Accounting in Odoo 12: An Overview
Accounting involves maintaining ledgers, recording assets, and counting liabilities to determine the economic position of a company. To enable businesses in keeping a record of their financial transactions Odoo launches its accounting software version 12. Odoo 12 accounting version enables businesses to record transactions; create, send, and reconcile invoices; process payments; and audit statements.
Let’s explore some of the core features of Odoo 12 Accounting software.
Features of Odoo 12 Accounting
1. Odoo 12 automatically creates an additional entry of every transaction including customer invoices, inventory movement expenses, the point of sales, etc.
2. Supports accrual and cash basis methods through which businesses can report any income/expense at the time of transaction.
3. Robust software to support and manage multiple companies.
4. The multi-currency support feature enables businesses to make transactions in other countries.
5. Facilitates organizations to create real-time financial reports, management reports, performance reports, cash reports and more
6. Speeds up the bank reconciliation process and makes the task of importing bank statements directly from your bank to the Odoo account easier.
7. Enables businesses to conduct both manual and automatic inventory valuations.
8. Automatically calculates current year earnings to eliminate year-end journal and rollovers.
9. Odoo 12 has simplified the process of matching credit and debits by linking journal entries.
Different Types of Payment Workflows and invoices
Odoo 12 accounting software supports different types of payment workflows and invoicing. Let’s explore some:
Invoice Creation: Businesses can manually create sales orders, purchase orders, etc. with invoicing or sales app. It also facilitates businesses in splitting a payment into multiple invoices or an invoice into multiple payments.
Open invoices: An invoice includes information like price, quantity, dates, parties involved, tax details, etc. Once an invoice is ready, it gets validated and the status changes to an open invoice. A detailed invoice can be sent to the customer via email for validation.
Reconciliation: Odoo 12 makes it easier for businesses to reconcile their invoices with banks or other systems. Businesses just have to integrate their banks with Odoo 12 to automate reconciliation.
Payment follow up: Tracking the payment and keeping a regular follow up is essential to avoid overdue. In the case of any overdue or other payment-related issues, businesses can take necessary actions using Odoo 12 accounting.
Customer aging report: The customer aging report is used to check whether there are issues in the plan or customer credit.
Profit and loss: The businesses can access revenue and expense reports from the profit and loss statements. It gives a clear idea about the present financial/accounting scenario.
Balance sheet: The companies can access all the information regarding liabilities, assets, and equity from the balance sheet.
Latest Additions and Changes in Odoo 12 Accounting
The purpose of Odoo 12 accounting software is to micro-manage every financial activity including accounts receivable, accounts payable, bank balances, etc. It includes various modules to facilitate double-entry bookkeeping, multi-currency support, inventory valuations and more. Several new additions and changes have been made in Odoo 12 to ensure the smooth running of businesses to enhance customer experiences.
Transform your business operations with our Odoo development services. We offer custom Odoo ERP solutions to automate your reporting tasks and provide timely updates on finance reports, sales reports, etc. Our team develops a full-fledged ERP system from scratch with custom features of your choice. Contact us today to get in touch with our experts!
When it comes to hiring the accountants, then there are many things which you should check.
As there are many kinds of accounting firms which offer bookkeeping and other kind of accounting service to the customers, there are very few who are highly reputed for the job.
Therefore, when you need to hire an accountant Wetherill Park for any kind of business related work then it is important for you to check the skills.
are not an easy job.
So, when you need to hire Seven Hills accountants then you should check the skills which they should possess.Skills that the accountants should have Professional attitude: To become a successful accountant having a professional attitude is one of the most important criteria.
Without that not only the work will be hampered but getting a fast and better result is also not possible.
Google is one of the biggest invented organization ever.
It fundamentally offers Internet administrations, like its web index, usefulness applications just as the Android cell phone stage.Google basically deals with its clients online via email or like other sources, they even provide services by phone.
You can always reach to google support website but by phone it can take time to solve your query as it mainly takes call services which are in their business support.If you are looking for online support you can contact G support which provides online chat to customers.There can be several reasons faced by you to How to talk to someone at google.
Technical supportQuestions about Google products and servicesReporting the hacking and hijacking of Google accountsMaking changes to subscriptions for products and servicesQuestion refunds or an investigation into a financial transactionAssistance in planning, installation, training, troubleshooting, maintenance, upgrading, and disposal of a product.Regarding technology products such as mobile phones, televisions, computers, software products or other electronic or mechanical goods.
Numbers of clients are unsatisfied that Google doesn't give telephone based client assistance to the majority of its clients.
Notwithstanding, there are reports that Google is for the most part receptive to online guide created for help, however it can delay the efforts to accomplish a goal which you are looking for.
WHAT IS A FRIENDLY FRAUD?
The very first thought that hits our mind about friendly fraud is how can a fraud be friendly! Obviously a fraud can be everything but cannot be friendly.
It’s a universal fact that no one is perfect and we all commit mistakes in some point of our life. Friendly frauds are unintentional. They are committed without the intent to deceive, revenge or to gain something. Basically, chargeback or any dispute filed by customer by mistake is known as friendly fraud.
