By giving you more control over when interest calculations begin, we're:

• Making it easier to transition to Paidnice from other systems
• Providing flexibility to align with your specific business policies
• Preventing accidental double-charging of interest
• Saving you the time and hassle of manually adjusting calculations

Getting Started

The Earliest Interest Date feature is available now to all Paidnice users. To start using it, simply go to your late fee policy settings and follow the steps outlined above.

If you need any assistance setting this up or have questions about how it can work for your specific situation, our support team is ready to help.

At Paidnice, we're committed to making accounts receivable management as flexible and hassle-free as possible. This new feature is just one more way we're helping businesses get paid faster while maintaining positive customer relationships.

About the editorial team

Written by Denym Bird Co-founder & CEO of Paidnice

Denym started Paidnice in 2022 after customers paying late left his own business short on payroll. He has led it to $1 billion collected on time across more than 1 million invoices, and writes about credit control, late fees and getting paid on Xero and QuickBooks.