Invoice Management in Odoo 15. Accounting Module: What Should You Know?

Procedures related to the company’s invoice management can be quite challenging, yet most of the issues can be reduced by proper tools. And Odoo Accounting Module is one of the most efficient of them! It’s a standalone invoicing app allowing users to make invoices, send them to clients, and collect/manage all the company’s payments. In other words, Odoo is able to supply companies with an efficient accounting module to handle all invoice-related activities and, thereby, eliminate possible troubles and inconveniences connected with invoices.  With that, the Invoice module is highly appraised by users for its trustworthiness and real-time processes. 

How Does It Work?

The Odoo ERP system’s fundamental goal is to facilitate invoice layouts. It is an important element of invoice management since the format often reflects the reliability of the corporation. Naturally, along with the invoice layout options, Odoo invoice manager helps you easily create professional-level invoices.

To simplify the whole process, draft invoices are automatically filled by the system with the data coming from your other documents like sales orders or agreements, and then the accountant may confirm these draft invoices and mail them directly to the clients.

Depending on your business sphere and the applications you already use, there are different ways you can automate customer invoice creation in Odoo. 

Delivery Order vs. Invoice

Merchants and eCommerce invoices are based on delivery orders instead of sales ones. Such an approach is ideal for businesses where the number of delivered products differs from the requested quantities.

If the company delivers a partial order, it invoices for only what was supplied. If you do back orders (pay partially), the customer will receive two invoices, one for each delivery order.

e-Commerce vs. Invoice

The Odoo invoice management system will start creating the order when it is completely paid. If the company permits paying charges by check or wire transfer, Odoo will make the demand and the invoice will be activated once the payment is accepted.

Contracts vs. Invoice

By employing regular contracts, the company may get invoices automatically (time, material spent, and costs are taken into account). Each month, the seller makes an invoice based on the contract’s actions.

Actions are:

• Fixed products/services (from a sale order linked to the contract).
• Materials purchased (that you will re-invoice).
• Time and material based on timesheets or purchases (subcontracting).
• Expenses like travel and accommodation that you re-invoice to the customer.

The company can invoice at the end of the contract. This method is mainly used by companies that provide some services.

Payment Rules vs. Invoice

Odoo Payment Terms are guidelines the company includes on an invoice that determine how much time the client has to pay for the product (based on the suggestion of the company). It permits the company to get a payment much quicker and assists the clients in making all their transactions as swift as possible.

Manual Invoice Creation

Odoo ERP users can also manually complete invoices. It’s a reasonable approach if the organization doesn’t manage the sales process of the products. That is to say, if you develop the invoice according to a sales order, it might require you to make invoices manually in exceptional cases:

• The company needs a refund.
• The company needs a discount.
• The company needs to modify an invoice.
• The company needs to invoice something not related to its business field.

Distinct Modules to Work On

Some distinct modules can let you develop draft invoices:

• Membership: invoice your members every year.
• Repairs: invoice your after-sale services.

Invoice Digitization

Invoice digitization is the procedure of automatically encoding standard paper invoices into digital ones and integrating them into the company’s database.

The Odoo ERP system employs artificial intelligence technologies to “transform” the paper documents and identify their scope. 

Final Words

Summing up everything mentioned above, the Odoo invoice management software can be very useful for organizations of any size. It can help you track all the accounting operations with a complete chart of accounts, basic reports, and many other features. 

Yet, if it’s not enough for your needs, you can always add more Odoo apps depending on your specific goals and requirements. Contact our dedicated team to find out more about the Odoo ERP system and the opportunities it may provide.  We are always ready to cover all of your questions.