Businesses can utilize Odoo to automatically schedule and dispatch follow-up actions based on the number of days overdue. These actions enable businesses to send reminders to clients via email, physical mail, or SMS when payments are overdue. Efficiently managing invoice payments is a common challenge for many companies, given the complexities of accounting processes and delays in customer payments. In this blog, we'll delve into how Odoo 17 Accounting streamlines the payment follow-up process, ensuring timely reconciliations and minimizing the need for manual interventions.
Setting Up Payment Follow-up Levels
To begin the process in Odoo 17 Accounting, access the 'Follow-up Levels' option within the 'Configuration' menu section. Here, you will find details such as Description, Due Days, Send Email, Send SMS Message, Automatic Activity, and Company information of the follow-up levels established in your Odoo database, as depicted below.
Generate a new follow-up level within the configuration form window by providing details such as the description, due dates, and desired actions, such as sending email, letters, or SMS reminders.
To begin, input the follow-up level name in the 'Description' field. Then, establish a timeframe for when you wish to trigger the follow-up activity after the deadline has elapsed using the corresponding field. Enabling the 'Send Email' feature in the 'ACTIONS' section enables the transmission of messages to customers via email. Opting for the 'Send a Letter' option facilitates the sending of physical letters to the customer's provided address. Similarly, the 'Send SMS Message' option allows users to send SMS text messages to customer phone numbers. Users can choose a mail template for the follow-up level and select the 'Automatic' setting to automate the process without manual intervention. Enabling the 'Attach Invoices' option enables the inclusion of open invoices with the generated follow-up notices.
Setting Up Activities and Notifications
To create a new activity, enable the 'Schedule Activity' option found in the 'Activity' tab. The 'Responsible' option enables users to designate a responsible person for scheduling the activity, choosing from options such as Account Manager, Follow-up Responsible, or Sales Person. The 'Activity Type' field permits selection of the activity category, while the 'Summary' field allows for a brief description.
After entering the necessary details, save the data using the save icon. This ensures a structured approach to payment follow-ups within the organization. Odoo 17 enables customization of mail templates and the ability to attach open invoices as PDFs to streamline communication.
Reviewing Follow-up Reports
Odoo's Follow Up Reports aid in monitoring and handling overdue payments, facilitating reminders to clients regarding their outstanding dues. Accessing the 'Follow-up Reports' option from the 'Customers' menu provides a list of clients with overdue payments. Odoo ensures bank statement reconciliation before issuing reminders, preventing reminders to clients who have already made payments. The reports dashboard showcases essential details such as names, reminders, follow-up levels, and activities. This allows users to readily identify late payments, with configurable options available to exclude specific invoices from follow-ups.
The capability to batch reminder emails enhances efficiency further. Simply select the desired reports for processing, then opt for the ‘Process Automatic Follow-ups' option under the ‘Action’ menu. This feature accelerates the follow-up process, reducing manual efforts and ensuring a structured approach to managing overdue invoices.
Click on any record to view detailed follow-up report information, which will open its configuration form, as depicted below.
Click on the ‘Follow-Up’ button to trigger a follow-up action, which will automatically send an email to the customer containing the overdue invoice attachments.
Clicking the Reconcile button facilitates reconciling customer payments with the bank. This action opens another dashboard displaying various journal items that require reconciliation, as illustrated below.
You have the option to utilize the ‘Auto reconcile’ button to automatically reconcile all journal items. Alternatively, you can click on the same button provided in each record column. Selecting a journal entry and opting for auto reconciliation will open a wizard, allowing you to automatically reconcile the journal entries.
You can automate the reconciliation process by selecting the journal date range from one date to another and then using the 'Launch' button.
Streamlining Customer Payments
The Payments feature in Odoo 16 simplifies the process for customers to make payments. Within the Customers menu, the Payments tab enables customization and management of various payments. From this dashboard, you can easily access a comprehensive list of payment information, including Number, Partner, Amount, Status, and additional details. To create a new customer payment, simply click on the ‘New’ icon.
In the new form page, enable the ‘Internal Transfer’ option to designate it as an internal transfer. Specify the amount to be received using the Amount option, and select the payment method as Receive or Send. The ‘Date’ field determines the payment date, while the associated ‘Journal’ is set as the Bank. Both the bank account and the ‘Payment Method’ can be configured as batch deposit, manual, or cash. Additionally, the Company Bank Account field needs to be selected.
Lastly, enter the 'Memo' and select a 'Destination Journal' in the respective fields. Save the form data manually by clicking on the ‘Confirm’ icon to post the payment after entering the payment details.
From the 'Journal Entry' smart button window, you can access and manage Journal Items, Payments, Reconciled Items, and other details, as illustrated below.
Companies seeking to streamline their payment processes will find Odoo 17 Accounting to be a highly efficient solution. By configuring payment follow-up levels, scheduling activities, reviewing follow-up reports, and effectively managing customer payments, businesses can improve productivity and workflow efficiency. Odoo 17's modular architecture ensures a comprehensive solution for companies aiming to streamline their accounting processes.