Effective Invoice Statement Example for Banking that Streamlines Your Workflow

Invoice statement example for Banking

good morning and welcome to you live my name is Noel community manager here at odoo San Francisco joining me today we have senior business advisor Andre to talk about invoice and bank statement reconciliation welcome Andre morning as always if you showed up late or would like to watch this webinar again at another time you're more than welcome to use this link that you're using to watch us now at a more convenient time and if you have any questions related to invoice and bank statement Rakuten silly ation please put them in the chat and we will answer them at the end during our Q&A session so without further ado go ahead and take it away Andre all right morning everybody so what we're gonna be talking about bank statement reconciliation and I suppose invoicing an accounting a pretty specific topic so before we jump straight to the bank reconciliation piece one sake was briefly about kind of what that is in general and how things are gonna get in the first place as I'm sure everybody knows reconciliation you're taking what's in your general ledger and you're reconciling it what's with what's in your bank statement right your general ledger being essentially your record of your financial transactions and your bank statement being the actual money moved back and forth out of your account making sure those match up so where'd those come from a knowdo just you know a quick kind of accounting overview here we have much more detailed ones about you know specific chart of accounts set up general ledger APA are stuff like that we'll link to that in the description to this but I want to make sure everyone understands what we're dealing with and what it's coming from so here you know if we have our general ledger here and again you know your chart of accounts is something you set up initially pretty simple to do you're gonna notice that each one of these accounts are going to be on a line item in an invoice or bill when we have actually you know our general ledger as we're processing invoices or paying bills it's all going to populate into AR AP things like product sales taxes things like that this is where you know half of the guests the information the reconciliation piece is coming from now just to show you kind of you know briefly what an invoice looks like a no do it can be generated from a sales order or from accounting here we can do it through accounting by coming in seeing our existing customer invoices here open ones we can see a bunch of those here I'll create one on the fly just as she kind of you know what it looks like again these can be automatically generated by when we have a confirmed sale but he really would come in identify a customer we can see when we did that it automatically layered in some payment terms a specific sales person and specific sales teams on their customer record you can identify certain you know your customers with specific you know payment terms you know with specific accounting pieces here that automatically populate into an invoice when you pick them so instead of I'd immediately have to do so every time you know from a higher level of control you can associate that customer with those specific financial terms now for the product if we come in here let's do a desk sure and let's say those now an important thing to do invoicing you'll notice that this is just a draft a quick aside and if you're having invoices come in to you from sales or from kind of different I guess sources kind of floating up to or aggregating into accounting depending on is doing that if you don't want them to lock it in which will be locked in we hit validate what they just create a draft which when you come back to our accounting piece and just say show me all my invoices I can see all my open ones including a draft one now the difference between here if I go to an open one and I hit edit you notice I can't actually add anything into the line items I'll come back to my invoices and look at the draft when we just made when I come in and edit I can come in I can add a new line I can you know edit the ones here before this actually locked in this I see this most often used when if you know from accounting perspective there are a lot of different invoices being generated from maybe a couple different teams it's not feasible you know for an accountant to go in and generate all those different invoices on their own they have all those different people generate it when necessary to kind of aggregates up to accounting but they leave on draft so only some of the financial team can you come in and edit this and make sure this is correct before it's locked in if I locked any means you're going to validate so now we have a full invoice here and now this is kind of we know where we're gonna see action our general ledger if I wanted to register a payment here now when we do this you know we could do the full amount if I change this to 10 it's going to automatically see that this payment amount is less than the total amount due so it's gonna ask me here's the difference you want to keep it open or I want to close this out you know for this example what we'll do is well just make it the full amount when we validate that this is registering a payment we're gonna see exactly when I was done how much it was and more importantly what account from our chart of accounts right here is getting hit so if we went to you know our general ledger we would see that pop up in there as well now in here we can see that line item right here again so everything that comes into our general ledger this is half of what's gonna be in the reconciliation right all these items here the other half is gonna be coming from your bank statement now in oh do we use a service called Yoli that will allow your bank to sync with no do I think the clock initially is set to pull a statement every four hours that's something you can change you can check and we'll have a link to this we'll have a link to this page right here where you can check if your bank is one of those and essentially I going to do is come in here find this box towards the supportive bank's and say let's say chase and it's going to give you a couple different words right here so this is where you want to check if you're one of those banks well again we'll include this in a link in the video if it is then what's going to happen is it's going to automatically pull a statement in and it's going to look something like this as we can have our latest bank statement here see a new status our starting and ending balances and