Following are the key reasons for happening of friendly frauds:
- Forgetfulness: When customer forgot that he made a purchase and misinterprets the situation.
- Unawareness: When someone else from the family has made the unknown purchase and the credit card holder is not aware of it and file a chargeback against the merchant.
- Recurring bill: When a customer frequently purchases a certain product from a merchant, recurring billing happen automatically and charges cardholder. So, in case customer forgot that he has agreed to recurring bills then he might lodge the file against merchant.
- Misunderstanding: Friendly fraud can also occur if the customer has not properly understood the return policy of merchant.
- Improper knowledge: Another main reason for friendly fraud is that people are not aware of the correct procedure. They file a chargeback instead of first approaching the merchant for refund.
How does friendly fraud happen?
To file a fraud claim, friendly fraudster has to first convince the bank that he should get his money back. To do so, a friendly fraudster can claim a variety of problems but the most common claim is that the transaction was unauthorized. They make legitimate transactions looks like a fraud by taking advantage of policies maintained by issuer like zero-liability, CNP (card not present) nature of eCommerce, and acts like Consumer Protection Regulations force issuers. All these things result in time consuming and heavy chargebacks.
What happens when chargebacks take place?
after understanding friendly frauds let’s move on to another big headache of merchants i.e. chargebacks!
Here three things are involved which are as follows.
- Merchant is at fault: It is also known as the Chargeback White Area. When customer is genuine in this case and unhappy with the services or product of the merchant because of any reason, the last option left with customer is to contact his bank or credit card company and issue a chargeback against merchant after trying to resolve the problem with a merchant. Key reasons for filling a chargeback are as follow
- Merchant deliberately not delivering product or service.
- Intentionally lying about the purchase made.
- Charging more than authorized.
- Delivering wrong product.
- Merchant using recurring billing incorrectly.
- Customer is playing a dirty tactic: In recent years many false cases of chargebacks are being reported and they are growing continuously. The cardholder intentionally make a legitimate transaction looks like a fraud with the intention of getting money while retaining the product and service provided. In the end customer gets everything and merchants suffers with great loss.
- Third party is involved: Sometimes neither the merchant nor customer is at fault but the third person is involved. By stealing bank account and credit card information third party commit criminal credit card fraud. Now the victim cardholder can contact issuing bank and report the fraudulent transaction and can seek for money return from the merchant by filling chargeback.
HOW TO SAVE YOURSELF FROM FRIENDLY FRAUD AND CHARGEBACKS?
It is near to impossible to get 100% security from chargebacks. In market many merchant account provider will claim full protection just to gain your trust. As a merchant you have to be very smart and think rationally. Following strategies should be use to prevent friendly fraud and chargebacks.
- Try to resolve disputes: Always first try to resolve the dispute with the merchant. There are new features available in market like Visa Merchant Purchase Inquiry (VMPI) which helps merchant to respond in real time to the issuer. Issuer can now talk to the customer and clarify the confusion with the information given by the merchant.
- Analyse data: You cannot just change the mind of the customer but you can prevent friendly frauds and chargebacks by analyzing the history of such incidents. Look on to the major reasons behind the dispute. For instance, if customers were unhappy because of late deliveries or they are not satisfied with the product then work on your weak areas.
- Make a blacklist: According to an online report it has been found that friendly fraudsters and chargeback claimers are repeat offenders. If they have once got the full advantage then will likely to do it again. Make a record and add such customers who commit friendly fraud. In future if any blacklisted customer will try to shop with you can cancel their transaction. Remember few bucks are not more important than your market goodwill and heavy chargebacks.
- Include payment agreements: This simple change can be really fruitful, add a payment agreement to your checkout process. It will discourage fraudsters and will help you legally in case chargeback occurs.
- Install predictive device identification tools: “Prevention is better than cure”. Use predictive device to identify any suspicious activity. New software solutions are advancing every day. Although you should not completely rely on them as they really don’t predict accurately to CNP (card-not-present).
- Track the size of the order: If the size of order is big, use more security measures like keeping track of the order and shipping.
- Beware of outside country orders: Fraud percentage is higher on international orders than on within boundary purchases. Most of the merchants choose extreme route and eliminate international orders altogether. Security and scrutiny of international deliveries should be extra.
- Clear merchant descriptors: Make sure your business or store name is part of the descriptor. Sometimes when the merchant description is not clear, customer doesn’t recognize where the transaction statement in bank came from and then immediately disputes it. Your identity is important as it make charge identifiable.
- Authentic marketing: Do not show any product material which doesn’t match to the original product customer will receive. Write clear description of product, online ads. Set only realistic expectations for your customer because if later customer doesn’t get satisfied then you might have to pay a big cost for it. Never make you customer feel mislead or cheated.
- Great customer services: There are chances where you can prevent chargebacks and friendly frauds by providing excellent customer services. Reach out to your customer as soon as they try to contact you. Try your best to resolve an order error or an issue with the purchase. 24/7 quick service arrangements should be done by you.
