Our Newest Odoo App: Process Payments with Discounts

Our Newest Odoo App: Process Payments with Discounts

The Process Payments with Discounts app allows companies to give customers a discount for early payments. The discount can be applied to a single invoice or to multiple invoices at once.

Installing

Choose Default Accounts

  • Choose default accounts for payment difference (Optional):
    • Accounting > Configuration > Settings : Invoicing & Payments
    • Customer Invoices/Vendor Bills

Create Payment Terms

  • Create Payment Term(s) for Cash Discounts:
    • Accounting > Configuration > Management > Payment Terms

    • Current Restrictions: Payment Term must have two lines
      • The first line can be “Fixed Amount” or “Percentage”, but it must have “Discount Remainder if Paid” checked.
      • The second line should be “Balance” and “Value” of zero.
      • “Number of days” should be set for each line; it determines the date the invoice should be paid by in order to receive the discount.
    • Example:
      • Name: 10%/10 Days Net 30

      • Balance due within 30 days. If invoice is paid within 10 days, it receives a 10% discount.

      • Payment Term Line 1:
        • Due Type: Percent
        • Value: 90.0
        • Discount Remainder if Paid?: Yes
        • Number of Days: 10
        • Option: Day(s) after the invoice date
      • Payment Term Line 2:
        • Due Type: Balance
        • Value: 0
        • Discount Remainder if Paid?: No
        • Number of Days: 30
        • Option: Day(s) after the invoice date

Usage

Processing a Single Invoice with Cash Discounts

  • Create a Customer Invoice or Vendor Bill
    • Payment Term (Other Info): Your Cash Discount Terms
  • Validate Invoice
    • Notice: Below the Totals section, there is a new field, Amount Due (Discounted), which is the payoff amount with discount taken off of the balance.
    • You can view the Journal Entry to see the breakdown of the Journal Items amounts and due dates. This is core Odoo behavior, determined by the Payment Term setup.
  • Register Payment
    • If the invoice is still eligible for the discount:
      • “Payment Amount” defaults to the “Amount Due (Discounted)”
      • “Payment Difference” defaults to “Mark invoice as fully paid”
      • “Post Difference in” defaults to “Default Payment Difference Account” for invoice type (if set in Accounting > Configuration > Settings)

Processing Multiple Invoices with Cash Discounts

  • Create multiple Customer Invoices or Vendor Bills for the same partner
    • Payment Term (Other Info): Your Cash Discount Terms

    • Note:
      • Payment Terms can be different on each invoice.
      • Payment Terms do not all need to be cash discounts for the discounts to apply.
  • Validate Invoice
    • Notice: Below the Totals section, there is a new field, Amount Due (Discounted), which is the payoff amount with discount taken off of the balance.
    • You can view the Journal Entry to see the breakdown of the Journal Items amounts and due dates. This is core Odoo behavior, determined by the Payment Term setup.
  • Pay Multiple Invoices at once (for the same partner)
    • View the invoices in a list, select the invoices you want to pay (via checkboxes)

    • At the top middle of the screen, click Action > Register Payment

    • If any of the invoices are still eligible for a discount:
      • “Payment Amount” defaults to the “Amount Due (Discounted)”
      • “Payment Difference” defaults to “Mark invoice as fully paid”
      • “Post Difference in” defaults to “Default Payment Difference Account” for invoice type (if set in Accounting > Configuration > Settings
    • Note: Invoices that are not eligible for discounts will still be charged the full amount.

To learn more and access our demo site, click here.

Time and time again, Blue Stingray has gone above and beyond our expectations with their work on projects ranging from complete site overhauls to custom Magento modules to general troubleshooting.”

— TOPS Office Products
Have a project? Get In Touch