Accounting and Invoicing - Odoo

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Payments and outstanding accounts

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Learn everything you need to grow your business with Odoo, the best open-source management software to run a company, at https://youtu.be/y1-jDIwahyE In this video, learn about Odoo's payment statuses and how to manage your payments. 0:00 Payment statuses 0:45 Outstanding accounts 1:45 Bank journal configuration 2:30 Register multiple payments 3:57 Register single payments from the invoice/bill (without outstanding account) 5:02 Register single payments manually (with outstanding account) 7:21 No bank reconciliation 8:50 Summary Need more information about Odoo apps? https://www.odoo.com/documentation/master/applications/finance/accounting/payments.html Discover Odoo, schedule a demo, or start your own Odoo revolution for free (no credit card required), at https://www.odoo.com/r/kASR

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1. What is the main purpose of the "Outstanding Receipts" and "Outstanding Payments" accounts?

To record the personal expenses of the business owner that are not related to the company. To act as temporary holding accounts for the time between registering a payment in Odoo and completing the bank reconciliation. To store the history of all the products that have been returned by customers.

2. What happens to the payment status of an invoice when a full payment is registered but not yet reconciled with a bank statement?

The status remains as "Not Paid" until the bank sends a physical letter. The status becomes "In Payment". The status immediately changes to "Paid" and the invoice is deleted.

3. What is the benefit of the "Group Payments" option when registering payments for multiple invoices?

It creates only one payment record per partner (customer/vendor) instead of one per individual invoice. It automatically gives a 50% discount to all selected customers. It sends a group chat message to all the customers to remind them to pay.

Accounting and Invoicing - Odoo

Payments and outstanding accounts

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