Hello Guys, We are currently migrating financial data from QuickBooks to Odoo 18 and facing two challenges related to advance payments: *Vendor Advance Payment (Negative Open Bill)* In QuickBooks, we have a negative amount (-$500) in an open vendor bill, representing an advance payment made to a vendor. *Customer Advance Payments (Negative Balances)* Some customers have already paid in advance for a service that they are billed for monthly. Once their bill is generated, we deduct the amount fr

Accounting data is migrated to Odoo via an Opening Trial Balance. Some of those balances are for Accounts that represent totals of individual transactions, such as: Accounts Payable (outstanding vendor bills and credits) Accounts Receivable (outstanding customer invoices and credits) Inventory (a list of product quantity x product cost pair) Unapplied Customer down payments Unapplied Vendor prepayments Fixed Asset depreciation etc For these balances, the best practice is to use Clearing or Susp

Migrating Advance Payments from QuickBooks to Odoo 18

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Migrating Advance Payments from QuickBooks to Odoo 18

accounting customer payment prepayment vendor financial payables receivables advancepayment odoo18

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Zuhair

Hello Guys,

We are currently migrating financial data from QuickBooks to Odoo 18 and facing two challenges related to advance payments:

Vendor Advance Payment (Negative Open Bill)
- In QuickBooks, we have a negative amount (-$500) in an open vendor bill, representing an advance payment made to a vendor.
Customer Advance Payments (Negative Balances)
- Some customers have already paid in advance for a service that they are billed for monthly. Once their bill is generated, we deduct the amount from their advance balance.

Key Issue:

The bank balance has already been impacted in QuickBooks, meaning we do not want these transactions to affect the bank account again when importing them into Odoo.

Our Goal:

We want to import both vendor and customer advance payments in Odoo 18 in such a way that:

The vendor advance payment appears correctly as a prepayment without reducing the bank balance again.
The customer advance payments are recognized as liabilities (credit balance) without increasing the bank balance.

Has anyone encountered a similar scenario? What would be the best approach to handle this migration?

Thanks in advance.

Zuhair

Avtor

Thank you Ray!

Ray Carnes (ray)

Best Answer

Accounting data is migrated to Odoo via an Opening Trial Balance.

Some of those balances are for Accounts that represent totals of individual transactions, such as:

Accounts Payable (outstanding vendor bills and credits)
Accounts Receivable (outstanding customer invoices and credits)
Inventory (a list of product quantity x product cost pair)
Unapplied Customer down payments
Unapplied Vendor prepayments
Fixed Asset depreciation
etc

For these balances, the best practice is to use Clearing or Suspense Accounts.

Instead of importing a credit balance of $1,000 for Customer Liabilities representing three payments previously recorded, you would record a credit balance to a Clearing Account instead.

Then, when you import the three customer down payments, you would credit the Current Liability Account for $250 for Customer A, $500 for Customer B and $250 for Customer C, while debiting the Clearing Account.

At the end of this process, your Clearing Account would have no balance, and the Currently Liability Account would have a total balance matching the Opening Trial Balance.

When it comes time to "use" the Customer Deposit, you would select the Journal Item and use the Move to Account option from the Action Menu to reclass it to AR, it would then show at the bottom of any Customer Invoice for the applicable Customer to be applied.

This process has been covered quite extensively with prior questions on the Forum, and in our eLearning videos, please review:

https://www.odoo.com/forum/help-1/v14-best-way-to-setup-opening-starting-inventory-without-duplicating-the-amount-of-current-assets-on-the-balance-sheet-183440

https://www.odoo.com/forum/help-1/how-to-go-live-with-accounting-complete-set-up-in-v15-197693

https://www.odoo.com/forum/help-1/what-to-check-for-generic-accounting-go-live-186002

https://www.odoo.com/forum/help-1/setting-up-accounting-configuration-settings-is-there-a-checklist-of-things-i-need-to-manage-to-go-live-170049

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