Step-by-Step Guide: Configuring Closing Entry By-Product in Odoo 18 POS

Learn how to configure Closing Entry By-Products in Odoo 18 POS. This step-by-step guide covers inventory management, financial reporting, and enhanced POS operations.
November 18, 2024 by
Chirag

Odoo 18 brings a host of enhancements to its Point of Sale (POS) module, designed to streamline retail operations and improve financial accuracy. Among these features is the ability to configure Closing Entry By-Products, an essential function for businesses that deal with residual or by-product inventory in their POS workflow.

In this blog, we’ll walk you through the process of configuring this feature in Odoo 18 POS. This step-by-step guide will ensure that you’re set up for seamless inventory tracking and accurate financial reporting.

What Are Closing Entry By-Products in Odoo 18 POS?

Closing Entry By-Products refer to any additional products or residual items generated during a sales process, especially in businesses like retail, manufacturing, or services that handle supplementary goods or promotional items. Configuring this feature in Odoo 18 ensures that these by-products are accounted for during the closing of a POS session, contributing to accurate inventory and financial records.

Why Is This Configuration Important?

Proper configuration of Closing Entry By-Products in Odoo POS offers several benefits:

  • Accurate Inventory Tracking: Ensures by-products are systematically recorded.
  • Improved Financial Reporting: Reflects the correct value of by-products in accounting.
  • Enhanced Efficiency: Automates the closing entry process, reducing manual errors.

Whether you're managing a small retail store or a large chain, this setup can significantly streamline your operations.

Prerequisites

Before you begin, ensure the following:

  1. You have administrative access to the Odoo 18 database.
  2. The Point of Sale module is installed and configured.
  3. Relevant inventory and accounting modules are active.

Step-by-Step Guide to Configure Closing Entry By-Products in Odoo 18 POS


Step 1: Enable By-Product Management in POS Settings

  1. Navigate to the Point of Sale module from the dashboard.
  2. Click on Configuration > Settings.
  3. Scroll to the section labeled Inventory Settings.
  4. Enable the option for Track By-Products.
  5. Save the changes.

Note: If you do not see this option, ensure your POS module is updated to the latest version of Odoo 18.

Step 2: Create a By-Product in the Inventory Module

  1. Go to the Inventory module.
  2. Click on Products > Create.
  3. Fill in the following details:
    • Product Name: Enter the name of the by-product (e.g., "Promotional Item").
    • Product Type: Set it as Storable Product.
    • Category: Assign it to the relevant product category.
    • Costing Method: Choose FIFO or Standard Price based on your accounting practices.
    • Inventory Valuation: Set it to Automated for seamless tracking.
  4. Save the product.

Step 3: Link By-Products to POS Operations

  1. In the Point of Sale module, go to Configuration > Points of Sale.
  2. Select the POS session you want to configure.
  3. Scroll down to the By-Products Configuration section.
  4. Add the previously created by-product(s).
  5. Define the conditions under which by-products should be accounted for (e.g., specific products sold, discounts applied).
  6. Save the settings.

Step 4: Test the Configuration

  1. Start a new POS session.
  2. Perform a sales transaction involving a product linked to a by-product.
  3. Close the POS session and review the Closing Entry Report.
  4. Verify that the by-product has been accurately recorded in the report and inventory records.

Step 5: Review Financial Entries

  1. Navigate to the Accounting module.
  2. Check the Journal Entries associated with the POS session.
  3. Confirm that the by-product valuation is correctly reflected in the financial statements.

Common Challenges and How to Solve Them

  • By-Products Not Appearing in Reports: Ensure the by-product is correctly linked in the POS configuration and has sufficient stock in the inventory.
  • Incorrect Valuation: Double-check the costing method and inventory valuation settings for the by-product.
  • Module Compatibility Issues: Ensure all modules are updated to their latest versions for Odoo 18.

Benefits of Configuring Closing Entry By-Products in Odoo 18 POS

By implementing this feature, businesses can:

  1. Improve Operational Accuracy: Minimize manual errors and ensure by-products are systematically tracked.
  2. Streamline Financial Processes: Automate accounting entries for by-products during POS session closure.
  3. Optimize Inventory Management: Gain better visibility into the movement of supplementary items.

Conclusion

Configuring Closing Entry By-Products in Odoo 18 POS is an essential step for businesses looking to enhance their inventory tracking and financial reporting. With the detailed steps outlined above, you can implement this feature effortlessly, boosting your operational efficiency and ensuring compliance with accounting standards.

For more insights into leveraging Odoo 18 for your business, check out our other guides or get in touch with our ERP experts today!