6f16d7e092
This commit improves the structure of the accounting documentation by - reducing the levels necessary to reach the information - grouping some docs - moving content to their parent category page (content in all levels) - renaming some sections to reflect the structure of the app better task-3330093 closes odoo/documentation#4422 Signed-off-by: Castillo Jonathan (jcs) <jcs@odoo.com>
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===================================
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Payment terms and installment plans
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===================================
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**Payment Terms** specify all the conditions under which a sale is paid, mostly to ensure customers
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pay their invoices correctly and on time.
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Payment Terms can be applied to sales orders, customer invoices, supplier bills, and contacts. These
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conditions cover:
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- The due date
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- Some discounts
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- Any other condition on the payment
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Defining Payment Terms automatically calculates the payments' due dates. This is particularly
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helpful for managing installment plans.
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An **installment plan** allows the customers to pay an invoice in parts, with the amounts and
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payment dates defined beforehand by the seller.
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**Examples of Payment Terms:**
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- | **Immediate Payment**
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| The full payment is due on the day of the invoice's issuance.
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- | **15 Days** (or **Net 15**)
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| The full payment is due 15 days after the invoice date.
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- | **21 MFI**
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| The full payment is due by the 21st of the month following the invoice date.
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- | **2% 10, Net 30 EOM**
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| 2% :doc:`cash discount <cash_discounts>` if the payment is received within ten days. Otherwise,
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the full payment is due at the end of the month following the invoice date.
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.. note::
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Payment terms are not to be confused with down payment invoices. If, for a specific order, you
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issue several invoices to your customer, that is neither a payment term nor an installment plan,
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but an invoicing policy.
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.. note::
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This document is about the *Payment Terms* feature, not *Terms & Conditions*.
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.. seealso::
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- :doc:`cash_discounts`
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- `Odoo Tutorials: Payment Terms <https://www.odoo.com/slides/slide/payment-terms-1679>`_
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Configuration
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=============
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Go to :menuselection:`Accounting --> Configuration --> Payment Terms` and click on *Create*.
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The **Description on the Invoice** is the text displayed on the document (sale order, invoice,
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etc.).
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In the **Terms** section, you can add a set of rules, called *terms*, to define what needs to be
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paid and by which due date.
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To add a term, click on *Add a line*, and define its *Type*, *Value*, and *Due Date Computation*.
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.. important::
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- Terms are computed in the order they are set up.
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- The **balance** should always be used for the last line.
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In the following example, 30% is due on the day of issuance, and the balance is due at the end of
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the following month.
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.. image:: payment_terms/configuration.png
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:align: center
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:alt: Example of Payment Terms. The last line is the balance due on the 31st of the following
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month.
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Using Payment Terms
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===================
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Payment Terms can be defined in the **Due Date** field, with the **Terms** drop-down list, on:
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- | **Quotations**
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| To set specific payment terms automatically on all invoices generated from a quotation.
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- | **Customer Invoices**
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| To set specific payment terms on an invoice.
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- | **Vendor Bills**
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| To set specific payment terms on a bill. This is mostly useful when you need to manage vendor
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terms with several installments. Otherwise, setting the *Due Date* is enough.
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.. tip::
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You can also define a **Due Date** manually. If Payment Terms are already defined, empty the
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field so you can select a date.
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Payment Terms can be defined with the **Payment Terms** field on:
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- | **Contacts**
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| To set specific payment terms automatically on new sales orders, invoices, and bills of a
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contact. This can be modified in the contact’s *Form View*, under the *Sales & Purchase* tab.
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Journal Entries
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===============
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Invoices with specific Payment Terms generate different *Journal Entries*, with one *Journal Item*
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for every computed *Due Date*.
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This makes for easier *Follow-ups* and *Reconciliation* since Odoo takes each due date into account,
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rather than just the balance due date. It also helps to get an accurate *Aged Receivable report*.
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.. image:: payment_terms/journal-entry.png
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:align: center
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:alt: The amount debited on the Account Receivable is split into two Journal Items with distinct
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Due Dates
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In this example, an invoice of $1000 has been issued with the following payment terms: *30% is due
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on the day of issuance, and the balance is due at the end of the following month.*
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+----------------------+-------------+---------+---------+
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| Account | Due date | Debit | Credit |
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+======================+=============+=========+=========+
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| Account Receivable | February 21 | 300 | |
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+----------------------+-------------+---------+---------+
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| Account Receivable | March 31 | 700 | |
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+----------------------+-------------+---------+---------+
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| Product Sales | | | 1000 |
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+----------------------+-------------+---------+---------+
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The $1000 debited on the Account Receivable is split into two distinct *Journal Items*. Both of
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them have their own **Due Date**.
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