- Fulfil orders on time: Try not to delay order more than usual. Shipping delay may create doubt to customer and then he may claim refund.
- Notify your customer: If you provide subscription and recurring billing facilities, make sure you notify your customer before you charge a customer’s card. Tell them exactly why they are being charged. Maintain a transparent relationship with your customer because one of the common reasons for friendly fraud and chargebacks is unforeseen recurring billing.
- Follow processor protocol: There is set protocol of every credit card processor. While swiping card in Card Present Purchase make sure to check the date of expiry and enter the security code. Whereas, in Card Not Present Purchases your credit card processor need to give permission for processing. To complete the transaction some extra formalities may have to be done like customer’s IP address, digital signature etc.
- Spot warning signs of fraud: If you have noticed any sign of fraud then check AVS, also ask for CVV, use VAU and fine-tune fraud filters. Be very alert check the billing and shipping address. You can even call the customer for the better understanding.
- Have trained employees: Your staff should be well trained and should know how to deal with both card-present and card-not-present purchases. Untrained worker will not be able to identify signs of frauds which can affect your business adversely.
- Fight back only when you are sure: Sometimes it is recommended to not fight every chargeback unless you are sure that you will win the case. You must not devote your time and resources on something not worthy. It will only make your hurt your relationships with your merchant account provider.
- Use a chargeback protection services: If you are a high risk business and prone to large number of chargebacks, chargeback prevention services is the solution. There are companies available in market which helps merchant to prevent and fight chargebacks. They provide with fraud protection tools. It will work as an extra layer of protection.
- Get the best payment processor: Last but the most important thing which you should take care of is to get an authentic and suitable merchant account for your business. As they provide you payment solution with fraud detection and security features. If your merchant account provider is not well experienced then your business at risk. Do all your research and then choose a merchant account provider who can understand your nature of business and risk associate with it. One of the leading merchant account providers in market is iPayTotal which helps you at every step with decades of working experience and professional workers.
With presence of mind and extra efforts you can totally protect your business from friendly fraud and chargeback. Keep the above mentioned measures in mind and you are ready to fight.
WHAT IS A FRIENDLY FRAUD?
The very first thought that hits our mind about friendly fraud is how can a fraud be friendly! Obviously a fraud can be everything but cannot be friendly.
It’s a universal fact that no one is perfect and we all commit mistakes in some point of our life. Friendly frauds are unintentional. They are committed without the intent to deceive, revenge or to gain something. Basically, chargeback or any dispute filed by customer by mistake is known as friendly fraud.
Following are the key reasons for happening of friendly frauds:
- Forgetfulness: When customer forgot that he made a purchase and misinterprets the situation.
- Unawareness: When someone else from the family has made the unknown purchase and the credit card holder is not aware of it and file a chargeback against the merchant.
- Recurring bill: When a customer frequently purchases a certain product from a merchant, recurring billing happen automatically and charges cardholder. So, in case customer forgot that he has agreed to recurring bills then he might lodge the file against merchant.
- Misunderstanding: Friendly fraud can also occur if the customer has not properly understood the return policy of merchant.
- Improper knowledge: Another main reason for friendly fraud is that people are not aware of the correct procedure. They file a chargeback instead of first approaching the merchant for refund.
How does friendly fraud happen?
To file a fraud claim, friendly fraudster has to first convince the bank that he should get his money back. To do so, a friendly fraudster can claim a variety of problems but the most common claim is that the transaction was unauthorized. They make legitimate transactions looks like a fraud by taking advantage of policies maintained by issuer like zero-liability, CNP (card not present) nature of eCommerce, and acts like Consumer Protection Regulations force issuers. All these things result in time consuming and heavy chargebacks.
What happens when chargebacks take place?
after understanding friendly frauds let’s move on to another big headache of merchants i.e. chargebacks!
Here three things are involved which are as follows.
- Merchant is at fault: It is also known as the Chargeback White Area. When customer is genuine in this case and unhappy with the services or product of the merchant because of any reason, the last option left with customer is to contact his bank or credit card company and issue a chargeback against merchant after trying to resolve the problem with a merchant. Key reasons for filling a chargeback are as follow
- Merchant deliberately not delivering product or service.
- Intentionally lying about the purchase made.
- Charging more than authorized.
- Delivering wrong product.
- Merchant using recurring billing incorrectly.
- Customer is playing a dirty tactic: In recent years many false cases of chargebacks are being reported and they are growing continuously. The cardholder intentionally make a legitimate transaction looks like a fraud with the intention of getting money while retaining the product and service provided. In the end customer gets everything and merchants suffers with great loss.
- Third party is involved: Sometimes neither the merchant nor customer is at fault but the third person is involved. By stealing bank account and credit card information third party commit criminal credit card fraud. Now the victim cardholder can contact issuing bank and report the fraudulent transaction and can seek for money return from the merchant by filling chargeback.
HOW TO SAVE YOURSELF FROM FRIENDLY FRAUD AND CHARGEBACKS?
It is near to impossible to get 100% security from chargebacks. In market many merchant account provider will claim full protection just to gain your trust. As a merchant you have to be very smart and think rationally. Following strategies should be use to prevent friendly fraud and chargebacks.
