Maintaining a healthy financial state requires meticulous management of your vendor bills. Odoo Purchase app offers powerful features to ensure accuracy and prevent financial missteps, with bill control policies and three-way matching process.
Let’s understand why these features are essential and explore how Odoo empowers you to achieve financial control.
Bill Control Policies in Odoo Purchase: Ordered vs. Received Quantities:
You can manage Vendor Bills in Odoo with two main bill control policy options:
Ordered Quantities: Bills are generated as soon as a purchase order (PO) is confirmed. This means you’re billed for the entire ordered amount, regardless of actual product receipt. This might be suitable for specific scenarios like pre-paid goods or custom orders.
Received Quantities: Bills are created only after a portion or all of the ordered products have been received. This aligns payments with actual product acquisition, offering greater control and reducing the risk of overpaying.
Invoice Matching Process in Odoo Purchase App
Three-way Matching in Odoo is the process of comparing the purchase order, invoice, and goods receipt to make sure that the customer’s order, the supplier’s delivery, and the goods receipt note all reflect the same information.
Beyond bill control policies, invoice matching acts as an additional layer of security. It meticulously compares information from three crucial documents:
- Odoo Purchase Order (PO): The initial agreement with the vendor, outlining the ordered products, quantities, and prices.
- Vendor Bill: The invoice sent by the vendor, detailing the charges for the supplied goods.
- Delivery Receipt: The confirmation of product receipt, specifying the actual quantities delivered.
Only when all three documents match does the system allow for bill validation and payment processing. This meticulous verification minimizes the risk of errors, duplicate payments, or fraudulent invoices.
By leveraging Odoo’s bill control policies and 3-way matching feature, both vendors and suppliers can benefit from:
- Trust and Transparency: Accurate invoice matching builds trust and transparency between parties, fostering stronger business relationships.
- Reduced Administrative Burden: Automating discrepancy detection and resolution streamlines the purchasing process, saving time and resources for both parties.
- Improved Financial Security: Minimized risk of errors and fraud protects both vendors and suppliers from financial losses.
