A businessperson knows that managing invoices will keep the company running smoothly. But we get it – invoicing can get a bit overwhelming. Odoo Accounting simplifies invoicing so you can manage invoices easily, minimize mistakes, and save time.
Throughout this guidebook, I am going to take you step-by-step, through how to set up and manage invoices in Odoo Accounting, so payments never fall through your hands. If you are new to Odoo or need a reminder on how to invoice, you’ll be ready in minutes!
Creating an Invoice in Odoo Accounting
If you have already installed Odoo Accounting, let us proceed to the fun part: creating and managing invoices! Here is how you can do it:
Step 1: Create a Customer Invoice
- Go to the “Invoicing” Tab: From your dashboard, click on “Invoicing” and then click on “Create.”
- Enter Customer Details: Select the customer from your database or create a new customer record. You can also assign the invoice to a sales order directly if you want.
- Select Products and Services: Select the products or services you are billing. Odoo maintains your product stock in place, so it is very easy to select and add the products. You can even add a description, tax, and discount here.
- Define Payment Terms: Choose the payment terms (e.g., Net 30, cash payment) so the customer knows when to pay.
Step 2: Customize Your Invoice
With Odoo, it is easy to customize your invoices with just one click. Here’s how to do it:
- Choose a Template: Choose from numerous pre-designed templates based on your brand. You can input your logo, contact information, and other brand information into the templates.
- Add Terms and Conditions: Add any other conditions, such as late fees, at the end of the invoice.
- Insert Taxes and Discounts: Odoo has simplified calculations for taxes. Any discount provided above the bill, you can insert the same directly.
Step 3: Save and Finalize the Invoice
Once you have your invoice ready, you save the same as a draft for verification, or you simply confirm the same. Whenever you confirm, your invoice will get activated and you can send the same to your customer directly from Odoo.
Managing Your Invoices in Odoo Accounting
Now that you know how to create an invoice, let us discuss how to process the invoice when it reaches you.
Invoice Statuses and Tracking
In Odoo, invoices are assigned statuses whereby you can, at a glance, tell where each one stands. The most critical ones are:
- Draft: The invoice is prepared but not yet sent to the customer.
- Sent: Invoice has been sent to customer but not paid.
- Open: Invoice has been sent to the customer and waiting to pay.
- Paid: Invoice is paid.
You can browse and search your invoices by status, so you will always be aware of what is happening with your payments.
Editing and Altering Invoices
You might need to alter an invoice once it is posted. Here’s how:
- Create Draft Invoices: You can edit invoices with a draft status at any time.
- Validated Invoices: Once confirmed, an invoice is locked, but you can still pay or change the due date. Significant changes need you to begin a new invoice.
Managing Recurring Invoices
If you have subscription-based business or regular customers, Odoo allows you to automate regular invoices. Simply make a template of a regular invoice and set the frequency (yearly, monthly, weekly). Odoo will automatically create the invoices and even send them to your customers on your behalf, saving your time and effort.
Processing Payments and Matching Against Invoices
Recording payments and reconciling them with invoices is an important aspect of processing invoices in Odoo Accounting. This is how it’s done:
Recording Payments
You can simply record payments in Odoo as soon as your customer has made the payment. Here’s how:
- Access the Payment Menu: In the Invoicing section, click on “Payments” and then “Register Payment.”
- Select the Invoice: Choose what the invoice payment is for.
- Record the Payment: Choose the means of payment (bank, cash, etc.) and input the sum. Partial payments can be made when necessary.
Payment Matching and Reconciliation
Odoo will automatically match payments with corresponding invoices. Reconcile manually in case of a mismatch. Your accounts remain constantly updated and correct in this manner.
Automating Your Invoice Workflow in Odoo
Automation is one of the strongest features of Odoo Accounting. Here is how you can leverage it.
Email Reminders and Alerts
Automate reminder emails for unpaid invoices. You can even automate follow-up so to receive payments at the top without even necessarily having to respond to it. Odoo lets you personalize email templates and send reminders as many times as you desire.
Automating Recurring Invoices
As I mentioned, you can also have invoice templates with recurring ones. So, Odoo will invoice for you, whether it is a subscription that occurs a month or a long project that occurs for months. Once, Odoo will take care of the rest!
Conclusion
It does not have to be difficult to create and manage invoices. You can make everything from sending bills to receiving money, even auto-flowing! You will be saving your time utilizing the facilities of Odoo, the errors will be minimized to the barest minimum, and you will be operating a business in an efficient manner.
Interested in Odoo Accounting? It’s time to find out what other features it has in store for you, like reporting and handling money, and make your company an even more efficient machine!
FREQUENTLY ASKED QUESTIONS - FAQs
Can I customize my invoice templates on Odoo?
Yes! Odoo provides you with the functionality to customize your invoice templates based on your brand, such as using your company logo and customized fields.
What happens if a customer hasn't paid their invoice on time?
With Odoo, issuing automatic reminders of late payments becomes effortless, as well as getting in touch with customers and receiving payments within time.
How can I track partial payments from invoices?
Yes, Odoo supports partial payments, and you can keep track of the remaining amount until an invoice is paid.
