How To Perform Automatic Transfers In Odoo 16 Accounting
What is Automatic Transfers in Odoo?
Automatic transfers in Odoo 16 Accounting Module provide a seamless way to move amounts/ funds from one account to another. This process may involve transferring funds from an origin account to one or multiple destination accounts, with the flexibility to specify the percentage of the total amount to be transferred at each destination account.
Now, let us see how we can manage Automatic Transfers in Odoo ERP:
Step 1- To set up a new automatic transfer, navigate to the Accounting Module and then click on the “Accounting Tab”, now click on the “Automatic Transfers” option.
Step 2- By clicking on the “New” button, you can start configuring the new Automatic Transfer.
While configuring the new Automatic Transfer, in the Description field- provide a name or a label for this automatic transfer. Specify the start date and end date in the Period field.
In the Frequency field, you can define how often the transfers should occur- whether it's monthly, quarterly or yearly. You will also have to specify the Journal where the accounting entries for this transfer will be recorded.
Under the “Origin of Accounts” section, you can add lines to choose the accounts from which you want to transfer funds- selecting the account will auto-fill the fields like account name, type, code.
Under the automatic transfer tab we can add a line and configure partner and analytical filters. These filters will restrict the transfer to include only the lines from the origin account which would further match with the specified partner and analytical accounts. You can also mention the percentage of transactions for each line.
After filling all the details related to this transfer , we can activate it by clicking on the “activate" button.
Once, activating the transfer, we can view the transfer- we can click on the “Compute Transfer” button and we can view all the scheduled transfers related to this.
If we want to deactivate the transfer , we can simply click on the “disable” button.
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When can Automatic Transfer be used in Odoo:
Let us take one example , as in our company we want to do a monthly expense transfer from our bank account to the expenses account.
So, we need to create an automatic transfer from the accounting module , define the origin account as “bank account” and destination account as “expenses account” , define the percentage, choose the period of the transfer, frequency, and journal.
Then activate it, and compute transfer.
This is how we can create monthly expenses transfer in Odoo by using automatic transfers.
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Watch the Odoo 16 Accounting Transfers in action!
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