It is essential for your business to collect payments when they are overdue. Odoo will help you identify payments that are late and will allow you to send the appropriate reminders. Normally almost all the customers will pay at the right time. Still, there are customers who keep delaying or due payment. In such cases, we have to follow them up.
Cash flow is very important in every business. If a business makes a delay in following up the due payments of customers they would end up in bad debt. This will cause an imbalance in the business which would end in the winding up of business. Therefore a proper follow-up of due payments is essential and indispensable for a business.
The enterprise edition of Odoo 14 supports the follow-up reports. This report helps a business to identify the due and delayed payments and to send appropriate reminders to the customers on due. Here we have multiple ways to remind the customers of their payment.
Due means the customer has something to pay with the company. It will have a date of due. And if the customer crosses the due date it is called overdue.
We also have to be careful that before sending the follow-up reminders we have to reconcile all the bank statements or else we will end up sending follow-up reminders to the paid customers.
To get the follow-up reports we need to install the accounting module.
Go to Accounting ‣ Customers ‣ Follow up reports and see the customer with due and the follow-up details.
We can also set follow-up levels, for that go to Accounting ‣ Configuration ‣ Follow up Levels and see the customer with due and the follow-up details.
Here we have the follow-up action and due days.
Other options tell what action to be triggered while a follow-up action is taken by the company. Like, print a letter, send a letter, send an SMS. We also have manual action types like call, mail, and so on
We can edit and create the follow-up action from here itself if needed.
For Odoo Accounting Services:
Read Blog: How to Manage to Follow Up Option in Odoo
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