In this manual we will summarize how to organize invoices correctly, how to account for agile and secure invoices, guidelines for bank reconciliation and, most importantly, how to review all the data entered in Odoo and verify that the accounting is perfect.
1.- How to organize the files and the invoices?
- Attach Pdf: In all the invoices of purchases counted in Odoo, it is advisable to attach the pdf file of the invoice, for a posteriori to be able to review the expirations, concepts, process subsidies, justify assets and similar.
- Shopping files: All invoices must be downloaded or in the cloud following this organization: Accounting \ 2018 \ Received \ 1T \ (when they are not counted). Once posted, move inside the folder Accounting \ 2018 \ Received \ 1T \ ACCOUNTING \, in this way, any customer can upload invoices to post without problems. Once the quarter is closed, we add to the 1T the name “1T CLOSED”, so that no more invoices are added in that quarter. NOTE: The name of the provider can be indicated in the file. You can also indicate the internal reference of Odoo in the file once posted, although having the pdf attached, it is not necessary to change the name of all the files
- Imports: For import invoices, it is important to indicate the DUA number in the file, as well as attach the mandatory attachments of DUA documents, import invoice, customs agent invoice, payment and transport documents.
- Payment Justification: The payment or payment receipts can also be attached to the Odoo invoice, as well as put inside the previous folders with the same file name + “proof”, so in the same folder we have everything and in Odoo too .
The sales invoices are generated by the commercial department and are validated as established in each company, they do not require a special organization since we can print them as many times as we wish.
2.- How to optimize the invoice posting?
You can see the following video about purchases in Odoo for more information: https://www.youtube.com/watch?v=2uGY0HLGjek
Purchase orders: it is determined that all PURCHASE BILL orders are billed to control invoices from the supplier invoices pending receipt, so we only control it from purchase invoices. In case the company is a service, it is not usual to use the purchasing module.
Create predefined spending products: A product is created by accounting account, with its VAT and corresponding predefined accounting account, to optimize the future accounting of expenses and purchases.
Duplication of invoices: We have invoiced Monthly or as Telephony, Water, Electricity, Gestoría or any other invoice … It is recommended to duplicate the previous invoice to optimize times and take advantage to check that we have all the previous invoices posted, that we do not count twice the same invoice and avoid human errors because we only change the invoice number, date and review amounts.
Manual entries: (payroll, benefit sharing, and a few more movements) are entered by ACCOUNTING / ADVISOR / ACCOUNTING SEATS / CREATE. In previous versions they are introduced in ACCOUNTING / ACCOUNTING SEATS / ACCOUNTING SEATS.
See video of how to create payrolls: https://www.youtube.com/watch?v=Ih-xASGIEh0
See video of how to create manual opening seat: https://www.youtube.com/watch?v=-zoEV0C04S4. Accounts 6 and 7 are entered together in account 129. THEY ARE NOT INTRODUCED IN THE OPENING SEAT.
Create accounting accounts: We go to ACCOUNTING / ADVISOR / ACCOUNTING PLAN / We look for an equal or similar account, we DUPLICATE and change the code / number of the account and the name. In previous versions it is in ACCOUNTING / CONFIGURATION / ACCOUNTS / ACCOUNTS
For more information you can see the Odoo sales video at: https://www.youtube.com/watch?v=hstbmNUNa6E
- Do not delete validated invoices: it is very IMPORTANT once an invoice has been validated, Odoo assigns it an invoice number, therefore, it CAN NOT BE ELIMINATED OR LEFT IN CANCELED, since it would generate a jump in the invoice and that is not correct nor legal. You can force the numbering of the billing series, in the corresponding journal, invoice sequence.
- Rectificative Invoices: It is made from the corresponding sales invoice. If it corresponds to the previous exercise and it is not in Odoo, you can go to the SALES / MORE panel / create the rectifying invoice. (in previous versions, Rectification / create invoices). For any other modification that does not imply creating a rectifying invoice, an option that is not correct at all but very widespread if our client has not yet received any invoice is; select the validated invoice, change to draft, proceed to the changes and re-validate so as not to create unnecessary rectifications if the client has not received the first invoice. NOTE: If the invoice is reconciled, you must first break the reconciliation. See minute 19 of the bank reconciliation video in Odoo: https://www.youtube.com/watch?v=u8B2VOdgZ1s&t=1295s
3.- What is the best way to carry out the bank reconciliation?
