Customer Payments in Odoo 18

Odoo18’s Accounting module provides a dedicated platform for keeping track of all customer payments. With Odoo 18, you can apply various filters such as Customer Payments, Vendor Payments, and Payment Date, making it easy to sort and track payment status. Custom filters are also available for more tailored tracking. Let’s explore how Odoo’s payment management tools can optimize your accounting workflows.

You can view payment history from the Payments menu item under the Customers’ menu.

You can switch between List, Kanban, and Graph views depending on your needs. Sorting is done with filters and grouping. Odoo18 offers the following default filters: Customer Payments, Vendor Payments, Internal Transfers, Batch Payments, Not Batch Payments, Posted, Sent, Bank Matched, Reconciled, Not Reconciled, Payment Date, and Checks to Print. To add custom filters, click the Add Custom Filters button.

 Clicking ‘Register payment’ for customer invoices or vendor bills automatically generates a journal entry and adjusts the outstanding balance. A corresponding entry appears in a substantial accounts receivable or payable account. Now, the status of the customer invoice or vendor bill is ‘In payment’. When a bank transaction is reconciled with the outstanding account balance, the status of the invoice or vendor bill will updated to “Paid.”

When creating a payment record for an internal transfer, you can enable the Internal Transfer field. An internal transfer is a transfer of funds between company accounts. You can change the Payment Type to Receive if you are paying a consumer. If you are paying a vendor, the Payment Type is Send. and You can enter the customer ID in the Customer section.

Using the corresponding fields, you can enter the amount, date, memo, and journal to record the payment, payment method, and company bank account. A variety of payment options are available to the customer, including manual, cheque, batch deposit, SEPA credit transfer, and SEPA direct debit. By clicking Confirm, you can approve the draft payment.

Now the matching smart button helps you to view the Journal Entries identified with this payment.

After the customer makes a payment, you can apply it to any outstanding invoices by using the Payment Matching smart button.

 If you’re reconciling multiple outstanding payments for a customer or vendor at once, you can use the batch reconciliation feature in Odoo. for that Go to Accounting > Reporting > Aged Receivable / Aged Payable. Here, you’ll see all unreconciled transactions for the selected contact. Once you choose a customer or vendor, the “Reconcile” option will appear, helping you to easily reconcile payments in bulk.

Once a payment is registered, the status of the invoice or bill changes to In Payment. The next step is to reconcile this payment with the corresponding bank transaction line to complete the payment process and update the financial records for accurate tracking and finalization of payments within the system.

Simplify Customer Payments with Odoo 18

Odoo 18 makes managing customer payments easy and efficient, from tracking payments to reconciling invoices. With its user-friendly features and flexible options, you can streamline your payment process, save time, and keep your financial records accurate.

Ready to improve your payment management? Contact Bassam info tech today to learn how we can help you implement Odoo 18 for your business