- Try to resolve disputes: Always first try to resolve the dispute with the merchant. There are new features available in market like Visa Merchant Purchase Inquiry (VMPI) which helps merchant to respond in real time to the issuer. Issuer can now talk to the customer and clarify the confusion with the information given by the merchant.
- Analyse data: You cannot just change the mind of the customer but you can prevent friendly frauds and chargebacks by analyzing the history of such incidents. Look on to the major reasons behind the dispute. For instance, if customers were unhappy because of late deliveries or they are not satisfied with the product then work on your weak areas.
- Make a blacklist: According to an online report it has been found that friendly fraudsters and chargeback claimers are repeat offenders. If they have once got the full advantage then will likely to do it again. Make a record and add such customers who commit friendly fraud. In future if any blacklisted customer will try to shop with you can cancel their transaction. Remember few bucks are not more important than your market goodwill and heavy chargebacks.
- Include payment agreements: This simple change can be really fruitful, add a payment agreement to your checkout process. It will discourage fraudsters and will help you legally in case chargeback occurs.
- Install predictive device identification tools: “Prevention is better than cure”. Use predictive device to identify any suspicious activity. New software solutions are advancing every day. Although you should not completely rely on them as they really don’t predict accurately to CNP (card-not-present).
- Track the size of the order: If the size of order is big, use more security measures like keeping track of the order and shipping.
- Beware of outside country orders: Fraud percentage is higher on international orders than on within boundary purchases. Most of the merchants choose extreme route and eliminate international orders altogether. Security and scrutiny of international deliveries should be extra.
- Clear merchant descriptors: Make sure your business or store name is part of the descriptor. Sometimes when the merchant description is not clear, customer doesn’t recognize where the transaction statement in bank came from and then immediately disputes it. Your identity is important as it make charge identifiable.
- Authentic marketing: Do not show any product material which doesn’t match to the original product customer will receive. Write clear description of product, online ads. Set only realistic expectations for your customer because if later customer doesn’t get satisfied then you might have to pay a big cost for it. Never make you customer feel mislead or cheated.
- Great customer services: There are chances where you can prevent chargebacks and friendly frauds by providing excellent customer services. Reach out to your customer as soon as they try to contact you. Try your best to resolve an order error or an issue with the purchase. 24/7 quick service arrangements should be done by you.
- Fulfil orders on time: Try not to delay order more than usual. Shipping delay may create doubt to customer and then he may claim refund.
- Notify your customer: If you provide subscription and recurring billing facilities, make sure you notify your customer before you charge a customer’s card. Tell them exactly why they are being charged. Maintain a transparent relationship with your customer because one of the common reasons for friendly fraud and chargebacks is unforeseen recurring billing.
- Follow processor protocol: There is set protocol of every credit card processor. While swiping card in Card Present Purchase make sure to check the date of expiry and enter the security code. Whereas, in Card Not Present Purchases your credit card processor need to give permission for processing. To complete the transaction some extra formalities may have to be done like customer’s IP address, digital signature etc.
- Spot warning signs of fraud: If you have noticed any sign of fraud then check AVS, also ask for CVV, use VAU and fine-tune fraud filters. Be very alert check the billing and shipping address. You can even call the customer for the better understanding.
- Have trained employees: Your staff should be well trained and should know how to deal with both card-present and card-not-present purchases. Untrained worker will not be able to identify signs of frauds which can affect your business adversely.
- Fight back only when you are sure: Sometimes it is recommended to not fight every chargeback unless you are sure that you will win the case. You must not devote your time and resources on something not worthy. It will only make your hurt your relationships with your merchant account provider.
- Use a chargeback protection services: If you are a high risk business and prone to large number of chargebacks, chargeback prevention services is the solution. There are companies available in market which helps merchant to prevent and fight chargebacks. They provide with fraud protection tools. It will work as an extra layer of protection.
- Get the best payment processor: Last but the most important thing which you should take care of is to get an authentic and suitable merchant account for your business. As they provide you payment solution with fraud detection and security features. If your merchant account provider is not well experienced then your business at risk. Do all your research and then choose a merchant account provider who can understand your nature of business and risk associate with it. One of the leading merchant account providers in market is iPayTotal which helps you at every step with decades of working experience and professional workers.
With presence of mind and extra efforts you can totally protect your business from friendly fraud and chargeback. Keep the above mentioned measures in mind and you are ready to fight.
While there is number formal reason on the crackdown of cryptocurrencies, money controls, illegal activities and defense of its citizens from economic risk are some of the main reasons mentioned by experts.
Certainly, Asian regulators have implemented stricter controls such as for instance offshore withdrawal cover and regulating international direct expense to limit money outflow and assure domestic investments.
The anonymity and simple cross-border transactions have also built cryptocurrency a favorite means for money laundering and fraudulent activities.Since 2011, China has played an essential position in the meteoric increase and drop of Bitcoin.
At its maximum, China accounted for over 95% of the global Bitcoin trading volume and three areas of the mining operations.
