With Odoo 14, customer invoices are more sophisticated and easy to create. The Accounting and Invoices module in Odoo has extensive features and tools that help you operate your business more efficiently.
This article will walk you through the many Customer Invoice choices available in Odoo's Accounting module.
In Odoo 14, there are several choices for customer invoices; understanding these options will help you better grasp the Accounting and Invoice module.
There are a variety of ways to automate the generation of client invoices in Odoo, and the options you have depend on your business and the application you use. And, in most cases, the system creates all of the draft bills with the help of information from other documents such as sales orders or contracts, and the accountant's job is to simply check the draft invoices and send them in batches through mail or online. Depending on your organization and how it operates, you may have several choices for creating draft invoices. Sales order invoices, Sales order-Delivery order invoices, and eCommerce order invoices are all choices. Invoices can be triggered by contracts; both regular and recurring contracts can generate invoices, as well as invoices created manually.
Offering discounts is a tried-and-true method of increasing sales. Cash reductions that are only valid for a short time may compel your consumers to pay for a product or service inside that time frame. Setting up cash discounts helps you to push your firm to new heights while also strengthening your business and service relationships with clients. It's simple to set up a Cash discount function in the Odoo Accounting module. To do so, go to the Accounting module, select the Configuration tab for additional choices, then pick Management from the drop-down menu, then Create in Payment terms to create a new Cash discount. If the offer is only valid for a particular amount of time or days, you must specify this in the settings space. Add a percent type term with a corresponding value to the equation. For example, a 2% reduction would entail 98 percent of the entire price. You may customize the Odoo Accounting module's default settings to fit your business management style, including changing the default balance term if necessary.
Following the first setting, you can begin giving the cash discount to your clients by creating a unique invoice and selecting conditions for the cash discount payment you've introduced. Odoo will separate the account receivables section of the Journal entries into two installments with distinct due dates when the Invoices have been validated. Odoo will make your payment controls easier because the reduced rates are computed automatically. After the client has made a successful payment and has met the payment terms, the customer will be eligible for a cash discount. When processing bank statements, be sure to link the payment to the appropriate Journal entry. Then, to restore the leftover cash discount, pick it and click Create Write Off. This is where you give your clients the cash discount.
Cash rounding is an important aspect of business management, and it is entirely dependent on the norms and regulations of the country where the company is located. When the least physical denomination of the currency is more than the minimum unit of Account, cash rounding is necessary.
To set up cash roundings in Odoo, go to the Accounting module, select the Configuration tab, then Settings, then Enable Cash Rounding, then Save. To get started, go to the setup tab and select cash roundings, then create. From here, define the rounding characteristics.
Payment terms and installment plans
Payment terms are a collection of policies and conditions that a firm has established for its consumers in a variety of situations, all of which are connected to the product or service. Payment conditions may be included with sales orders, customer invoices, Supplier bills, and contacts in Odoo. An installment plan lets your clients to pay their invoices in installments, with the payment dates set by the seller ahead of time. Simply apply all of the configurations, and the Odoo system will apply them all automatically.
Customers make these payments in advance for a product or service. Because the firm owes the consumers a product or service, these payments are termed obligations. The Deferred Revenues are handled by the Odoo Accounting module by splitting them up into numerous entries that are automatically produced in Odoo's Draft mode and posted on a regular basis. Following the first settings, Odoo's sophisticated systems will take care of the entire complicated operation for you.
Credit notes and refunds
The credit note is an important document that informs a client that they have been credited with a specific amount. There are numerous reasons for a firm to provide a credit note to its consumers, including an error on the invoice, the return of products or the rejection of services, or the supplied items being damaged.
The Odoo Accounting module makes it simple to produce and send a credit note. From the Accounting module, go to the Customers page and then to the Credit note, where you'll see a Create key. Credit notes are usually made or generated straight from their related Invoices, and to use this function, go to the Customer invoice and click on the Add credit note button. Choose from a variety of return choices, and the Journal entry will be immediately changed to reflect the refund option you choose.
Invoices by Post
Direct mail allows your clients to have a better look at the contents of their invoices while also capturing their attention. Odoo's Snailmail feature allows you to send invoices internationally straight from its database. To use the Snailmail function, go to the Accounting module's Setting tab and select Snailmail from the drop-down menu. Configure the parameters to use the feature.