Odoo 14 Community Edition

Journals

The journals are the effective data recording aspect of the accounting operations as regards the transactions conducted. In the Odoo platform, all the financial documents associated with a company are recorded as journal entries. It is the record of transactions ordered by date.

The journal menu in the platform can be accessed from the configuration tab of the invoicing module.

Invoicing -> Configuration -> Accounting -> Journals.

The image of the journal’s window is depicted below.

Odoo 14 Invoicing Module

In this journal window, you can view all the journals described in the platform along with the journal name, type, and company. You also have the provision to create a new one by selecting the create icon. The image of the creation window is depicted below.

Odoo 14 Invoicing Module

In this journal creation window, you can provide the journal name, allocate journal type from the dropdown menu. You can select the sales for customer invoices journals and the purchase can be selected for the vendor bills journals, select cash or bank for journals that are used in customer or vendor payments. Additionally, you can specify the company related to this journal.

Under the Journal Entries tab, you can allocate the accounting information such as Shortcode which is the shorter name used for the display. The journal entries of this journal will also be named using this prefix by default. Also can define the Currency used to enter a statement.

Under the Advanced Settings tab, you can provide the Control - Access information such as Allowed account types, allowed accounts. Also, you can enable or disable the option Lock posted entries with hash. If you are enabling this option, the accounting entry or invoice receives a hash as soon as it is posted and cannot be modified anymore.

Now let us discuss the journal types.

Journal types

All the journal entries of this module should be configured for the operation under the journal types defined. That means by giving a journal type on journal entries you are specifying that the current journal comes under an accounting document. Here in the Odoo platform, the journal type can be defined under the journal types menu available from the configuration tab of the invoicing module.

Invoicing -> Configuration -> Accounting -> Journal groups.

The image of the journal group window is depicted below.

Odoo 14 Invoicing Module

In the Journal group window, you can view all the journal entries defined in the platform and you can create a new one by using the create icon available in the window.

Odoo 14 Invoicing Module

You can allocate the new one in the same window along with the details such as journal group name, the excluded journals, and the company related to this operation.

As we clear on the feature Journal Types available in the platform and now let us discuss another feature Incoterms.

Incoterms

The Incoterms are the fifteen trade terms of sales published by the International Chamber of Commerce ( ICC ) and it is accepted worldwide in an allocation of cost and responsibilities between the seller and the purchaser. These international commercial terms (incoterms) can be used in both international and domestic trade contracts. This feature can be accessed from the configuration tab of the invoicing module. The image of the Incoterms window is depicted below where you can view all the incoterms defined in the platform along with the name and the code.

Odoo 14 Invoicing Module

You have the provision to create a new one and this can be done in the same window itself by clicking on the create icon.

Odoo 14 Invoicing Module

The created incoterms must be reliable for all the business operations. Now we are clear on the incoterms in the platform and now let us discuss the configuration of Payment terms.

Payment terms

The payment terms are the various conditions followed by the customer and the supplier to make payments for the product and services. It can be applied to both supplier bills and customer invoices. One of the examples for defining payment terms is to pay 60 percent within 7 days and the remaining balance can pay within 30 days. The Odoo platform allows you to describe the various payment terms and the menu can be accessed from the configuration tab of the module.

Invoicing -> Configuration -> invoicing -> Payment terms.

The image of the window is depicted below.

Odoo 14 Invoicing Module

Here in this payment terms window, you can view all the described payment terms in the platform and you can create a new one by selecting the Create icon available.

The image of the payment terms creation window is depicted below where you can provide a name for the payment terms and you can allocate the company where this payment terminology should be used if you have multiple companies. The descriptions that should be mentioned on the invoice which is the payment term explanation for the customer can be provided in the allocated box.

Odoo 14 Invoicing Module

Additionally, you can define the terms by selecting the Add a line option where you will be depicted with a new pop-up window for creating terms. In the pop-up window, you can mention the term type. It can be allocated as balance, percentage, or fixed amount. You can select the term type depending on your business requirements. Moreover, the due date computation can be defined. It can be made based on the day after the invoice date, day after the end of the invoice month, last date of the following month, or last date of the current month, and this can be selected from the dropdown menu available. Then you can select the save & close button to add the terms to your payment terms window.

Odoo 14 Invoicing Module

So far we were discussing the configuration of Payment terms in the platform and now let us move on to the analytical account option available.

Analytical accounting

The analytical accounting feature in the Odoo platform can be used in business to track and record the financial aspect of the majority of sectors inside a company such as sales, purchase, and invoicing and the various financial aspects included to find out where the funds of the company are being spent and are retained. The Odoo Analytic Accounting allows you to create Analytic accounts, Analytic Tags without creating more accounts in the Chart of accounts. This feature can be used for various requirements such as analyzing the cost of the company, reinvoicing the time to a customer, and analyzing the performance of a service or project.

The analytical accounting feature in the Odoo platform can only be accessed if you enable the Analytic accounting option available under the Analytics tab of the settings menu.

Odoo 14 Invoicing Module

Now the analytical accounts menu can be accessed from the configuration tab of the invoicing module as depicted in the below image.

Odoo 14 Invoicing Module

On selecting the Analytic accounts menu you will be directed to the Analytic Accounts window as depicted below where you can view a list of all the created analytic accounts along with the name, customer, company, debit, credit, and balance. It is possible to edit them by selecting the edit button.

