Reconciling invoices that are in payment is essential for keeping control of your finances and ensuring customer payments are correctly reflected in the system. In Odoo, this process is straightforward and helps you manage accounts receivable efficiently. In this article, we will show you how to reconcile invoices that are in payment so your company's financial information stays up to date and free of errors.
To reconcile an invoice, first note some of its details.
Go to the POS main menu and open the "Purchase" module
Inside the Purchase module, you can view all the vendor bills you have created.
Find the bill that is in payment. For this example, select the last one.
Selecting the bill displays its associated details.
Once inside, click the "Payment Invoice" tab in the upper-right corner
In the payment invoice section, check the following details.
1. Its status is "In Payment"
2. Click the "i" icon inside a dark green circle in the lower-right corner.
3. In the pop-up displayed by this button, note the payment type. In this case, it is "Payment Journal: CASH (Manual)".
4. Note the invoice amount. In this example, the total is " $ 339.085.oo Cop "
5. Finally, click "View" in the lower-right corner of the pop-up
Keep these details available or make a note of them to reconcile the invoice.
Clicking "VIEW" displays this information. In all cases, it is important to have the invoice reference.
In this case, copy the reference to your computer's clipboard.
Once you have saved or noted the details above, return to the POS main menu and open the "Accounting" module.
Inside Accounting, the following cards appear. You can carry out the invoicing in the "Cash" or "Bank" card, as appropriate.
For this example, go to the "Cash" card and click the link below the button labeled "New Transaction".
A form will immediately open to create a reconciliation invoice. Enter the following details.
1. Reference: you can use any name, but we recommend using the reference copied in step #6 to make it easier to match the invoice to the reconciliation.
2. Select the "Journal", which in this example is "CASH (Manual)" or simply "Cash", as noted earlier in step #5.
3. Enter the invoice date. In this example, the invoice was issued on "18/02/2023".
4. Enter the Opening Balance. Since this is a vendor bill payment, the opening balance is 0.
5. Enter the Closing Balance. In this example, enter a negative value because you are reconciling a payment to a vendor.
6. Add a new line with the following details:
- Date: today's date.
- Label: the reference copied earlier
- Partner: the vendor's name, if the invoice includes one. Otherwise, leave it blank.
- Amount: the invoice amount, which is the same as the "Closing Balance"
The details should match those shown in the image.
Once you have entered the details, click "POST" in the upper-right corner
After posting the reconciliation invoice, a "RECONCILE" button will appear in the same location.
Clicking this button takes you to this view.
Find the invoice that is in payment and select it.
In this example, the invoice appears as the first item in the list of invoices that are "In Payment"
In some cases, it may not appear immediately in the list of available invoices.
Use the search box below the initial row to find it.
Enter the reference copied earlier in the search box and run the search. (This is why it was important to include the reference in the reconciliation invoice's name.)
Select the available option in the list that matches the invoice again.
If you did not enter a partner in the reconciliation invoice, the system associates it automatically. Check that it is correct in the Purchase module by matching the vendor's name to the partner in this view.
If everything is correct, the view should look like this. If it adds more information than usual, the amount may be different and you should check the original amount again.
After confirming the details, click "VALIDATE".
When you click Validate, the module displays this screen, indicating that the invoice has been reconciled correctly.
If you return to the Purchase module and check the same invoice, the label in the upper-right corner will now show "Paid".
Reconciling invoices that are in payment is key to sound financial administration. By following these steps in Odoo, you can keep your accounts up to date, minimize discrepancies and maintain a healthy cash flow. Make this a regular practice to gain a clear, accurate picture of your company's financial position and improve decision-making and the efficiency of your accounting processes.