diff --git a/accounting/receivables/customer_payments/credit_cards.rst b/accounting/receivables/customer_payments/credit_cards.rst index 3374a08f9..074299ff6 100644 --- a/accounting/receivables/customer_payments/credit_cards.rst +++ b/accounting/receivables/customer_payments/credit_cards.rst @@ -1,3 +1,174 @@ =============================================== How to handle credit card payments on invoices? =============================================== + +There are two ways to handle payments received by credit cards. Odoo +support both approaches so that you can use the one that better fits +your habits. + +1. **Undeposited Funds** (mostly used in european countries): once you + receive the credit card payment authorization, you record a + payment by credit card on the invoice (using a Credit card + journal and posted on the Undeposited Fund account). Then, once + the credit card payments arrives in your bank account, move money + from Undeposited Funds to your bank account. + +2. **One journal entry only** (mostly used in the U.S.): once your + receive the credit card payment, you record a payment on your + bank, paid by credit card, without going through the Undeposited + Funds. Once you process your bank statement, you do the matching + with your bank feed and the credit card 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 credit cards that have +not been cashed yet). Both approaches require the same effort. + +If you use eCommerce and an automated payment gateway, you will only +need to take care of the bank reconciliation part as paid invoice will +be automatically recorded in the right journal. You will use the second +approach. + +Even if the first method is cleaner, Odoo support the second approach +because some accountants are used to it (*QuickBooks* and *Peachtree* +users). + +Option 1: Undeposited Funds +=========================== + +Configuration +------------- + +On the Accounting module, go to :menuselection:`Configuration --> Journals --> Create` + +Create a Journal called 'Credit card payments' with the following data: + +- **Journal Name**: Credit card +- **Default debit account**: Credit cards +- **Default credit account**: Credit cards + +Once it's done, don't forget to set the "Credit cards" account as "Allow +Reconciliation". + +.. image:: ./media/credit01.png + :align: center + +From credit card payments to bank statements +-------------------------------------------- + +The first way to handle credit cards is to create a credit card journal. +Thus, credit cards become a payment method in itself and you will record +two transactions. + +Once you receive a customer credit card payment, go to the related +invoice and click on Register Payment. Fill in the information about the +payment: + +- **Payment method**: Credit card + +- **Memo**: write the invoice reference + +.. image:: ./media/credit02.png + :align: center + +This operation will produce the following journal entry: + ++----------------------+-------------------+----------+----------+ +| Account | Statement Match | Debit | Credit | ++======================+===================+==========+==========+ +| Account Receivable | | | 100.00 | ++----------------------+-------------------+----------+----------+ +| Credit Cards | | 100.00 | | ++----------------------+-------------------+----------+----------+ + +The invoice is marked as paid as soon as you record the credit card +payment. + +Then, once you get the bank statements, you will match this statement +with the credit card that is in the 'Credit card' account. + ++----------------+-------------------+----------+----------+ +| Account | Statement Match | Debit | Credit | ++================+===================+==========+==========+ +| Credit cards | X | | 100.00 | ++----------------+-------------------+----------+----------+ +| Bank | | 100.00 | | ++----------------+-------------------+----------+----------+ + +If you use this approach to manage credit cards payments, you get the +list of credit cards payments that have not been cashed in the "Credit +card" 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 credit cards that have not been cashed, this one + is cleaner because those credit cards have not been reported yet on your bank + account. + +Option 2: One journal entry only +================================ + +Configuration +------------- + +There is nothing to configure if you plan to manage your credit cards +using this method. + +From credit card payments to bank statements +-------------------------------------------- + +Once you receive a customer credit card payment, 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 credit card transaction number + +.. image:: ./media/credit03.png + :align: center + +The invoice is marked as paid as soon as the credit card payment has +been recorded. Once you 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 top menu :menuselection:`Sales --> Payments`. This method may be more + convenient if you have a lot of credit cards 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 credit cards, you can use +the report "Bank Reconciliation Report" to verify which credit cards +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/credit04.png + :align: center + +.. seealso:: + + * :doc:`recording` + * :doc:`paypal` + * :doc:`cheques` + * :doc:`followup` + +.. rst-class:: text-muted + +| Written by Fabien Pinckaers (Odoo) +| Proofread by Alexandre Vandermeersch (Odoo) diff --git a/accounting/receivables/customer_payments/media/credit01.png b/accounting/receivables/customer_payments/media/credit01.png new file mode 100644 index 000000000..d4abff71b Binary files /dev/null and b/accounting/receivables/customer_payments/media/credit01.png differ diff --git a/accounting/receivables/customer_payments/media/credit02.png b/accounting/receivables/customer_payments/media/credit02.png new file mode 100644 index 000000000..840d8704a Binary files /dev/null and b/accounting/receivables/customer_payments/media/credit02.png differ diff --git a/accounting/receivables/customer_payments/media/credit03.png b/accounting/receivables/customer_payments/media/credit03.png new file mode 100644 index 000000000..622ed2838 Binary files /dev/null and b/accounting/receivables/customer_payments/media/credit03.png differ diff --git a/accounting/receivables/customer_payments/media/credit04.png b/accounting/receivables/customer_payments/media/credit04.png new file mode 100644 index 000000000..1b862a71a Binary files /dev/null and b/accounting/receivables/customer_payments/media/credit04.png differ