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

Procedures related to the company’s invoice management can be challenging, yet such a burden can be reduced with proper recording and organized control. Odoo Accounting Module is a standalone invoicing app to make invoices, send them to clients, and collect and manage all the company’s payments. Odoo 15 supplies companies with an efficient management system that eliminates all possible troubles and inconveniences with invoices. 

Odoo 15 version Accounting Module is a comprehensive package that allows the company to handle all invoice-related activities. The unique element of the Invoice module is its trustworthiness and real-time processes. 

From managing the clients, creating invoices, and sending them, the Odoo Accounting module enables you to control the clients meaningfully.

How Does It Work in Different Cases?

The Odoo ERP system’s fundamental goal is to facilitate invoice layouts. It is an important element of invoice management since the format often means reliability of the corporation in invoice management. Along with the invoice layout options, Odoo will allow you to create professional-level invoices easily.

Depending on the business sphere and the already using application, there are diverse methods to automate customer invoice creation in Odoo. As a rule, draft invoices are completed by the system with the data coming from other documents like sales orders or agreements, and the accountant confirms draft invoices and mails the invoices directly to the clients.

Delivery Order vs. Invoice

Merchants and eCommerce invoices are based on delivery orders instead of sales ones. Such an approach is appropriate for businesses where the product amounts the company delivers differ from the requested quantities.

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

e-Commerce vs. Invoice

An eCommerce order will also start creating the order when it is completely paid. If the company permits paying charges by check or wire transfer, Odoo makes the demand, and the invoice will be activated once the payment is accepted.

Contracts vs. Invoice

Employing regular contracts, the company creates invoices founded on time and material spent and costs. Each month, the seller makes an invoice based on the contract’s actions.

Actions are:

  • Fixed products/services, coming from a sale order linked to this 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 used by services companies that invoice primarily based on time and material.

Payment Rules vs. Invoice

Odoo 15 Payment Terms are guidelines the company includes on an invoice that determine how much time the client has to pay for the product the company has suggested or that you can give them through skilled invoices. It permits the company to get a payment much more prompter and assists the clients in making all their transactions as quick as possible. 

Manual Invoice Creation

Odoo ERP users can also manually complete invoices. It’s a suggested approach if the company does not manage the sales process of the products. If the company develops the invoice from a sales order, it might require 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 bonded to its business filed.

Distinct Modules to Work On

Some distinct modules are able to 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 forms in the company’s accounting process.

The Odoo ERP system employs artificial intelligence technologies to identify the scope of the documents. Client invoices forms are automatically made based on scanned invoices. 

Final Words

As we can conclude regarding everything mentioned above, the Odoo 15 Accounting Module in general and Invoice management, in particular, show strong accounting with a complete chart of accounts, asset management, basic reports, and many other services. 

The company can purchase Odoo’s other applications for critical cases like project management. While this modular pricing model seems rather costly compared to other ERPs such as QuickBooks or Xero, the Odoo ERP is much more affordable than most of its ERP competitors. 

Contact our dedicated team to know more about the Odoo ERP system, its implementation in the current business processes, and our support. We will cover all your questions and suggestions.