then in here are the individual line items so these sexual you know deposits and withdrawals in terms of money and money out for your bank statement this is what we're going to match up with what we have in our general ledger now we can see automatically the labels here the different invoices Bank these prepayment things like that and the different partners meaning a customer or vendor that that's associated with now in the case that you are not able to or or your bank doesn't say we go to that's okay what you can use come here an import statement essentially you're getting that bank statement that we just saw in a CSV or no effects an open financial exchange something your bank should be able to do you know so it's kind of you know email you this once a day once a week whatever it is we have sample templates to kind of help you quickly reformat that to bring that in but either way what happens either through you bringing it in or automatically to the bank once there's a bank statement here like we saw right here who's gonna recognize that cm the items are and actually go into the reconciliation so when that happens you're gonna get this kind of warning right here when we open this up this is the actual reconciliation right we're going to match up what's in our general ledger well that's in our bank statement so you can see before since we already had on the bank statement the idea the customer the ID of essentially the transaction ID if you will invoice 20:18 /o two and we can see those two title others two amounts match right here and you know to come in and reconcile that now a couple things so one here you can see we weren't it didn't know what to do with what was said of his bank fees so it says well who do we reconcile this you know with let's say fiscal administration and when I open that up it's gonna say okay well you know we don't know and this is something you can set up and we'll look at that what account do we want this these bank fees to be associated with so I can come in here and say you know we're gonna open this up it's going to give us our full turn of accounts so very easily I can come in and say let's say let's put this on payables okay we're gonna reconcile that and it's done now another thing I get questions a lot of are how do we split this amount so if I open this up here and I can see 650 for a prepayment that's pretty common maybe they want some date the receivables and some to hit maybe another account so let's say we want only 300 of this to hit my AR so when I do that and I hit save and new it's done that piece but it automatically figures out what the difference is between what I just reconciled them what's left puts that amount here and then I can come in and I would say current assets for lacking for an example here reconcile that now that one's done so same kind of thing you're able to do you know you kind of split round come in you know be able to hit validate here the same kind of thing the idea here is you're able to match these up pretty easily once it's all done you got a nice little rainbow right here and you have actually go back to your bank statement if you want and take a look at it that's what kind of that you know the core process or daily day-to-day actual reconciliation of it again this is predicated on you know we have invoices coming here is populating into your general ledger your bank sank either pulling a statement automatically or bringing in a bank statement you know again manually right here the reconciliation thing of what the one cannot other piece I want to touch what's kind of the models so here this is where you're actually coming in and creating for example our invoice matching rule so this for example is part of the way odoo understands what to match up and basically on the amount paid received same currency hundred percent matching you can come in and create a couple different kind of rules depending on how you want to do this but this is kind of the simplest way and when you don't have like we saw with the bank fees they were unsure - what - associated with that it's basically it didn't land under one of these rules and you want to have a couple different models to cover what you have you build out a couple different models so that when you go into your reconciliation it understands what this amount in transaction is correspond from the bank statement is corresponding to in your general ledger that's really kind of the core of it it's pretty short and sweet we try to make this as simple as possible we understand bank reconciliation can be kind of tricky for everybody depending if your bank works or not we vanilla tea to create your own bank as well which I know for some niche industries is pretty important you're able to do that as well you know if you are essentially your own bank for lack of a better term you can create yourself as one and again it's basically the same to o do as Bank that doesn't have that online sink says you're gonna create a bank even if it's just you know you have your own vault in your own kind of record-keeping system essentially you're gonna take that record that you're keeping probably in Excel and essentially import that statement here to reconcile your general ledger I mean so it's flexible enough that even if part of the reason you're the back to traditional banking you can kids kind of set up your own internal one well all right Thank You Andre for that presentation looks like at the moment we do not have any questions so well done I would like to remind everyone that we are in the era of oh do tours so we will be coming to your town or one near you to promote Oh to version twelve you can check out all of those events at oh do calm slash events additionally if you have questions or comments related to this webinar or other topics you can send us an email at webinars at oh do calm or if you would like to get in touch with Andre specifically Andre what's your email address ato at oh do calm will link in this video where I showed where you can check if your bank syncs and a couple other kind of broader larger kind of accounting 101 and more advanced kind of accounting things like stock accounting other webinars we have that if anyone wants to take a deeper dive into so you can kind of take a look at those but feel free to reach out with any specific accounting questions anything like that happy to walk through it great well then yeah I think unless there is anything else to add that's gonna do it for us here at Oh to San Francisco so thank you all for watching don't forget to Like and subscribe and as always we will see you next time thank you all thank you bye