With regulators going in to regulate trading and mining operations, China's dominance has reduced significantly in exchange for stability.With nations like Korea and Renaisance technology India following suit in the crackdown, a darkness is now casted over the continuing future of cryptocurrency.
In 2017, the full total industry capitalization rose from 18 billion USD in January to an all-time most of 828 million USD.However, the Asian community come in remarkably good spirits despite crackdowns.
When it comes to hiring the accountants, then there are many things which you should check.
As there are many kinds of accounting firms which offer bookkeeping and other kind of accounting service to the customers, there are very few who are highly reputed for the job.
Therefore, when you need to hire an accountant Wetherill Park for any kind of business related work then it is important for you to check the skills.
are not an easy job.
So, when you need to hire Seven Hills accountants then you should check the skills which they should possess.Skills that the accountants should have Professional attitude: To become a successful accountant having a professional attitude is one of the most important criteria.
Without that not only the work will be hampered but getting a fast and better result is also not possible.
WHAT IS A FRIENDLY FRAUD?
The very first thought that hits our mind about friendly fraud is how can a fraud be friendly! Obviously a fraud can be everything but cannot be friendly.
It’s a universal fact that no one is perfect and we all commit mistakes in some point of our life. Friendly frauds are unintentional. They are committed without the intent to deceive, revenge or to gain something. Basically, chargeback or any dispute filed by customer by mistake is known as friendly fraud.
Following are the key reasons for happening of friendly frauds:
- Forgetfulness: When customer forgot that he made a purchase and misinterprets the situation.
- Unawareness: When someone else from the family has made the unknown purchase and the credit card holder is not aware of it and file a chargeback against the merchant.
- Recurring bill: When a customer frequently purchases a certain product from a merchant, recurring billing happen automatically and charges cardholder. So, in case customer forgot that he has agreed to recurring bills then he might lodge the file against merchant.
- Misunderstanding: Friendly fraud can also occur if the customer has not properly understood the return policy of merchant.
- Improper knowledge: Another main reason for friendly fraud is that people are not aware of the correct procedure. They file a chargeback instead of first approaching the merchant for refund.
How does friendly fraud happen?
To file a fraud claim, friendly fraudster has to first convince the bank that he should get his money back. To do so, a friendly fraudster can claim a variety of problems but the most common claim is that the transaction was unauthorized. They make legitimate transactions looks like a fraud by taking advantage of policies maintained by issuer like zero-liability, CNP (card not present) nature of eCommerce, and acts like Consumer Protection Regulations force issuers. All these things result in time consuming and heavy chargebacks.
What happens when chargebacks take place?
after understanding friendly frauds let’s move on to another big headache of merchants i.e. chargebacks!
Here three things are involved which are as follows.
- Merchant is at fault: It is also known as the Chargeback White Area. When customer is genuine in this case and unhappy with the services or product of the merchant because of any reason, the last option left with customer is to contact his bank or credit card company and issue a chargeback against merchant after trying to resolve the problem with a merchant. Key reasons for filling a chargeback are as follow
- Merchant deliberately not delivering product or service.
- Intentionally lying about the purchase made.
- Charging more than authorized.
- Delivering wrong product.
- Merchant using recurring billing incorrectly.
- Customer is playing a dirty tactic: In recent years many false cases of chargebacks are being reported and they are growing continuously. The cardholder intentionally make a legitimate transaction looks like a fraud with the intention of getting money while retaining the product and service provided. In the end customer gets everything and merchants suffers with great loss.
- Third party is involved: Sometimes neither the merchant nor customer is at fault but the third person is involved. By stealing bank account and credit card information third party commit criminal credit card fraud. Now the victim cardholder can contact issuing bank and report the fraudulent transaction and can seek for money return from the merchant by filling chargeback.
HOW TO SAVE YOURSELF FROM FRIENDLY FRAUD AND CHARGEBACKS?
It is near to impossible to get 100% security from chargebacks. In market many merchant account provider will claim full protection just to gain your trust. As a merchant you have to be very smart and think rationally. Following strategies should be use to prevent friendly fraud and chargebacks.
- Try to resolve disputes: Always first try to resolve the dispute with the merchant. There are new features available in market like Visa Merchant Purchase Inquiry (VMPI) which helps merchant to respond in real time to the issuer. Issuer can now talk to the customer and clarify the confusion with the information given by the merchant.
- Analyse data: You cannot just change the mind of the customer but you can prevent friendly frauds and chargebacks by analyzing the history of such incidents. Look on to the major reasons behind the dispute. For instance, if customers were unhappy because of late deliveries or they are not satisfied with the product then work on your weak areas.
- Make a blacklist: According to an online report it has been found that friendly fraudsters and chargeback claimers are repeat offenders. If they have once got the full advantage then will likely to do it again. Make a record and add such customers who commit friendly fraud. In future if any blacklisted customer will try to shop with you can cancel their transaction. Remember few bucks are not more important than your market goodwill and heavy chargebacks.
- Include payment agreements: This simple change can be really fruitful, add a payment agreement to your checkout process. It will discourage fraudsters and will help you legally in case chargeback occurs.
