Purchase Receipt in Odoo 17 Accounting | Odoo 17 Accounting Videos

Channel:

Cybrosys Technologies

Subscribers:

20,700

Published on April 2, 2024 1:55:00 PM ● Video Link: https://www.youtube.com/watch?v=h-PEMnxsfeU

Game:

Accounting (2016)

Duration: 6:18

120 views

9

A purchase receipt in Odoo is a document used to record a purchase transaction where your company has received goods or services from a vendor and made the corresponding payment. It's different from a purchase bill (or vendor bill), which is an invoice you receive from the vendor requesting payment. #odoo17 #odooaccounting

But a purchase bill, also known as a vendor bill or supplier invoice, is a financial document used to record the amount that you owe to your vendor for the goods or services received. It represents the vendor's request for payment. 

Here's a breakdown of the key points:
Purpose: Records receipt of goods/services and payment made.
Creation: After receiving goods/services and making payment,.
Usage: It is useful when you pay directly for an expense, rather than having an outstanding invoice.

Example:Imagine buying a coffee at a cafe. The purchase bill would be the receipt you get with the order total, reminding you to pay. The purchase receipt would be the separate receipt you receive after handing over your cash.

The key difference between a purchase receipt and a purchase bill (also known as a vendor bill) lies in when they are issued and their purpose:
Purchase Receipt:

Issued by: Seller (after receiving payment)
Purpose: Confirms that the seller has received payment for the goods or services provided. It serves as proof of purchase and payment for the buyer.
Timing: Generated after the purchase is complete (goods received and payment made).
Use: Primarily for the buyer's records. It can be used for accounting purposes to record the expense.
Purchase Bill (Vendor Bill):

Issued by: Seller (before or after delivering goods/services)
Purpose: A formal request for payment for the goods or services provided.
Timing: Sent before or after the delivery, depending on the agreed-upon payment terms (e.g., before delivery for credit purchases, after delivery for cash purchases).
Use: Informs the buyer of the amount owed and prompts them to make payment. Used by the seller for accounting purposes to record the sale.

Connect With Us:
—————————————
➡️ Website: https://www.cybrosys.com/
➡️ Email: info@cybrosys.com
➡️ Twitter: https://twitter.com/cybrosys
➡️ LinkedIn: https://www.linkedin.com/company/cybrosys/
➡️ Facebook: https://www.facebook.com/cybrosystechnologies
➡️ Instagram: https://www.instagram.com/cybrosystech/
➡️ Pinterest: https://pinterest.com/cybrosys/

Other Statistics