Odoo 17 Financial Management - Customer Payments

The Odoo platform's specific Payments management menu, which is accessible in the Odoo Accounting module, enables the effective administration of client payments for invoices that have been issued for them for specified purchases. The Payments menu will reveal each of the Payments activities that have been defined for the operation of the business, as seen in the following screenshot. Together with the Payment, Date, Number, Journal, Payment Method, Customer, and, if appropriate, a description of a Batch Payment, the Amount, Status, SDD Scheme, and Currency will be defined. The state will be decided based on the color indicator that will display the operating state of the pertinent Customer Payments.

You may add new Customer Payments by selecting the Create option, and you can modify the data related to the particular Customer Payments that have been defined.

Choosing to generate new customer payments will trigger the window seen in the following screenshot. Here, you may select the payment method of either sending or receiving money. Additional details, such as the Partner Type and customer or vendor information, could also be given together with the destination account. The receiver of the Send Money is the Partner Type Vendor, whereas the recipient of the Receive Money is the Partner Type Customer. Additionally, the destination Account of the Customer will automatically be displayed with the Account Receivable after choosing Customer as the Partner Type and Receive Money as the Payment Type. Additionally, this function will be useful for keeping track of client accounts and obtaining payment for billed sums. If the payment is made to the organization or one of its partner firms, you can enable the Is Internal Transfer option.

Along with the Journal and Payment Method (Manual, Batch Deposit, or SEPA Direct Debit), you may also enter the Amount, Currency, Date, and Memo. The Recipient Bank Account can also be specified for the relevant Customer Payments.

When a customer's payment is received, any outstanding bills for that customer are added to the payment list. The payment can be added to the invoice using the payment matching option if the customer "Azure Interior" has a $1000 invoice and has made a payment of, say, $3000.

Then, open invoices for that client that need to be matched with the payment are shown when we click on payment matching; the pertinent invoice with the same amount that the customer needs to pay can then be picked with the payment and reconciled. Payment Matching is a function available on the Odoo platform.

Once the payments have been matched with the payment matching, the Account Receivable and the Outstanding Receipt Account are also deducted. After the account has been tallied up with the bank statement, the bank account must be debited and the unpaid receipts must be credited.

Once the Customer Payments setting is complete and the money has been delivered, you may register the payment, at which time the appropriate Payments menu will display a Sent label, as seen in the picture below.

Additionally, you may choose to Mark As Sent and Reset To Draft in order to modify the Payment's configuration. These settings will only be exposed to authorized Odoo platform users to guarantee that configuration operations are safely kept to the relevant managers and executives of the organization. All payments may also be sorted by a number of other criteria, including Draft, Posted, Sent, Reconciled, and Un-reconciled. Now that you know how the Odoo Accounting module manages customer payments, you can use it effectively. In the next section, we'll talk more about how to set up batch payments in Odoo Accounting.