Odoo ACH Module


What is Odoo ACH Module?

Before understanding Odoo ACH Module first we will understand what is ACH process?

ACH stands for Automatic Clearing House. It is an electronic funds-transfer system. The ACH is run by the National Automated Clearing House Association (NACHA)

It is much more secured than a paper cheque. As it is a low-cost payment tool, and it also reduces your efforts for recurring payments it is an ideal payment solution for a customer. You may also call an ACH as e-cheque. ACH transfers are the fastest way to send or receive payments and it also ensure customers have the opportunity to pay in a timely manner.

ACH transactions are processed in two ways, credits and debits. …

An ACH credit or “push” transaction is initiated by the payer of funds and pushes money to the receiving party. ACH credit transfers include direct deposit, payroll and vendor payments.

An ACH debit or “pull” transaction is initiated by the receiver of funds and pulls money from the paying party. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills.

In both cases, the ACH transaction is entered into the ACH payments system by an originator. The originator is responsible for obtaining the required authorization for each transaction.

After providing the correct bank account information and authorization to withdraw funds, an ACH entry is created by the lender’s bank when payment is due. That entry is then sent to the consumer’s bank—which then debits the account for the amount due—and sends a credit to the lender’s bank account.

Our Odoo ACH Module

The Odoo ACH (automatic clearing house) module allows your business to pay out vendors via direct deposit.

Our Odoo ACH Module is a real-time solution for originating and receiving ACH electronic funds transfers with speed and efficiency.

With the extensive range of essential functionalities and value-added features this module provides a complete, reliable solution for escalating volume of electronic payments.

Our Odoo  ACH Module processes electronic records coming from and going to ACH offices, financial institutions and corporations.

This system works in the simple way as it converts your entry into NACHA format and it will be received at the Bank at the other end, your bank will verify details and process the payment.

Key Features of Odoo ACH Module

Secure Payment Method:

Reduce fraud by verifying the check received and initiate deposits into your bank account directly. Receive an instant bank account confirmation and updated balance.

Odoo ACH enables organizations to control access to transaction details with the user.

Anytime and Anywhere:

As this process you have to do online you can process your payment from anywhere and anytime. The only thing you should have is your laptop or Mobile device with internet.

Usability:

Advanced capabilities enable users to adjust system settings and controls in real-time to address evolving organizational needs.

Scheduling:

You can dictate a schedule of anticipated work to organize the entries PEP+ is processing. When work arrives early or late, the schedule can be adjusted.

Increase Productivity

As manual process is eliminated here so automatically it affect productivity in increasing order.

Reliability:

Things can be customized according to needs and NACHA rules and regulations so, this Leading-edge technology helps to maximum operational efficiency and reliability.

ACH Workflow

You will have to follow few simple steps for your payment

a) Payment Mode and Method creation

  • Create Payment Mode and Payment Method as per your requirement
  • Select company/User name and add legal Id and Tax Id as this information is mandatory

Odoo Ach module

  • Add bank details of the selected company/User.

Odoo ACH Module

b) Go to Accounting -> Configuration->

  • In the Accounting menu under Configuration, two new menu items are added which are ‘ Payment Modes’ and ‘Payment Methods’.

Odoo Ach module configuration

c) Go to Accounting -> Configuration->Payment Modes-> 

  • In payment modes, you will find the demo modes present already, you can create new payment modes as per your requirement
  • When you create a new payment mode, the ‘Link to bank account’ will be variable and then you can select the allowed journal for the ACH process in Odoo ACH module
  • Also add the journal filter as for Vendor bills

Odoo Ach module payment configuration

d) Go to Accounting -> Configuration->Payment Methods->

  • In payment methods, you will find the demo modes present already, you can create new payment modes as per your requirement
  • The below image shows the Payment method for Odoo ACH Process wherein the payment type is as outbound for Vendor bills
  • Make sure the Is ACH Boolean field is True for the ACH process Payment method

Odoo Ach Module company details

e) Go to Accounting -> Vendors -> Vendors -> 

    • Select the Vendor
    • Select the Payment type as ACH Payment type for ACH process. (By default the payment type will be Cheque Payment)
  • Once you select the payment type as ACH in Odoo ACH module, you need to select the supplier payment mode in the Sales & Purchase page. (For eg: Here it selects the demo payment mode)

Odoo Ach module vendor creation

  • Add the bank Accounts details in the Accounting Page for that Vendor. Also add the routing number for that bank account. Bank account numbers should not have any characters, spaces or special charecterisstics.

Odoo ach module

  • In the Vendors list view, you can also group by and filter vendors using Payment types

Odoo Ach module

Odoo ACH Module

f) Go to Accounting -> Configuration->Journals->

  • You need to have a Journal especially for the ACH process (For eg: As shown below, this is a bank journal created for Odoo ACH process)
  • Then you need to select the required bank account and bank for that particular journal
  • Make sure the bank account has a routing number

Odoo ach module

  • Then in the advanced settings page select the payment method created for the ACH process. You can also select the other payment methods as per your requirement.

Odoo ACH Module

g) Go to Accounting -> Vendors->Bills->

  • Create a new vendor bill
  • On selecting the vendor, the payment type, bank account and payment mode for that vendor gets selected. Though you can make changes in the above fields in the form view as per your requirements

Odoo ACH Module

  • Then after creation of the bill, post the bill, and register payment
  • While registering the payment, there is auto selection of ACH journal and Payment method for ACH

Odoo ACH Module

  • Once the payment is done, view the payment.

Odoo ach module

  • ‘Account payment’ form view will be displayed
  • In above fig the payment ACH type will be auto selected. a new button ‘Generate Payment File’ is added where it can generate a NACHA file for the vendor bill

odoo ach module payment display

Odoo ach module

  • Above figure shows the form that will be displayed once you click the ‘Generate Payment File’ button

Odoo ACH module

  • Above figure shows the NACHA file that will be generated in this format
  • Once the file is generated, the payment status moves to ‘File Generated’, also a smart button is added where we can view the files that are generated.

Odoo ach module

  • Above figure shows the list view when clicked on the smart button.

Odoo ACH Module

  • Above figure shows the form view of the file attachment which can be downloaded anytime.

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