Complete overview of the odoo 13 invoicing process
- 2. Complete Overview of the Odoo 13 Invoicing Process Invoice is a list of things provided or work done together with their cost, for payment at a later time. In Odoo Invoices grant you to record the sale of a product for inventory control, accounting and tax purposes. An invoice is a commercial document that itemizes and records a transaction between a buyer and a seller. Odoo invoicing is a business supporting module, which comes along with large features like Customer Invoicing, Customer Credit Notes, Purchases, Adviser, Reporting, etc. A credit note issued in the name of customers in order to keep track of this debt until it’s paid off. In Odoo the debt remains until it’s payment registration is done. It is possible to create a credit note in Odoo for customers or suppliers from an existing invoice also.
- 3. To Configure Invoice is based on the sales order In Odoo Sales order and Invoice are an essential part of any business transaction. Odoo Invoices are required to maintain accounting books correct and up to date. In the case of Odoo Sales Order, is an intimate record, it is never involved in Accounts. Now Lets’ see how to configure Sales invoicing based on Sales Order in Odoo 13 First of all, you can install the Odoo Sales Module in your database.
- 4. Go to Sales Module -> Configuration -> Setting -> Invoicing tab tick the checkbox of Ordered Quantity. In the Invoicing tab, you have looked two options here:
- 5. ● Invoice on ordered quantity: It is the default mode is Invoice on the ordered quantity. Invoice the full order as soon as the sales order is proved. ● Invoice on delivered quantity: It depends on your business type. Invoice on what you delivered still whenever it’s an incomplete delivery. After confirming the sale, now you can view the two types of quantities: delivered and invoiced quantities. Whenever you can select the invoice policy is ordered quantities, one can invoice as the sale gets confirmed.
- 6. Whenever you can select the invoice policy is delivered quantities, now you will first have to confirm the delivery. At the same time, the products get delivered, you can invoice the customer. Whenever you handled an incomplete delivery, now Odoo will automatically add the quantities to the invoice based on how many you delivered. To Send a Pro-forma Invoice to Customer In Odoo Pro forma invoices are commonly used as preceding invoices with a quotation, or for customs purposes in importation. Pro-forma invoices give the buyer with an exact sale price. It involves an approximation of any commissions or fees, such as applicable taxes or shipping costs.
- 7. Now you can send a Pro-forma invoice. One can send the Pro-forma invoice from any quotation or sales order.
- 8. How to Invoice a Project in Odoo V12 Odoo Project Management allows a user to create and manage a project with a team, with innovative and modern tools to better visualize the project’s progress. Fully integrated with other apps, you can, schedule, plan and analyze group tasks for any kind of business. Odoo Project enables the real-time management of projects. From the signing of the contract to the final billing, teams are assisted in completing their tasks with Odoo’s efficient planning tool. Manage Your Tasks Odoo’s collaborative and real-time project management helps you get the work done. Keep track of everything; from the big picture to the smallest details; from the customer contract to the final billing. Designed To Fit Your Own Needs Organize projects around your own processes.
- 9. Work on tasks and issues using the Kanban view; schedule tasks in the Gantt chart and control deadlines in the calendar view. Create specific stages for each project, so all your teams can optimize their work in a simple and professional way. In this blog, I will be discussing “How to Invoice a Project in Odoo V12”. Odoo Project Management Agile, social, flexible and real-time. Timesheets, Contracts & Invoices o Projects are automatically integrated with customer contracts allowing you to prepare an invoice based on time & materials and to record timesheets easily. In the Odoo Project Management module Invoice is divided into three types: 1.Invoice Based on Time Sheet 2.Invoice based on Ordered Quantity 3.Invoice Based on Milestones
- 10. 1. Invoice Based on Time Sheet The Invoice based on Time Sheet is the customer can be invoiced based on total no. of hours your employees have worked for that Customer. The time-tracking configuration on the product is a key configuration when you would like to track the service given by your team through timesheet, or task and create an invoice based on the time reported by the team. Timesheet can be used to track actual no. of hours Employee has worked. For example, in the IT services domain, clients are billed based on a man-hour basis, where per hour billing cost is pre-determined. In order to create an invoice based on the timesheet, Firstly, you install the following modules like sales, project, and hr_timesheet in the database. Once these modules get installed in the database, the end the user can navigate to the Projects menu and create your new project. Configuration >Project Projects > Configuration > Projects.
- 11. To keep track of progress in the project, you will need the Project app. Suppose let us create a new project named Odoo Development Now, open the project to create the sales order.
- 12. Under this field, you can see all the details of the project and creating the sales order. Upon clicking the button, a pop-up window will appear on this page.
