Introduction to the Revenue Reconciliation Mechanism

Public Channel / Odoo Experience 2015

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2. Introduction

6. Record Payments From Invoices

17. Bank Reconciliation

21. Batch Deposit

25. Intermediary Entries

28. Conclusion

30. Questions ?

8. From the invoice Full Payment

11. Record Payments From Transaction Statements

22. Batch Deposit Your clients pay by check

23. Batch Deposit Send a batch deposit to your bank

24. Batch Deposit Reconcile it with the related bank statement line

27. Intermediary Entries Trick : use the Operation Templates to apply preset counterparts.

13. From transaction statements Statement encoding/import Then click

14. From transaction statements Full Reconciliation -> Invoice closed

15. From transaction statements Partial Reconciliation -> Invoice still open with due amount updated accordingly

16. From transaction statements Write-offs (e.g. Discount for early payment) -> Invoice closed, write-off encoded as an expense

18. Bank Reconciliation Statements lines may also be reconciled with existing payment lines already reconciled with Receivable/Payable items.

1. Introduction to the Revenue Reconciliation Mechanism Frédéric Gilson – Odoo Professional Services

9. From the invoice Partial Payment & Write-offs o Write-off : e.g. discounts for early payment

20. Bank Reconciliation o Works exaclty like Invoice/Payment reconciliation. o Does not generate any journal entry.

10. From the invoice Trick : One payment for a couple of invoices o Record the payment outside the invoice o Open each invoice and reconcile with the payment

4. Introduction o Monitor your cash level o Track the remaining balances your clients owe you o Launch follow-up actions Why recording payments & reconciling with invoices?

12. From transaction statements o Bank, credit card, online payments, etc. o If the # of transactions requires batch processing o Ability to import from third-party systems o Tailored for accountants

3. Introduction o Issue customer invoices o Encode supplier bills & Process payments o Review payment statements o Update partner balances accordingly o Send payment reminders to clients As an Accountant, my weekly tasks consist in:

31. Odoo sales@odoo.com +32 (0) 2 290 34 90 www.odoo.com R&D and services office Chaussée de Namur 40 B-1367 Grand Rosière Sales office Avenue Van Nieuwenhuyse 5 B-1160 Brussels Thank You

7. From the invoice o Tailored for : – Small-size businesses without extended Accounting skills – < 100 transactions/month – Payments at the counter o Automatically reconciled

29. Conclusion With new Odoo apps for Billing & Accounting, record & reconcile payments the way that fits your own payment procedures (# of transactions, regional habits) in order to drastically improve your follow-up process and to get accurate book entries . Interfaces for Batch Deposit and Bank Reconciliation will be available in Odoo 9.

19. Bank Reconciliation Useful in a couple of situations : o Recording of a payment proof, o Payment at the counter (card, cash), o Bank statements provided by the bank only once a month, o Transactions with intermediary payment methods (Credit Card, Online Payments, etc.) that can be recorded on the fly (<100 transactions/month), o Etc.

26. Intermediary Entries If intermediary payment methods with more transactions: o Use one journal per payment method o Encode/import statements within those journals o Reconcile the related bank statement line with a specific counterpart balancing the payment method account Credit Card Statement Transaction 1 Transaction 2 Transaction 3 Bank Statement Line 1 Line 2 = Credit Card Balance Line 3

5. Introduction o From the invoice o From transaction statements (bank, cash, credit card, online payments, etc.) Odoo 9 introduces related useful tools: o Bank Reconciliation o Batch Deposit (for checks) o Intermediary Entries (for credit card & online payment) Odoo allows to record & reconcile payments:

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