Odoo 14 Invoicing Module

You can create a new Analytics Accounts by selecting the Create icon available. The image of the creation window is depicted below.

Odoo 14 Invoicing Module

In the creation window, you can provide the name of the analytic account along with the reference number and the customer details. Moreover, you can allocate a group, a company related to this operation, and the currency. After providing all the fields you can save the details by selecting the Save icon available.

So far we were discussing the Analytic Accounts window available in the platform and now let us move on to the Analytic tag option available in the module.

Analytic Tags

In the Odoo invoicing module, you have the option Analytic tags, and the expense and profits can be distributed among the different analytical accounts using this feature analytic tag. The analytic tags window in the platform can be accessed from the configuration tab of the invoicing module.

Invoicing -> Configuration -> Analytic accounting -> Analytic tags.

The image of the Analytic tags window is depicted below where you can view all the analytic tags described in the platform.

Odoo 14 Invoicing Module

On selecting the Create icon you can create new analytic tags and the image of the creation window is depicted below.

Odoo 14 Invoicing Module

Here in the creation window, you can allocate the name of the tag, enable the analytical distribution option and specify the company.

As we are clear on the Analytic tags option available in the platform and now let us move on to the next section.

Customer invoice to payments

In the Odoo platform, you have the provision to follow different approaches to automate the customer invoice creation based on your business and the application you use. Generally, draft invoices are made by the framework ( data originating from different reports like sales orders or contracts) therefore the accounts can easily approve or validate the draft invoice and send the solicitations in batch (by customary mail or email).

It is possible to create customer invoices directly from the dashboard by accessing the Invoices button available under the Customers tab.

Invoicing -> Customers -> Invoices.

The image of the window is depicted below.

Odoo 14 Invoicing Module

On selecting the Invoices menu you will be navigated to the Invoices window where you can view all the invoices described in the platform along with the reference number, Customer details, Invoice date, Due date, Next activity, Company, Tax excluded, Total amount, Status, Payment status. The image of the window is depicted below.

Odoo 14 Invoicing Module

In this window, you can view a Create icon on the top left corner. By selecting this icon you can create new invoices. The image of the creation form is depicted below.

Odoo 14 Invoicing Module

Here in this window you can allocate the Customer details using the drop-down menu and provide the Delivery address along with the Payment Reference. Moreover, the Invoice date, Due date, Journal can be specified under the respective field.

Under the Invoice lines tab, you can add the products which the customer intends to buy via clicking on the Add a line option available. It is also possible to add a section and a note by selecting the respective tab.

Moreover, you can add a journal item by selecting the Add a line option available under the Journal Items tab.

Odoo 14 Invoicing Module

Now let us move on to the Other Info tab available in the invoices window. Under this tab, you can provide the Invoice, Marketing, and Accounting details. In the Invoices field, you can allocate Customer Reference, Salesperson, Sales Team along with the Payment QR-code and Recipient Bank. Recipient Bank is the bank account number to which the invoice will be paid. As for the Marketing details, you can define the type of Campaign. This is a name that helps you keep track of your different campaign efforts like Christmas specials. Also can allocate the Medium using the dropdown menu. It is the method of delivery such as banner, email, direct, and many more. Moreover, you can specify the Source of the link such as the search engine, another domain, or name of the email list, and so on. Finally, you can mention the Accounting details such as the Company related to this journal, Incoterms, Fiscal position using the dropdown menu.

Additionally, you can specify the Cash Rounding Method. Finally, you can check the box near the option Post Automatically. So the entry will be automatically posted at its date. At last, you have one more option named To check. This option means that the user was not sure of all the related information at the time of the creation of the move and that the move needs to be checked again. After filling in all the required information you can select the Save button to save details. Then you can click on the Confirm button. Now the status will change from Draft to Posted. The image of the window is depicted below.

Odoo 14 Invoicing Module

In the above window, you can view different tabs on the top window named Send & Print, Register Payment, Preview, Add Credit Note, Reset to Draft. If you click on the Register payment button, you will be navigated to a Register payment window where you can describe the details. You can define the Journal, Recipient bank account along with the Amount date, Payment Date, Memo. after entering all the required details you can select the Create Payment icon.

Odoo 14 Invoicing Module

By selecting the Create Payment button you will be directed to a new window where you can view a green tag with Paid status. This means the invoice has been paid for. The image of the respective window is depicted below.

Odoo 14 Invoicing Module

Now you can go to the Sales window of the invoicing module. It can be accessed from the accounting tab. Here in this window, you can view the journal entry that was automatically created for the invoice. The image of the window is depicted below.

Odoo 14 Invoicing Module

You can click on them to get the journal entry with debit and credit balanced.

Odoo 14 Invoicing Module

Now you can view the payment details under the Payment window available in this module. The window can be accessed by taking the route Invoicing -> Customers -> Payments.

The image of the window is depicted below.

Odoo 14 Invoicing Module

Here in this window you can view the invoice payment details such as Payment Method, Journal, Customer and Company name, Date, Number, Amount, Status, and Currency.

Odoo 14 Invoicing Module

So far we were discussing the Invoice creation and Payments available in the module and now let us discuss the feature of Cash rounding in the platform.

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