Odoo is the world's easiest all-in-one management software. It includes hundreds of business apps:
CRM | e-Commerce | Accounting | Inventory | PoS | Project management | MRP | etc.
Here is the flow:
- You have an open customer invoice. From an accounting standpoint, you have:
- A/R: Debit $100
- Sales journal: Credit $100
- The customer pays you with a check, then you go to your bank to deposit the check. In OpenERP, you either register the payment and use your Check Journal and then create a bank statement and manually reconcile it with the payment. Or you create a bank statement right away, select the open invoice and OpenERP will create the payment and reconcile it with the statement in one operation. From an accounting standpoint, the payment will create a journal entry that is:
- A/R: Credit $100
- Check journal: Debit $100
And the deposit:
- Check journal: Credit $100
- Bank journal: Debit $100
- You go to your bank to withdraw cash (in fact you do it at the same time you came to deposit your check). In OpenERP, you manually create a journal entry to transfer money from your bank account (bank journal) to your cash journal.
- Bank journal: Credit $100
- Cash journal: Debit $100
Please try to give a substantial answer. If you wanted to comment on the question or answer, just use the commenting tool. Please remember that you can always revise your answers - no need to answer the same question twice. Also, please don't forget to vote - it really helps to select the best questions and answers!
About This Community
This platform is for beginners and experts willing to share their Odoo knowledge. It's not a forum to discuss ideas, but a knowledge base of questions and their answers.Register
Odoo Training Center
Access to our E-learning platform and experience all Odoo Apps through learning videos, exercises and Quizz.Test it now
|Asked: 2/23/14, 9:37 AM|
|Seen: 2214 times|
|Last updated: 6/6/16, 5:00 AM|