- Install predictive device identification tools: “Prevention is better than cure”. Use predictive device to identify any suspicious activity. New software solutions are advancing every day. Although you should not completely rely on them as they really don’t predict accurately to CNP (card-not-present).
- Track the size of the order: If the size of order is big, use more security measures like keeping track of the order and shipping.
- Beware of outside country orders: Fraud percentage is higher on international orders than on within boundary purchases. Most of the merchants choose extreme route and eliminate international orders altogether. Security and scrutiny of international deliveries should be extra.
- Clear merchant descriptors: Make sure your business or store name is part of the descriptor. Sometimes when the merchant description is not clear, customer doesn’t recognize where the transaction statement in bank came from and then immediately disputes it. Your identity is important as it make charge identifiable.
- Authentic marketing: Do not show any product material which doesn’t match to the original product customer will receive. Write clear description of product, online ads. Set only realistic expectations for your customer because if later customer doesn’t get satisfied then you might have to pay a big cost for it. Never make you customer feel mislead or cheated.
- Great customer services: There are chances where you can prevent chargebacks and friendly frauds by providing excellent customer services. Reach out to your customer as soon as they try to contact you. Try your best to resolve an order error or an issue with the purchase. 24/7 quick service arrangements should be done by you.
- Fulfil orders on time: Try not to delay order more than usual. Shipping delay may create doubt to customer and then he may claim refund.
- Notify your customer: If you provide subscription and recurring billing facilities, make sure you notify your customer before you charge a customer’s card. Tell them exactly why they are being charged. Maintain a transparent relationship with your customer because one of the common reasons for friendly fraud and chargebacks is unforeseen recurring billing.
- Follow processor protocol: There is set protocol of every credit card processor. While swiping card in Card Present Purchase make sure to check the date of expiry and enter the security code. Whereas, in Card Not Present Purchases your credit card processor need to give permission for processing. To complete the transaction some extra formalities may have to be done like customer’s IP address, digital signature etc.
- Spot warning signs of fraud: If you have noticed any sign of fraud then check AVS, also ask for CVV, use VAU and fine-tune fraud filters. Be very alert check the billing and shipping address. You can even call the customer for the better understanding.
- Have trained employees: Your staff should be well trained and should know how to deal with both card-present and card-not-present purchases. Untrained worker will not be able to identify signs of frauds which can affect your business adversely.
- Fight back only when you are sure: Sometimes it is recommended to not fight every chargeback unless you are sure that you will win the case. You must not devote your time and resources on something not worthy. It will only make your hurt your relationships with your merchant account provider.
- Use a chargeback protection services: If you are a high risk business and prone to large number of chargebacks, chargeback prevention services is the solution. There are companies available in market which helps merchant to prevent and fight chargebacks. They provide with fraud protection tools. It will work as an extra layer of protection.
- Get the best payment processor: Last but the most important thing which you should take care of is to get an authentic and suitable merchant account for your business. As they provide you payment solution with fraud detection and security features. If your merchant account provider is not well experienced then your business at risk. Do all your research and then choose a merchant account provider who can understand your nature of business and risk associate with it. One of the leading merchant account providers in market is iPayTotal which helps you at every step with decades of working experience and professional workers.
With presence of mind and extra efforts you can totally protect your business from friendly fraud and chargeback. Keep the above mentioned measures in mind and you are ready to fight.
While there is number formal reason on the crackdown of cryptocurrencies, money controls, illegal activities and defense of its citizens from economic risk are some of the main reasons mentioned by experts.
Certainly, Asian regulators have implemented stricter controls such as for instance offshore withdrawal cover and regulating international direct expense to limit money outflow and assure domestic investments.
The anonymity and simple cross-border transactions have also built cryptocurrency a favorite means for money laundering and fraudulent activities.Since 2011, China has played an essential position in the meteoric increase and drop of Bitcoin.
At its maximum, China accounted for over 95% of the global Bitcoin trading volume and three areas of the mining operations.
With regulators going in to regulate trading and mining operations, China's dominance has reduced significantly in exchange for stability.With nations like Korea and Renaisance technology India following suit in the crackdown, a darkness is now casted over the continuing future of cryptocurrency.
In 2017, the full total industry capitalization rose from 18 billion USD in January to an all-time most of 828 million USD.However, the Asian community come in remarkably good spirits despite crackdowns.
Accounting in Odoo 12: An Overview
Accounting involves maintaining ledgers, recording assets, and counting liabilities to determine the economic position of a company. To enable businesses in keeping a record of their financial transactions Odoo launches its accounting software version 12. Odoo 12 accounting version enables businesses to record transactions; create, send, and reconcile invoices; process payments; and audit statements.
Let’s explore some of the core features of Odoo 12 Accounting software.
Features of Odoo 12 Accounting
1. Odoo 12 automatically creates an additional entry of every transaction including customer invoices, inventory movement expenses, the point of sales, etc.
2. Supports accrual and cash basis methods through which businesses can report any income/expense at the time of transaction.