- 13. Under the page, you can fill the following fields like the customer, the service, the unit price, and the billing type. By default, In Odoo Billing type is divided into two types: At employee rate and At project rate. At employee rate: The bills are calculated based on timesheet cost of the employee At Project rate: The cost amounts to the fixed cost of the project. The following action is setting the invoicing policy as ‘Timesheet on task’ (shown below).
- 14. After entering the details such as customer, service, unit price, the end- user needs to click the Create Sales Order button in the Wizard.
- 15. It shows the delivered quantity i.e the worked hours of an employee on the project and the corresponding service rate. In case, if one needs to add more products in the invoice, there is an option in Odoo.
- 16. 2. Invoice Based on Ordered Quantity: Odoo supports both these policies by default, they are ‘Ordered quantities’ (Before processing the delivery) and ‘Delivered quantities’ (After finishing the delivery). In most companies, salespeople create quotations that become sales orders once they are validated. Then, draft invoices are created based on the sales order. Invoice on ordered quantity: invoice the full order before triggering the delivery order For most other use cases, it’s recommended to invoice manually. It allows the salesperson to trigger the invoice on-demand with options: invoice ready to invoice line, invoice a percentage (advance), invoice a fixed advance. The invoice based on ordered quantity is determined on the basis of the ordered quantity by a customer, although if the ordered quantity is collected by the customer or not. i.e if a customer ordered for 20 quantities and is collected with only 10, an invoice will be built for 10 quantity.
- 17. Select the Invoice policy on a product page: From any products page, under the invoicing tab, you will find the invoicing policy and select the one you want. Firstly, you can select ‘ordered quantity’ in the invoicing tab then create a sale order. Product > Sales > Service Invoicing Policy
- 18. Once you confirm the Sale Order, you can view your delivered and invoiced quantities. One needs to set the number of the ordered quantity you can invoice as soon as the sale is confirmed.
- 19. 3. Invoice Based on Milestones: The Invoice based on Milestones can be used for valuable or large scale projects, with each milestone presenting a clear sequence of work that will incrementally build-up to the completion of the contract. Milestone Invoicing can be used for you agree to a fixed bid for a project and the dates when you’re allowed to bill the client. The client knows what to expect, and you know when you’ll be paid, and both parties know the exact amount it will be. Often the terms of these fixed-price contracts are one-third up front, one- third in the middle, and one-third at the end. These kinds of deals are signed all the time. So Standard Time supports them with invoice milestones. You set up the invoice milestones for a project in advance. You determine exactly how much each milestone is to be charged. You can also use milestones to invoice percentages of the entire project.
- 20. Configuration: Under the sales application, firstly need to create a Sales Order and fill in the field of delivered quantity. Odoo supports both these policies by default, they are ‘Ordered quantities’ (Before processing the delivery) and ‘Delivered quantities’ (After finishing the delivery). Although creating the sales order of the project for the invoice, one must also fill up the ordered quantity and the delivered quantity.
- 21. you will be able to change the delivered quantities when the corresponding milestone has been achieved. Save the sales order and create the invoice
- 22. Click on Create Invoice and in the new window that pops up, select Validate the Invoice.
- 23. Select the Validate button.
- 24. You can view the delivered quantity in the project invoice and select for validating the invoice and registering the payment.
- 25. To Create Credit note in Odoo V12 A credit note issued in the name of customers in order to keep track of this debt until it’s paid off. In Odoo the debt remains until it’s payment registration is done. It is possible to create a credit note in Odoo for customers or suppliers from an existing invoice also. There are different ways to create Credit Note: 1. Creating from ‘Customer Invoice’ Go to Invoicing/Accounting and create a Customer Invoice
- 26. Select an ADD CREDIT NOTE option.
- 27. Choose the relevant checkbox for selecting the Refund Method and mention the reason for Credit Note. Select on Add Credit Note option.
- 28. You may find a credit note, added with the selected invoice. Open the Customer Credit Note which you have created recently. Click on the Validate option to confirm the Credit Note.
- 29. The form will show the Amount Due and Outstanding Debts.
- 30. 2. Creating a new Credit Note From ‘Customer Credit Notes’ Go to Invoicing/Accounting and create Credit Notes Now enter the Customer Details and Invoice Date. Select on Add an Item to add the products and click on Save option.
- 32. You can select the Validate button from the top left corner. The form shows outstanding payments for the selected customer. Also, you can see the options like Send & Print, Register Payment, Preview.
- 33. Now you can enter the payment details After payment is done. for that go to Register Payment > Credit note amount will display on the Payment Amount column. Also, choose a Payment Journal Option (either bank or cash). Click on Validate to confirm the payment.
- 34. Now the bill shows Amount Due as zero > Save