Odoo is the world's easiest all-in-one management software.
It includes hundreds of business apps:
I would like to understand how reconciliation works on Odoo.
Because sometimes I can reconcile against invoice but also, sometimes I can reconcile against Invoice payment.
Can anyone help me understand:
Thanks
As banks have improved their technology
(a) the time it takes for money to move from one account to another has improved
- it often takes seconds / minutes / hours (first category) instead of days (second category).
(b) the time it takes for them to send you a bank statement has improved
- with real time synch it can be minutes / hours (first category) instead of weeks / end of the month (second category)
Entering Payments in Odoo is optional, meant only for those that will take days to process (or because you can't do daily bank reconcilation) and having them in Odoo is helpful to know your book balance.
If you are in the first category, we recommend reconciling with the invoice (daily) and not worrying about entering payments at all.
If you are in the second category, we recommend entering payments (configuring your Journal with outstanding accounts so your balance sheet is updated) and reconciling (as soon as possible) to the payment (which is already matched to an Invoice or Bill).
If just one of your payment methods (ie: paper checks) is slow, you can configure outstanding accounts JUST for that payment method and enter payments JUST for your checks.
TL/DR - only create Payments in Odoo if they won't show up in your bank statement a few hours later.
More information at https://www.odoo.com/documentation/master/applications/finance/accounting/payments.html
Thanks @Ray, Now it's clear to me.
Reconciling invoices in Odoo can be a bit of a maze, so I get why you'd be puzzled. Let's break it down a bit. When you reconcile directly against an invoice, you're typically dealing with a situation where a payment is received that matches an invoice amount exactly.
Sometimes, customers pay several invoices at once, or they might use several transactions for one invoice. In those cases, you reconcile against the payment. Think of it as matching payments to the outstanding invoices. You're mostly doing this under the customers menu in customer payments. The big idea is balancing accounts, making sure every yen, pound, or dollar matches up to an invoice or set of them.
Btw, dont overlook the auto-reconciliation features Odoo offers. It can save you a bunch of time, but it takes a bit of tweaking to match your business processes. Payments might come from different platforms, and matching these with invoices can make reconciling quicker. It’s a lot about getting familiar with your typical transactions. Spend some time figuring out these patterns and setting up rules, and Odoo can do this almost on autopilot.
Create an account today to enjoy exclusive features and engage with our awesome community!
Sign up| Related Posts | Replies | Views | Activity | |
|---|---|---|---|---|
|
1
Dec 24
|
1659 | ||
|
0
May 24
|
2268 | ||
|
2
Sep 22
|
5051 | ||
|
1
Jan 21
|
3069 | ||
|
1
Mar 15
|
5662 |
1. Use the live chat to ask your questions.
2. The operator answers within a few minutes.
