NishanthMarch 23, 2023
Batch Payments in Odoo v16 accounting module is used for the process of reconciling the group of transactions together. Several bank transactions can be finished in one step with the aid of batch payments. The user can easily compare these various statements with bank statements as a result.
Bank reconciliation is the process of comparing the balances of cash accounts in an entity's accounting records to the relevant data on a bank statement.An organization may choose to combine related payments into batches to make reconciliation easier. When submitting checks for bank deposit, batch payments are also helpful. You can manage and create batch payments for customers and vendors with the Odoo 16 Accounting module. You may view the list of batch payments together with information like the Reference, bank name, the Date, the Amount, and the State by choosing the Batch Payments option from the Users tab. The Suppliers page also allows users to view batch payments made to vendors. On the basis of Bank Journal and State, the list can be divided into categories. Several payments can be batched together for clients and suppliers in this way, simplifying the bank statement reconciliation process. In practical business situations, this truly saves a lot of time.
How to Configure Batch Payments
Go to Accounting -> Settings -> Batch Payments. On enabling this, a user can easily create batch payment
Two types of Batch Payments are there: Customer Batch Payment & Vendor
Customer Batch Payment
Customer Batch Payment can be managed by going to Accounting > Customer >
Batch payment to create a customer batch payment
Vendor Batch Payment
Vendor batch payment can be managed by going to Accounting> Vendor> Batch Payment to create a vendor batch payment.
Two types of Batch Types are there,
Inbound Type - When grouping or batching customer payments, we use the inbound batch kind of batch. Only client payments can be batch processed if we select the inbound batch type. In order to batch payments, several payments must be chosen.
Outbound Type - This simply allows us to view vendor payments. This makes it easier to choose several payments and spend them all at once.
Creating a Batch Payment
You can create Batch payment by clicking on ‘CREATE’ button and add details like Batch type, Bank & Payment method as ‘Batch Deposit’. Add the Batch contents at detail section and note the final calculated amount.
After adding those data, can ‘Validate’ the batch payment and stage will shift to ‘Sent’ Stage. Then need to do the Bank Reconciliation. The bank reconciliation aids in verifying customer or vendor payments to the bank statement.
Click the ‘Reconcile’ button now from Accounting Dashboard
This will redirect to the below interface, from here you can check and validate. You can print the validated batch payment by selecting the ‘PRINT’ button
After validation, it gets reconciled and journal entry will be created and posted with paid status.
You can see the status of Invoices added in the batch payment are updated as ‘Paid’
The status of the Batch payment also gets shifted to ‘Reconciled’
Same as we can do vendor batch payments also. This is how Batch Payments feature is used in Odoo v16 accounting module.