Odoo accounting is an excellent platform for accounts payable operations. First, it includes features that allow you to digitalize your business bills, categorize your payments, and deposit each bill’s ticket for accurate reconciliation.
Bill and Receipt Management
By including the Purchase App to Odoo’s accounting app, you can easily handle your purchase orders, and supplier bills. This tool also helps you complete bill, received products and receipt matching, as well as keep track of your expenses.
The Optical Character Recognition (OCR) of this feature also allows you to digitize your bills and receipts to reduce the workload and errors associated with manual processing.
Quick payment Methods
Odoo’s AP tool makes payable less demanding for your business. you can opt to pay via checks or by regionally-accepted bank transfers. You can also print checks, and automatically reconcile your payments with your bank statements.
Honestly, Odoo accounting does make accounts receivable operations easier than you can find with a host of other more expensive software. The AR’s aged receivable balance and customer reports help you monitor your AR operations effortlessly.
With Odoo’s invoicing process, you can automate your invoices, or go manual – especially when you have to give a refund or a discount, modify an invoice, or generate invoice for a secondary product or service. This function also includes follow-up to help you receive your payments faster.
Deferred Revenue Account
Odoo’s accounts receivable tool also creates a deferred revenue account where you can record advance payments made by customers for goods or services you’re yet to deliver. The software manages this revenue by distributing it across multiple entries created and posted in draft mode until they can be included in the profit and loss statement.
Discounts, Credits Notes and Refunds
With Odoo’s accounts receivables, you can offer your customers cash discounts on invoices you send to them. You can also issue credit notes and partial or full refunds to your customers when goods are returned or damaged, services are rejected, or there is an error in the initial invoice.
Batch Payment and Multiple Records
Odoo’s AP and AR provide an efficient way to process several invoices and bills at the same time. The entire process can be controlled from the user’s dashboard, and payments can be sent or received in a few simple clicks. This feature also allows you to reconcile your payments with your bills and invoices at a later time.
Payment Terms Set Up
A payment term defining tool helps you detail the conditions upon which a sale is deemed completed. These terms can include the payment due date, discounts and a host of other conditions.
You can apply your terms to your bills, invoices, contacts and sales orders to ensure that your customers pay up correctly and timely. This feature also ensures that your accounts’ payables are not erroneous and are completed in time.