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Steve Switzer

I'm running Odoo V8 on my own server. I have some live data entered, but have not used it in production (yet). I'm planning to use Odoo exclusively for 2015, which is fast approaching.

In the U.S. it is standard practice to receive checks by mail from customers and mark the customer invoices as paid when the checks are received. At the end of the day (or week as I sometimes do), I deposit them all at once into my bank account. As such, receiving a customer payment into my "Bank" account breaks my standard flow.

I found a version 6 module via Google that referenced an "Undeposited Funds" account and journal that should be created, which gave me a clue, but I don't see any mechanism for this in Odoo itself. So, my questions are:

How should I go about setting up the account and journal for the most efficient method?

What's the best way to enter my deposit into Odoo? A journal entry?

What happens if a check bounces? Is there an easy way to "un pay" an invoice and charge a fee for NSF (Non Sufficient Funds)?

Thank you for your anticipated help!

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Steve Switzer
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I forgot to ask about the deposit of all funds in the "Undeposited Receipt" account into the bank. Ideally, it should tell me how much was received, ask me how much was deposited into which account, then perhaps write-off any loss.

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Akhil P Sivan
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Inorder to make a journal entry, you can use "Sales Receipt". And when you receive customer checks, you can use "Customer Payments" and when you choose a customer in that, it display the invoices or sales receipts associated with that customer. And when you enter amount, it will get automatically reconciled with those invoices or sales receipts, so that you can easily make and track the payments for customers. You can do unreconcile the payment, when the check got bounced for a customer. I think you can work around this. For any help feel free to contact<akhil.p.sivan007@gmail.com>

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Steve Switzer
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It's not perfect, but it's better than what I had. I just needed to add a few things to my chart of accounts first.

Thanks!

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FPT MEDIA
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Hi Steve - 

We have a similar situation, excep that all our transactions are credit card based. We recognize the payment, but the funds are not in our actual bank account, so we want to hold them as undeposited until reconciled.

In Odoo v8, we have a specific account (BNK2) setup that is for our merchant processor. This allows us to accept payment and deposit funds into this account and then use the reconcile feature after the funds are hard transferred into our checking account.

Using the Bank Statements feature within Accounting (under Bank & Cash) we can itemize the transactions and the specific account they come from (in this case, BNK2 - undeposited). Odoo allows for automatic import and reconciliation if you want to set this up or you can also use the 'Import Invoice' and 'Import Lines' buttons on the screen that allow you to rapidly reconcile and post the transaction funds into the correct accounts.

This makes it easy to track the 'transit' of funds, so to speak - from physical receipt or processing to deposit to holding period to funds available - regardless of whether it is check or credit card.

The process using the reconiliation system (Accounting > Periodic Processing > Reconciliation > Manual or Automatic Reconciliation) will allow you to process your checks in a way that is similar to Quickbooks or Sage. The only significant difference to point out is that Odoo does not natively allow for an easy download or connection to your bank; allowing for a quick correlation between actual bank data and journal entries.

Hopefully this helps clarify for v8. Good luck on your transition - we decided to do a 2015 cut-over to Odoo as well.

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