3. Robust software to support and manage multiple companies.
4. The multi-currency support feature enables businesses to make transactions in other countries.
5. Facilitates organizations to create real-time financial reports, management reports, performance reports, cash reports and more
6. Speeds up the bank reconciliation process and makes the task of importing bank statements directly from your bank to the Odoo account easier.
7. Enables businesses to conduct both manual and automatic inventory valuations.
8. Automatically calculates current year earnings to eliminate year-end journal and rollovers.
9. Odoo 12 has simplified the process of matching credit and debits by linking journal entries.
Different Types of Payment Workflows and invoices
Odoo 12 accounting software supports different types of payment workflows and invoicing. Let’s explore some:
Invoice Creation: Businesses can manually create sales orders, purchase orders, etc. with invoicing or sales app. It also facilitates businesses in splitting a payment into multiple invoices or an invoice into multiple payments.
Open invoices: An invoice includes information like price, quantity, dates, parties involved, tax details, etc. Once an invoice is ready, it gets validated and the status changes to an open invoice. A detailed invoice can be sent to the customer via email for validation.
Reconciliation: Odoo 12 makes it easier for businesses to reconcile their invoices with banks or other systems. Businesses just have to integrate their banks with Odoo 12 to automate reconciliation.
Payment follow up: Tracking the payment and keeping a regular follow up is essential to avoid overdue. In the case of any overdue or other payment-related issues, businesses can take necessary actions using Odoo 12 accounting.
Customer aging report: The customer aging report is used to check whether there are issues in the plan or customer credit.
Profit and loss: The businesses can access revenue and expense reports from the profit and loss statements. It gives a clear idea about the present financial/accounting scenario.
Balance sheet: The companies can access all the information regarding liabilities, assets, and equity from the balance sheet.
Latest Additions and Changes in Odoo 12 Accounting
The purpose of Odoo 12 accounting software is to micro-manage every financial activity including accounts receivable, accounts payable, bank balances, etc. It includes various modules to facilitate double-entry bookkeeping, multi-currency support, inventory valuations and more. Several new additions and changes have been made in Odoo 12 to ensure the smooth running of businesses to enhance customer experiences.
Transform your business operations with our Odoo development services. We offer custom Odoo ERP solutions to automate your reporting tasks and provide timely updates on finance reports, sales reports, etc. Our team develops a full-fledged ERP system from scratch with custom features of your choice. Contact us today to get in touch with our experts!
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It fundamentally offers Internet administrations, like its web index, usefulness applications just as the Android cell phone stage.Google basically deals with its clients online via email or like other sources, they even provide services by phone.
You can always reach to google support website but by phone it can take time to solve your query as it mainly takes call services which are in their business support.If you are looking for online support you can contact G support which provides online chat to customers.There can be several reasons faced by you to How to talk to someone at google.
Technical supportQuestions about Google products and servicesReporting the hacking and hijacking of Google accountsMaking changes to subscriptions for products and servicesQuestion refunds or an investigation into a financial transactionAssistance in planning, installation, training, troubleshooting, maintenance, upgrading, and disposal of a product.Regarding technology products such as mobile phones, televisions, computers, software products or other electronic or mechanical goods.
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Notwithstanding, there are reports that Google is for the most part receptive to online guide created for help, however it can delay the efforts to accomplish a goal which you are looking for.
WHAT IS A FRIENDLY FRAUD?
The very first thought that hits our mind about friendly fraud is how can a fraud be friendly! Obviously a fraud can be everything but cannot be friendly.
It’s a universal fact that no one is perfect and we all commit mistakes in some point of our life. Friendly frauds are unintentional. They are committed without the intent to deceive, revenge or to gain something. Basically, chargeback or any dispute filed by customer by mistake is known as friendly fraud.
Following are the key reasons for happening of friendly frauds:
- Forgetfulness: When customer forgot that he made a purchase and misinterprets the situation.
- Unawareness: When someone else from the family has made the unknown purchase and the credit card holder is not aware of it and file a chargeback against the merchant.
- Recurring bill: When a customer frequently purchases a certain product from a merchant, recurring billing happen automatically and charges cardholder. So, in case customer forgot that he has agreed to recurring bills then he might lodge the file against merchant.
- Misunderstanding: Friendly fraud can also occur if the customer has not properly understood the return policy of merchant.
- Improper knowledge: Another main reason for friendly fraud is that people are not aware of the correct procedure. They file a chargeback instead of first approaching the merchant for refund.
How does friendly fraud happen?
To file a fraud claim, friendly fraudster has to first convince the bank that he should get his money back. To do so, a friendly fraudster can claim a variety of problems but the most common claim is that the transaction was unauthorized. They make legitimate transactions looks like a fraud by taking advantage of policies maintained by issuer like zero-liability, CNP (card not present) nature of eCommerce, and acts like Consumer Protection Regulations force issuers. All these things result in time consuming and heavy chargebacks.
What happens when chargebacks take place?
after understanding friendly frauds let’s move on to another big headache of merchants i.e. chargebacks!
Here three things are involved which are as follows.
