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This page summarises the way Odoo deals with typical accounts and transactions. Double-entry bookkeeping Odoo automatically creates all the behind-the-scenes journal entries for each of your accounting transactions: customer invoices, point of sale order, expenses, inventory moves, etc. Odoo uses the rules of double-entry bookkeeping system: all journal entries are automatically balanced (sum of ...



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Odoo supports multiple invoicing and payment workflows, so you can choose and use the ones that match your business needs. Whether you want to accept a single payment for a single invoice, or process a payment spanning multiple invoices and taking discounts for early payments, you can do so efficiently and accurately. From Draft Invoice to Profit and Loss If we pick up at the end of a typical 'or...



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Once vendor bills are registered in Odoo, you can easily pay vendors for the correct amount and at the right time (not too late, not too early; depending on your vendor policy). Odoo also offers reports to track your aged payable balances. If you want to control vendor bills received from your vendors, you can use the Odoo Purchase application that allows you to control and pre-complete them autom...



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SEPA, the Single Euro Payments Area, is a payment-integration initiative of the European Union for simplification of bank transfers denominated in EURO. SEPA Direct Debit allows you to withdraw money from the bank accounts of your customers with their approval. SEPA is supported by the banks of the 28 EU member states as well as Iceland, Norway, Switzerland, Andorra, Monaco and San Marino. With Od...



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Depending on your business and the application you use, there are different ways to automate the customer invoice creation in Odoo. Usually, draft invoices are created by the system (with information coming from other documents like sales order or contracts) and accountant just have to validate draft invoices and send the invoices in batch (by regular mail or email). Depending on your business, yo...



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Cash discounts are incentives you can offer to customers to motivate them to pay within a specific time frame. For instance, you offer a 2% discount if the customer pays you within the first 5 days of the invoice, when it is due in 30 days. This approach can greatly improve your average collection period. Set up a cash discount To set up a cash discount, go to :menuselection:`Accounting --> Confi...



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In some currencies, the smallest coins do not exist. For example, in Switzerland, there is no coin for 0.01 CHF. For this reason, if invoices are paid in cash, you have to round their total amount to the smallest coin that exist in the currency. For the CHF, the smallest coin is 0.05 CHF. There are two strategies for the rounding: Add a line on the invoice for the rounding Add the rounding in the...



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In order to manage installment plans related to an invoice, you should use payment terms in Odoo. They apply on both customer invoices and supplier bills. Example, for a specific invoice: Pay 50% within 10 days Pay the remaining balance within 30 days Note payment terms are not to be confused with a payment in several parts. If, for a specific order, you invoice the customer in two parts, that'...



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Payment terms define the conditions to pay an invoice. They apply on both customer invoices and supplier bills. Example, for a specific invoice: Pay 50% within 10 days Pay the remaining balance within 30 days Note Payment terms are different from invoicing in several areas. If, for a specific order, you invoice the customer in two parts, that's not a payment term but invoice conditions. Confi...



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In Odoo, it's not possible to modify an invoice that has been validated and sent to the customer. If a mistake was made on a validated invoice, the legal way to handle that is to refund the invoice, reconcile it with the original invoice to close them and create a new invoice. Modifying a validated invoice If you need to modify an existing invoice, use the Refund Invoice button on the invoice. In...



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There are two ways to handle payments received by credit cards. Odoo support both approaches so that you can use the one that better fits your habits. Undeposited Funds (mostly used in european countries): once you receive the credit card payment authorization, you record a payment by credit card on the invoice (using a Credit card journal and posted on the Undeposited Fund account). Then, once t...



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In Odoo, a payment can either be linked directly to an invoice or be a stand alone record for use on a later date: If a payment is linked to an invoice, it reduces the amount due of the invoice. You can have multiple payments linked to the same invoice. If a payment is not linked to an invoice, the customer has an outstanding credit with your company, or your company as an outstanding balance wit...



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There are two ways to handle payments received by checks. Odoo support both approaches so that you can use the one that better fits your habits. Undeposited Funds: once you receive the check, you record a payment by check on the invoice. (using a Check journal and posted on the Undeposited Fund account) Then, once the check arrives in your bank account, move money from Undeposited Funds to your b...



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Transcript Odoo is beautiful accounting software designed for the needs of the 21st century. Odoo connects directly to your bank or paypal account. Transactions are synchronized every hour and reconciliation is blazing fast. It's like magic. Instantly create invoices and send them with just a click. No need to print them. Odoo can send them for you by email or regular mail. Your customers pay onl...



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It is essential for your business to collect payments when they are overdue. Odoo will help you identify payments that are late and will allow you to send the appropriate reminders. Manage your follow-ups Tip We recommend that you reconcile your bank statements before launching your follow-up process. It will avoid you the trouble of sending a statement to a customer that has already paid you. ...



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The Purchase application allows you to manage your purchase orders, incoming products, and vendor bills all seamlessly in one place. If you want to set up a vendor bill control process, the first thing you need to do is to have purchase data in Odoo. Knowing what has been purchased and received is the first step towards understanding your purchase management processes. Here is the standard work fl...



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Once you decide to pay a supplier bill, you can select to pay by check. Then, at the end of the day, the manager can print all checks by batch. Finally, the bank reconciliation process will match the checks you sent to suppliers with actual bank statements. Configuration Install the required module To record supplier payments by checks, you must install the Check Writing module. This module hand...



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Odoo provides a simple and effective way to handle several bills at once, with various quick or complex options. With one single process, anyone is able to handle bills and payment in just a few clicks. Pay multiple bills with one payment Record several payments In the following example, we will generate some bills. You can control the whole process from your accounting dashboard (first screen y...



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When you get hundreds of vendor bills per month with each of them having different payment terms, it could be complex to follow what you have to pay and when. Paying your vendors too early can decrease your cash availabilities and paying too late can lead to extra charges. Fortunately, Odoo provides you the right tools to manage payment orders to vendors efficiently. Configuration: payment terms ...



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The cash register is a journal to register receivings and payments transactions. It calculates the total money in and out, computing the total balance. Configuration Configure the Cash journal in :menuselection:`Accounting --> Configuration --> Journals`. In the tab Journal Entries, the Default Debit and Credit Account can be configured as well as the currency of the journal Usage How to re...



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In Odoo, every transaction is recorded in the default currency of the company. Reports are all based on the currency of the company. But for transactions occurring in another currency, Odoo stores both the value in the currency of the company and the value in the currency of the transaction. When you have a bank account in a foreign currencies, for every transaction, Odoo stores two values: The d...



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With Odoo, you can synchronize your PayPal account. That way, you don't have to record all your PayPal transaction in your favorite accounting software. The synchronization is done every 4 hours, and you can start reconciling PayPal payments in just a click. Configuration Install the account_yodlee module Start by installing the account_yodlee module, if it is not already installed. To do that, ...



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A company might have several bank accounts or cash registers. Within odoo it is possible to handle internal transfers of money with only a couple of clicks. We will take the following example to illustrate. My company has two bank accounts and I want to transfer 50.000 euros from one of our bank accounts to the another one. Configuration Check your Chart of Accounts and default transfer account ...



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Overview Linking your bank statements with your accounting can be a lot of work. You need to find invoices back, relate payments and that amount of administration can cast a lot of time. Luckily, with Odoo you can very easily link your invoices or any other payment with your bank statements. Two reconciliation processes exist in Odoo. We can directly register a payment on the invoices We can rec...