How to Create a Vendor Deposit for a Foreign PO

​To create a vendor deposit for a foreign PO in Odoo, you can go to Purchase > Purchase Orders > Select your purchase order > Click on ‘Create Vendor Deposit’ button. Then you can enter the deposit amount and select the journal and currency. Finally, you can click on ‘Save’ button to create the vendor deposit.

Here is an example of a foreign purchase order for your reference.

Create a Vendor Deposit

1. Go to the Odoo Dashboard and click on the Accounting Module.

2. Click on the "Vendor" tab and select "Payments".

3. Click on the "New" button to create a new payment record.

4. Fill in the required information: the vendor's name, date of the transaction and if necessary, add a memo.​

Note: Change the payment currency to foreign currency and ensure that you have checked the "Apply manual exchange checkbox" if you need to manually add the conversion rate against the base currency.

Enter the amount in your local currency (e.g. NZD) and the foreign currency (e.g. USD) based on the prevailing exchange rate. This will allow Odoo to display the applicable exchange rate based on the amount entered for your payments.

5. Check the "Apply to all new transaction for record date" checkbox & click on apply button, to apply the same FX rate to the any transaction you create on this transaction creating date.

6. Confirm the bank account and click on "Confirm" to complete the payment reconciliation process.

Reconcile the Vendor Deposit

7. Navigate to the dashboard 

8. Go to the relevant bank account ​

9. Select the bank feed >> Search for the transaction by reference or vendor's name or Journal entry number > Click on the "Validate" button to mark the transaction as reconciled.

Check the payment.

10. Access the report section of the accounting module > Select the "Aged Payable" report.

11 Locate the vendor's name you want to check under the partner search bar > Review the amounts displayed for both the base currency and USD currency.