In this video we summarize all the functionality of bank statements in Odoo from versions 8 to 11 and above: https://www.youtube.com/watch?v=u8B2VOdgZ1s&t=1295s
- The summary is as follows: We have 4 options to reconcile banks:
- Select the company: Put the company in the associated selection, so that only invoices pending collection or payment from that company appear, then select the invoice or invoices with the mouse (they can be more than one) and VALIDATE
- Manual seats without invoice: clicking on SELECT COUNTERPARTS / Create mismatch or similar gray, below the line imported by the bank. manually account payroll against account 465, bank charges against 626, VAT if it is to be returned against 470, VAT if it is to pay 4750, model 111 and model 115 against 4751, model 202 against 473, model 200 if is to return against 4709, model 200 if it is to pay 4752, loans, advances without invoice to reconcile a posteriori manually and etc … NOTE: any invoice with VAT is recommended to be accounted for by supplier invoices.
- Payments or partial collections with the triangle: We select the corresponding invoice as indicated in the first point. Then we click on the invoice to upload it as a “couple” / reconciliation of the bank’s movement. It does not stop because it must not be equal to the credit, therefore, we click on the triangle that appears on the side of the amount to equal the amounts, and validate.
- NOTE: If the selected movement appears in BLUE, it does not make an accounting entry since it has been previously registered by the invoice payment button of the invoice, a non-advisable option to use different operations for reconciling invoices.
4.- How to check and verify correctly all the accounting and data entered?
Review of invoices and banks (recommended weekly)
- Enter manual wage entries for the month (if we are at the end of the month)
- Customer invoices:
- Review weekly draft invoices, canceled for the month. To be able to see if all sales are correlated and verify that all draft invoices are still pending invoicing for X reason.
- Vendor invoices:
- Review weekly draft invoices, canceled for the month. To be able to see if all purchases are correlative and verify that all draft invoices are still pending invoicing for X reason. Purchase invoices in draft that have a DOCUMENT OF ORIGIN (purchase order) are invoices that the purchase order has been VALIDATED / CONFIRMED and we are waiting to receive the invoice to enter the invoice number and date of the supplier before validate. In case the company is a service, it is not usual to use the purchasing module.
- The downloaded bank statement check that it is correlative of dates. To import the FILE STANDARD 4, go to the board, select the corresponding bank MORE / import bank statement. In previous versions go to Accounting / Banks and box / Import file.
- Customer and supplier invoices OPEN: Once the bank reconciliations have been made, review the invoices in an open state weekly, match the invoices that we are really pending to collect and pay, as well as match the balance of sums and accounting balances.
Accounting review (Recommended weekly or monthly)
- Enter monthly / annual amortization entries (entered as a payroll by ADVISOR / ACCOUNTING SEATS) if the seat is provided by our advice, or the best option, account for the entries of all past and present Odoo assets. In Accounting / Advisor / Generate asset entries, indicating the last day of the month, if they are monthly, or of the year if they are annual.
- Review of balances of customers, suppliers and creditors: We have to verify if the open invoices of the previous section coincide with what the accounting reflects. To review it we can go to ACCOUNTING / REPORTS / Balance of sums and balances. In the 400 accounts we have suppliers, 410 creditors (which are accounted for by Odoo supplier invoices), and 430 account for customers. If they do not coincide, we must review the movements of customers or suppliers that do not match, to do so we can go to ACCOUNTING / REPORTS / LEDGER, we will see all the movements of accounts 430, 400, 410 of each company, being able to trace the differences. In case there is a need to reconcile any payment (unite the invoice with the movement of payment or collection) we can go the invoice and below the total we have the ADD option to reconcile the payment with the invoice. You can also use the LEDGER COMPANY BOOK, located in Generic Reports.
- Review of bank balances: Review balancing balances match the bank’s REAL balance according to the bank’s website. To review it by ACCOUNTING / REPORTS / Balance of sums and balances. In the 5720xx accounts we have the balances of the banks, we can filter by dates to match and tap the larger of the 572xx account. If bank statements are used correctly, they must be squared.
Final revision to close months, quarters or years
- Review by export of purchase invoices that all invoice lines have the analytical accounts entered, if applicable.
- Send to the customer or check internally, all open invoices filtering for the year. Use the Export current view button or generate Odoo export.
- Contrast the previous report with the balances of the greater in Excel with those that appear in the accounts 430, 400, 410. NOTE: The invoices of suppliers and creditors appear in the same section of supplier invoices.
- Review Bank balances
- Post Payroll
- Post VAT entries and review accounts 472, 477 to zero.
- Review tax accounts that match the models presented 4751, 4760, 640, 642
- Post the stock change entry
- Amortization: Check that the total of the 2xx account is the same as the assets. If it does not block, export the invoices with the category of asset and account and review that invoice has no asset category, or if any invoice with asset category we have a non-group 2xx account.When everything is stable, calculate amortizations
- Print Trial balance , plus balance of company balances
- Print balance of situation and profit and loss.
- Review all the major accounts to verify that all are correct
Hopefully with this guide on the review of accounting in Odoo, can leave perfect data and information of your company.
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