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Rashid Shahid

I noticed in Odoo V14 there are two new accounts in a Cash Journal, Outstanding Receipt and Outstanding Payments. When I click on Register Payment on an Invoice and select my Cash Journal the invoice Status goes to In Payment. I can't figure out what I need to do now to make this invoice in Paid Status. Also what I need to do in order to have the cash received reflect into the Cash Account instead of the Outstanding Receipts Account. Below is a video showing my current procedure.

https://youtu.be/d4OsvD-eA-I

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Ray Carnes (ray)
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At the start of each day, create a Cash Log.  Click NEW TRANSACTIONS:



Enter the STARTING BALANCE for your float, let’s say you start with $1000 to give change:



Create your Invoices and register Payments as you normally would, then at the end of the day, come back to the Journal (you will see how much cash your Customers paid you, in this example, we received $600 in cash payments):


Click NEW TRANSACTIONS again, enter the amount of cash you received during the day as a line item in the Transactions section and enter the ENDING BALANCE, verifying it matches your end float.




Click SAVE and POST and then RECONCILE:

You will see all the recorded payments for the day:


You then click each of them (make sure no Partner is selected after you find the first amount) and can match them to the daily Cash Sales amount:




Note: If your real ending cash balance is over or under the computed balance, you will need to add another line for the amount over/under so you can match it to your over/under account during reconciliation.

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Rashid Shahid
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You're the best Ray! Thanks for the detailed answer. This should probably be in the documentation

Ray Carnes (ray)

Note that as of this week, we are allowing a CASH Journal to bypass the OUTSTANDING accounts (you would use the same GL account for each of (1) the Cash Account; (2) the Outstanding Reciepts; and (3) the Outstanding Payments. Cash transactions will then bypass the IN PAYMENT status and these Journals won't have to be reconciled like I describe above. This configuration supports organizations that have no Cash Report and/or who don't wish to reconcile Cash. We recommend not using the Cash Journal for any other purpose if this is the case. If you use Cash to pay expenses, to advance employees, or anything resembling a cash box [or if you are required to keep a record of cash inflows], you can benefit from creating a second Cash Journal that does use the Outstanding accounts so you can generate and reconcile statements at the time you count the float and/or close your books.

Elvis Skora

@ Ray Has the logic been changed for Internal Transfers in v14? When doing in v14 a cash or bank internal transfer, it does not appear the field 'Transfer To' Journal like in v13?

Elvis Skora

@Ray Thanks a lot for the detailed answer.

Ray Carnes (ray)

A way to optimize this process would be to use BATCH PAYMENTS. For each DAY create a BATCH, then you only have to reconcile ONE line with your cash intake for the day, not all the individual blue payment lines.

Paresh Wagh

@Ray: You the man. Thanks for the clear and crisp explanation. It has saved the day for me.

Paresh Wagh

Hi Ray: Quick follow up question. Is it appropriate to "write-off" the over/under during reconciliation in addition to entering it in the Float?

Ray Carnes (ray)

The starting balance PLUS the transactions has to equal the ENDING BALANCE (we do this by not allowing the Float / Statement / Day) to post unless the ENDING BALANCE matches the COMPUTED BALANCE. If you have lost or found money during the close, you can write it off to an over/under account during reconcilation but it should not be entered anywhere else - only KNOWN amounts are entered in the Float.

Hello Ray,

I can't find how to configure the cash journal to bypass the OUTSTANDING accounts. Is it in the payments configuration tab of the journal ? Could you explain please?

Ray Carnes (ray)

You would use the same GL account for each of (1) the Cash Account; (2) the Outstanding Receipts; and (3) the Outstanding Payments. So on the Journal, set each of these to the same account. Cash transactions will then bypass the IN PAYMENT status and these Journals won't have to be reconciled like I describe above.

Ali Mahmoud

Hey Ray!

Thanks for your answer it's very helpful.

but i need to ask if it's OK to change the Outstanding Receipts Account & Outstanding Payments Account and make them refer to the cash account instead, because i have watched a video telling to do so.

Is this correct to do? and thanks again

Ray Carnes (ray)

Check my comment of November 6th - I have said we allow this, how to do it and what happens when you do.

Germán Barrientos Mora

This procedure should be in User Documentation, it is so valuable.

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