[IMP] accounting: payment terms

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Jonathan Castillo 2021-04-14 18:21:31 +02:00 committed by Jonathan
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Payment Terms and Installment Plans
===================================
**Payment Terms** regroup all the conditions under which a sale is completed and paid. They can be
applied to sales orders, customer invoices, and supplier bills, mostly to ensure that they will be
correctly paid, and on time. These conditions cover:
**Payment Terms** specify all the conditions under which a sale is paid, mostly to ensure customers
pay their invoices correctly and on time.
Payment Terms can be applied to sales orders, customer invoices, supplier bills, and contacts. These
conditions cover:
- The due date
- Some discounts
- Any other condition on the payment
Defining Payment Terms automates the computation of payments due dates, both for invoices and bills.
This is particularly helpful in managing installment plans.
Defining Payment Terms automatically calculates the payments' due dates. This is particularly
helpful for managing installment plans.
An **installment plan** allows the customers to pay an invoice in parts, with the amounts and
payment dates defined beforehand by the seller.
@ -29,19 +31,23 @@ payment dates defined beforehand by the seller.
the full payment is due at the end of the month following the invoice date.
.. note::
Payment terms are not to be confused with payment in several parts. If, for a specific order, you
invoice the customer in two parts, that is nor a payment term nor an installment plan, but an
invoicing policy.
Payment terms are not to be confused with down payment invoices. If, for a specific order, you
issue several invoices to your customer, that is neither a payment term nor an installment plan,
but an invoicing policy.
.. note::
This document is about the *Payment Terms* feature, not *Terms & Conditions*.
Configuration
=============
Go to :menuselection:`Accounting --> Configuration --> Payment Terms` and click on *Create*.
The **Description on the Invoice** is the displayed text on a sale order, invoice, or bill.
The **Description on the Invoice** is the text displayed on the document (sale order, invoice,
etc.).
In the **Terms** section, you can add a set of rules, that we call *terms*, to define what needs to
be paid, and by which due date.
In the **Terms** section, you can add a set of rules, called *terms*, to define what needs to be
paid and by which due date.
To add a term, click on *Add a line*, and define its *Type*, *Value*, and *Due Date Computation*.
@ -49,12 +55,13 @@ To add a term, click on *Add a line*, and define its *Type*, *Value*, and *Due D
- Terms are computed in the order they are set up.
- The **balance** should always be used for the last line.
In the following example, 30% of the invoice is due on the day of issuance of the invoice, and the
balance is due at the end of the following month.
In the following example, 30% is due on the day of issuance, and the balance is due at the end of
the following month.
.. image:: media/payment_terms_configuration.png
.. image:: payment_terms/configuration.png
:align: center
:alt: Example of payment terms. The last line is the balance due the 31st of the following month.
:alt: Example of Payment Terms. The last line is the balance due on the 31st of the following
month.
Using Payment Terms
===================
@ -72,25 +79,26 @@ Payment Terms can be defined with the **Payment Terms** field on:
| To set specific payment terms on a bill. This is mostly useful when you need to manage vendor
terms with several installments. Otherwise, setting the *Due Date* is enough.
.. tip::
You can also define a **Due Date** manually. If Payment Terms are already defined, empty the
field so you can select a date.
Journal Entries
===============
Invoices with specific Payment Terms generate different *Journal Entries*, with one *Journal Item*
for each different *Due Date* computed.
for every computed *Due Date*.
This makes for easier *Follow-ups* and *Reconciliation* since Odoo takes each due date into account,
rather than just the balance due date.
rather than just the balance due date. It also helps to get an accurate *Aged Receivable report*.
In the following example, an invoice of $1000 has been issued with the following payment terms:
30% of the invoice is due on the day of issuance of the invoice, and the balance is due at the end
of the following month.
.. image:: media/payment_terms_journal_entry.png
.. image:: payment_terms/journal-entry.png
:align: center
:alt: Example of an invoice with specific Payment Terms. The amount debited on the Account
Receivable is split in several Journal Items.
:alt: The amount debited on the Account Receivable is split into two Journal Items with distinct
Due Dates
The $1000 debited on the Account Receivable is split into two distinct *Journal Items*. Both of
them have their own **Due Date**.
In this example, an invoice of $1000 has been issued with the following payment terms: *30% is due
on the day of issuance, and the balance is due at the end of the following month.*
+----------------------+-------------+---------+---------+
| Account | Due date | Debit | Credit |
@ -102,7 +110,8 @@ them have their own **Due Date**.
| Product Sales | | | 1000 |
+----------------------+-------------+---------+---------+
This allows for easier reconciliation and to accurately follow up late payments.
The $1000 debited on the Account Receivable is split into two distinct *Journal Items*. Both of
them have their own **Due Date**.
.. seealso::
- :doc:`cash_discounts`