Customer Invoices in Odoo 14 Accounting

Customer invoices are more advanced and easier to generate with Odoo 14. The advanced features and tools of the Accounting and invoices module in Odoo allows you to efficiently manage your business. 

This blog will take you through the various Customer Invoice options in the Accounting module of Odoo  

There are multiple options in Odoo for Customer invoices, understanding these options will allow you to have a better understanding of the Accounting and Invoice module in Odoo 14.

There are multiple options available to you to Automate the customer invoice creation in Odoo and the available options work on the basis of the business and the Application that you use. And usually, all of the draft accounts are created by the system with the assistance of the information coming from the other documents such as sales orders or contracts and the accountant just has to validate the draft invoices and send them in batches via mail or electronically. Depending on your business and the way it functions you can have multiple options to choose from to create draft invoices. These options include Sales order invoices, Sales order-Delivery order Invoices, eCommerce order invoices. Contracts can trigger invoices, both regular and recurring contracts create invoices along with manually creating the invoices.

Offering discounts is a traditional and effective way to increase sales. Cash discounts limited to a certain period of time will force your customers to pay for a product or a service within the limited time period itself. Setting up cash discounts allows you to boost your business to a great extent and allows your business and services to have a stronger relationship with the customers. Setting up a Cash discount feature in the Odoo Accounting module is easy. To do this go to the Accounting module and click on the Configuration tab for more options and from the drop options click on Management and in Payment terms click on Create to set up a new Cash discount. If the offer is given for a certain period of time or days you have to mention it in the space given for configuration. Add a percent type of term with a corresponding value. For example 98% of the total price for a 2% discount. You can change the default configurations of the Odoo Accounting module to suit your style of business management and so you can change the default balance term if it is necessary. 

After the initial configuration you can proceed to start offering the cash discount to your customers and to do this you can create a custom invoice and select terms for the cash discount payment that you have added. After the Validation of the Invoices, Odoo will split the account receivables part of the Journal entries into two installments with different due dates. Since the discounted prices are automatically calculated, your payment controls will be simplified by the Odoo. After the successful payment of the customer and if the customer has satisfied the payment terms for benefiting from the cash discount. When you process the bank statements match the payment with the related Journal entry. Then select the remaining cash discount and click on Create Write Off to restore it, this is where you grant the cash discount to your customers. 

Cash rounding is an essential part of business management and it totally depends on the rules and the regulations of the country in which the business is situated. Cash rounding is required when the least physical denomination of the currency is higher than the minimum unit of Account. 

To configure cash roundings in Odoo go to the  Accounting module and click on the Configuration tab and go to settings and enable Cash rounding and click on save. To create go to the configuration tab and click on cash roundings and click on create. Define the rounding features from here.

Payment terms are the set of terms of policies and terms that a company has set for its customers under various circumstances all related to the product or the services. With Odoo you can include the  Payment terms with the sales orders, customer invoices, Supplier bills, and contacts. An installment plan allows your customers to pay the invoices in several parts and the payment dates are defined before by the seller. Just apply all of the configurations and the Odoo system will automatically apply all of the configurations that you have entered.

These are payments made in advance by the customers for a product or service. These payments are considered liabilities for the company because it owes the customers a product or service. The Odoo Accounting module deals with the Deferred Revenues by spreading them in multiple entries that are automatically created in Draft mode of Odoo and posted periodically. The intelligent systems of the Odoo will take care of the entire intricate procedures for you after the initial configurations.  

The credit note is an essential document that is issued to a customer that notifies them that they have been credited a certain amount. In a business, there are several reasons for issuing a credit note to its customers and some of the reasons include a mistake in the invoice, a return of the goods or the rejection of the services, or the delivered goods are damaged. 

You can easily create and issue a credit note with the help of the Odoo Accounting module. Go to the Customers tab from the Accounting module and to the Credit note where you can find a Create key. Most of the time Credit notes are created or generated directly from their corresponding Invoices and to avail of this feature, you have to go to the Customer invoice and click on an Add credit note. Choose between the multiple refund options to use and the Journal entry will be automatically updated according to the refund option that you have opted for. 

Direct mail allows your customers to have a better look at the invoicing details quickly and also it helps to capture their attention quickly. Odoo allows you to send invoices worldwide directly from its database through Snailmail. To activate the Snailmail feature go to the Setting tab in your Accounting module and click on Snailmail and configure the options to avail the feature.