diff --git a/accounting/receivables/customer_payments/check.rst b/accounting/receivables/customer_payments/check.rst index 5ce03799d..1ed4f6d84 100644 --- a/accounting/receivables/customer_payments/check.rst +++ b/accounting/receivables/customer_payments/check.rst @@ -1,3 +1,151 @@ -================================== -How to record a payment by checks? -================================== +============================================ +How to register customer payments by checks +============================================ + +There are two ways to handle payments received by checks. Odoo support +both approaches so that you can use the one that better fits your +habits. + +1. **Undeposited Funds:** + once you receive the check, you record a payment + by check on the invoice. (using a Check journal and posted on the + Undeposited Fund account) Then, once the check arrives in your + bank account, move money from Undeposited Funds to your bank + account. + +2. **One journal entry only:** + once your receive the check, you record a + payment on your bank, paid by check, without going through the + **Undeposited Funds**. Once you process your bank statement, you do + the matching with your bank feed and the check payment, without + creating a dedicated journal entry. + +We recommend the first approach as it is more accurate (your bank +account balance is accurate, taking into accounts checks that have not +been cashed yet). Both approaches require the same effort. + +Even if the first method is cleaner, Odoo support the second approach +because some accountants are used to it (quickbooks and peachtree +users). + +.. Note:: + You may have a look at the *Deposit Ticket feature* if you deposit + several checks to your bank accounts in batch. + +Option 1: Undeposited Funds +=========================== + +Configuration +------------- + +- Create a journal **Checks** + +- Set **Undeposited Checks** as a defaut credit/debit account + +- Set the bank account related to this journal as **Allow Reconciliation** + +From check payments to bank statements +-------------------------------------- + +The first way to handle checks is to create a check journal. Thus, +checks become a payment method in itself and you will record two +transactions. + +Once you receive a customer check, go to the related invoice and click +on **Register Payment**. Fill in the information about the payment: + +- Payment method: Check Journal (that you configured with the debit and + credit default accounts as **Undeposited Funds**) + +- Memo: write the Check number + +.. image:: ./media/check01.png + :align: center + +This operation will produce the following journal entry: + ++----------------------+-------------------+----------+----------+ +| Account | Statement Match | Debit | Credit | ++======================+===================+==========+==========+ +| Account Receivable | | | 100.00 | ++----------------------+-------------------+----------+----------+ +| Undeposited Funds | | 100.00 | | ++----------------------+-------------------+----------+----------+ + +The invoice is marked as paid as soon as you record the check. + +Then, once you get the bank statements, you will match this statement +with the check that is in Undeposited Funds. + ++---------------------+-------------------+----------+----------+ +| Account | Statement Match | Debit | Credit | ++=====================+===================+==========+==========+ +| Undeposited Funds | X | | 100.00 | ++---------------------+-------------------+----------+----------+ +| Bank | | 100.00 | | ++---------------------+-------------------+----------+----------+ + + +If you use this approach to manage received checks, you get the list of +checks that have not been cashed in the **Undeposit Funds** account +(accessible, for example, from the general ledger). + +.. Note:: + Both methods will produce the same data in your accounting at the + end of the process. But, if you have checks that have not been cashed, + this one is cleaner because those checks have not been reported yet on + your bank account. + +Option 2: One journal entry only +================================ + +Configuration +------------- + +These is nothing to configure if you plan to manage your checks using +this method. + +From check payments to bank statements +-------------------------------------- + +Once you receive a customer check, go to the related invoice and click +on **Register Payment**. Fill in the information about the payment: + +- **Payment method:** the bank that will be used for the deposit + +- Memo: write the check number + +.. image:: ./media/check02.png + :align: center + +The invoice is marked as paid as soon as you record the check. + +Once you will receive the bank statements, you will do the matching with +the statement and this actual payment. (technically: point this payment +and relate it to the statement line) + +With this approach, you will get the following journal entry in your +books: + ++----------------------+-------------------+----------+----------+ +| Account | Statement Match | Debit | Credit | ++======================+===================+==========+==========+ +| Account Receivable | X | | 100.00 | ++----------------------+-------------------+----------+----------+ +| Bank | | 100.00 | | ++----------------------+-------------------+----------+----------+ + +.. tip:: + You may also record the payment directly without going on the + customer invoice, using the menu :menuselection:`Sales --> Payments`. This method may + be more convenient if you have a lot of checks to record in a batch but + you will have to reconcile entries afterwards (matching payments with + invoices) + +If you use this approach to manage received checks, you can use the +report **Bank Reconciliation Report** to verify which checks have been +received or paid by the bank. (this report is available from the **More** +option from the Accounting dashboard on the related bank account). + +.. image:: ./media/check03.png + :align: center \ No newline at end of file diff --git a/accounting/receivables/customer_payments/media/check01.png b/accounting/receivables/customer_payments/media/check01.png new file mode 100644 index 000000000..f2ff0cf0d Binary files /dev/null and b/accounting/receivables/customer_payments/media/check01.png differ diff --git a/accounting/receivables/customer_payments/media/check02.png b/accounting/receivables/customer_payments/media/check02.png new file mode 100644 index 000000000..ea8e69a24 Binary files /dev/null and b/accounting/receivables/customer_payments/media/check02.png differ diff --git a/accounting/receivables/customer_payments/media/check03.png b/accounting/receivables/customer_payments/media/check03.png new file mode 100644 index 000000000..ecc9f48fb Binary files /dev/null and b/accounting/receivables/customer_payments/media/check03.png differ