Bista Solutions has created a new module for Accounting in Odoo 11, helping businesses manage NSF checks. An NSF check (non sufficient funds) is one that bounces due to insufficient funds from the payer’s bank account.
When your business receives a bounced check, you want to be able to keep track of that information in your accounting system. You want to be able to cancel the original payment, record the reason for the bounced check, and reconcile it with the original entry. This matters for simply having a proper accounting record, but additionally for auditory compliance and fraud prevention.
Ideally, you also want features helping with next actions, such as contacting the customer to notify them, as well as charging them additional fees, above the fees your own bank is charging you.
Currently, in Odoo 11, you can deal with NSF checks by reversing the original entry, but you lack a proper audit trail and other features making this process easier.
Given this gap, Bista has developed a new module to improve accounting functionality on Odoo. As shown in the video below, the module allows you to:
- Mark the original payment as “bounced”
- Reverse the payment entry
- Change the invoice(s) from Paid to Open state
- Reconcile original and reversal entry
- Charge the customer with additional fees
By including these features within the original invoice, the module makes them more accessible and speeds up the process. For example, from the invoice itself, you can quickly press “Bounced” and add in details such as the Bank Charge and Customer Fees.
In addition to that, the module also contextualizes the actions with reference to the original payment. Rather than having open debits and credits with the separated original and reversal entries, these entries will be properly reconciled. Therefore, Bista’s new module both reduces your work as an accountant and improves your recording capability.
If you’re looking for this module, give us a call. We are an Odoo Gold partner and have experience with hundreds of clients across many industries. We can also develop other accounting software modules to fulfill your requirements. Contact us at 404-631-6219 or at one of our international numbers.
Watch the video below: