Payment Terms in Odoo 15
- 1. Payment Terms in Odoo 15 www.cybrosys.com
- 2. INTRODUCTION ❖ Payment Terms are necessary information that must be included in the invoice to notify the customers when making the payment. ❖ Payment terms often allow Customers to plan their Payments easily and proceed with the purchases accordingly.Payment Terms can be applied to sales orders, customer invoices, supplier bills, and contacts. ❖ At the same time, it will ensure you preserve proper cash flow in the business without clutters or payment lags.You can access this feature from the Accounting module of Odoo. ❖ Defining Payment Terms automatically calculates the payments’ due dates. This is particularly helpful for managing installment plans.
- 3. ❖ The option is available to configure under the Configuration tab of the Accounting module. ❖ Goto Accounting > Configurations > Payment Terms
- 4. ❖ Here we will get already existing terms.For creating new one click on > Create Button
- 5. ❖ Odoo has a set of pre-installed Payment terms that you can use in the invoices. If you want to configure this, just click on the Payment term and use the Edit button to edit the selected payment term
- 6. ❖ If you want to create a new Payment Term, click on the Create button from the Payment Terms sections, and it will take you to a configuration page to make new Payment Terms,like this
- 7. ❖ Name the Payment Term and choose the Company from the Company selection field. ❖ Under the Description On the Invoice section, you can type in the Description on the Payment term. This will be shown in the invoice. So make it short and precise so that the customers can go through the payment terms at a single glance.
- 8. ❖ Next we can add terms /due type for this payment term.Click on Add a line for adding new due type.
- 9. ❖ And we will get a popup configuration window for specify the type computation methods etc.
- 10. ❖ Term Type - You can choose from Balance, Percent, or Fixed Amount. If you choose the Percent or the Fixed Amount, a configuration section will apply the amounts in percentage or amounts. ❖ This is a space for due date computation. On the Due line, enter the number of Due days, and from the drop-down options, select the aspects on the period of the days ❖ Choose from the options to apply it. After the configurations, click on the Save & Close button to close the configuration section, or if you want to continue creating a new payment term, click on the Save & New button.
- 11. ❖ You can set up the Payment Terms individually for your customers. You can do this on customers concerning the nature of the business that you are doing with them. ❖ To configure this, go to the Customer tab and from the drop-down options, click on Customers.
- 12. ❖ Select the customer that you want to configure,
- 13. ❖ Under the Sales & Purchase tab, you can find the Payment Terms field. From the options, choose the Payment Terms. ❖ After the configurations, every new invoice you send to the customer will be automatically filled with the Payment Terms.
- 14. ❖ Now let’s create a quotation for the customer. ❖ As soon as you add the customer, the Payment Term will be automatically added. If you want to change the Payment Term, you can click on the existing Payment Term and choose from the options
- 15. ❖ After confirm Sale order,Create invoice and there we can see that the due date updated.
- 16. For More Details Check our company website for related blogs and Odoo book. How to set up and use Payment Terms in Odoo 15 Check our YouTube channel for functional and technical videos in Odoo. How to Setup Payment Terms in Odoo 15
- 18. Thank You