How to Handle Post Dated Cheque in Odoo 16 Accounting | Odoo 16 Accounting Tutorials
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- เผยแพร่เมื่อ 19 ก.ย. 2024
- Financial balance is regarded as the backbone of an organization. When a firm deals with sales or purchases, practical accounting is required. As a result, customers can make a variety of payments. #odooaccounting
Customers can pay the billed amount in cash or via bank transfer. Dealing with cheques is not as simple as dealing with other forms of payment. If the consumer sends a cheque, the payment is only applied to our company's account on the cheque date. As a result, handling such inspections in accounting is a challenge. #odoofunctionalvideos
The Odoo assists in the effective management of these operations. If a consumer writes a cheque to us for a future date, the cheque is referred to as a Post Dated cheque (PDC). Before the date indicated on the cheque, it can be cashed or deposited. #odoo16
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Very useful Thank you!
I am learning Odoo accounting. I have some comments in this video.
1. You are creating a hypothetical bank called Cheque and then performing a receipt for 5,200 USD in Odoo dated Jul 18. This would debit PD Chq Recble and credit A/R.
2. In the real Bank account you are actually doing a statement line showing money has hit the Bank (5,200 USD) dated Jan 1 and you are doing a receipt on the Bank reconcilation window by matching this statement line with the invoice. This debits Bank, and credits A/R.
I don't get the logic.
Why do entry in Odoo in hypothetical account instead of real Bank (dated Jul 18 for PD Chq recd)?
Secondly, you say it is PD cheque for Jul 18. Why then and has it hit the Bank earlier on Jan 1?
Thirdly the above creates lingering balances on Jul 18 - in A/R account (credit balance) and PD Chq Reble account (debit balance). What do you do with these or how do you clear these come Jul 18?
Also, in Incoming Payments, PDC Receivable should be set as Receivable not Current Asset even though it is a current asset but this way you can differentiate it, this is important for business owners and accountants to know how much Receivable do they have..
If PDC receivable account is kept as Receivable, this account will be credited when making payment, which seems the payment is received. But for Post-dated cheques, payment will be considered to be received only after the cheque is accepted in the bank. That's why it is kept as an asset or liability and only after reconciliation payment will be reflected in the bank statement.
How do we make the Amount Currency to appear? Video stage: 11:26.
How do we pull a report showing all the PD cheques per date?
Can we have a daily notification for PDC that needs to be reconciled?
Thank you.
Is it possible to have PD cheque report for customer and vendors separately?
Does your scenario apply the same to Vendor PD cheques?
1. Whatever the currency is given in the invoice, will appear as the amount in the currency field.
2. Creating a separate journal for PDC allows the filtering of all default reports based on the journal and will get all PDC entries
3. There is no notification for PDC to reconcile, but we can create a filter for all unreconciled PDC entries and save the current search. So once you take that filter you will easily get the required data.
4. Reports can be taken by filtering existing reports based on the journal.
5. The same process can be applied to vendor PDC payment as well.
@@cybrosys-technologies Thank you for your response. On your 1st response, I mean the Amount Currency Column. Please check on the video to understand. Thanks.
I didn't get the last move with the bank statements, can we directly payment on invoice without doing bank reconciliation?
or directly register payment from the invoice with the post dated cheque?
If your primary bank account is chosen as the outstanding account and the payment is made in Odoo (not through a bank statement), invoices and bills are automatically marked as Paid. If you unreconciled a payment, it remains in your records but is no longer associated with the invoice.
Outgoing Payments, PDC Payable is a liability not current asset!
Yeah, that's right, even though configuring it as an asset/liability, PDC paid account will be credited. The final effect will be the same but in the balance sheet under which section it will appear is definitely based on this account type.