- Merchant is at fault: It is also known as the Chargeback White Area. When customer is genuine in this case and unhappy with the services or product of the merchant because of any reason, the last option left with customer is to contact his bank or credit card company and issue a chargeback against merchant after trying to resolve the problem with a merchant. Key reasons for filling a chargeback are as follow
- Merchant deliberately not delivering product or service.
- Intentionally lying about the purchase made.
- Charging more than authorized.
- Delivering wrong product.
- Merchant using recurring billing incorrectly.
- Customer is playing a dirty tactic: In recent years many false cases of chargebacks are being reported and they are growing continuously. The cardholder intentionally make a legitimate transaction looks like a fraud with the intention of getting money while retaining the product and service provided. In the end customer gets everything and merchants suffers with great loss.
- Third party is involved: Sometimes neither the merchant nor customer is at fault but the third person is involved. By stealing bank account and credit card information third party commit criminal credit card fraud. Now the victim cardholder can contact issuing bank and report the fraudulent transaction and can seek for money return from the merchant by filling chargeback.
HOW TO SAVE YOURSELF FROM FRIENDLY FRAUD AND CHARGEBACKS?
It is near to impossible to get 100% security from chargebacks. In market many merchant account provider will claim full protection just to gain your trust. As a merchant you have to be very smart and think rationally. Following strategies should be use to prevent friendly fraud and chargebacks.
- Try to resolve disputes: Always first try to resolve the dispute with the merchant. There are new features available in market like Visa Merchant Purchase Inquiry (VMPI) which helps merchant to respond in real time to the issuer. Issuer can now talk to the customer and clarify the confusion with the information given by the merchant.
- Analyse data: You cannot just change the mind of the customer but you can prevent friendly frauds and chargebacks by analyzing the history of such incidents. Look on to the major reasons behind the dispute. For instance, if customers were unhappy because of late deliveries or they are not satisfied with the product then work on your weak areas.
- Make a blacklist: According to an online report it has been found that friendly fraudsters and chargeback claimers are repeat offenders. If they have once got the full advantage then will likely to do it again. Make a record and add such customers who commit friendly fraud. In future if any blacklisted customer will try to shop with you can cancel their transaction. Remember few bucks are not more important than your market goodwill and heavy chargebacks.
- Include payment agreements: This simple change can be really fruitful, add a payment agreement to your checkout process. It will discourage fraudsters and will help you legally in case chargeback occurs.
- Install predictive device identification tools: “Prevention is better than cure”. Use predictive device to identify any suspicious activity. New software solutions are advancing every day. Although you should not completely rely on them as they really don’t predict accurately to CNP (card-not-present).
- Track the size of the order: If the size of order is big, use more security measures like keeping track of the order and shipping.
- Beware of outside country orders: Fraud percentage is higher on international orders than on within boundary purchases. Most of the merchants choose extreme route and eliminate international orders altogether. Security and scrutiny of international deliveries should be extra.
- Clear merchant descriptors: Make sure your business or store name is part of the descriptor. Sometimes when the merchant description is not clear, customer doesn’t recognize where the transaction statement in bank came from and then immediately disputes it. Your identity is important as it make charge identifiable.
- Authentic marketing: Do not show any product material which doesn’t match to the original product customer will receive. Write clear description of product, online ads. Set only realistic expectations for your customer because if later customer doesn’t get satisfied then you might have to pay a big cost for it. Never make you customer feel mislead or cheated.
- Great customer services: There are chances where you can prevent chargebacks and friendly frauds by providing excellent customer services. Reach out to your customer as soon as they try to contact you. Try your best to resolve an order error or an issue with the purchase. 24/7 quick service arrangements should be done by you.
- Fulfil orders on time: Try not to delay order more than usual. Shipping delay may create doubt to customer and then he may claim refund.
- Notify your customer: If you provide subscription and recurring billing facilities, make sure you notify your customer before you charge a customer’s card. Tell them exactly why they are being charged. Maintain a transparent relationship with your customer because one of the common reasons for friendly fraud and chargebacks is unforeseen recurring billing.
- Follow processor protocol: There is set protocol of every credit card processor. While swiping card in Card Present Purchase make sure to check the date of expiry and enter the security code. Whereas, in Card Not Present Purchases your credit card processor need to give permission for processing. To complete the transaction some extra formalities may have to be done like customer’s IP address, digital signature etc.
- Spot warning signs of fraud: If you have noticed any sign of fraud then check AVS, also ask for CVV, use VAU and fine-tune fraud filters. Be very alert check the billing and shipping address. You can even call the customer for the better understanding.
- Have trained employees: Your staff should be well trained and should know how to deal with both card-present and card-not-present purchases. Untrained worker will not be able to identify signs of frauds which can affect your business adversely.
- Fight back only when you are sure: Sometimes it is recommended to not fight every chargeback unless you are sure that you will win the case. You must not devote your time and resources on something not worthy. It will only make your hurt your relationships with your merchant account provider.
- Use a chargeback protection services: If you are a high risk business and prone to large number of chargebacks, chargeback prevention services is the solution. There are companies available in market which helps merchant to prevent and fight chargebacks. They provide with fraud protection tools. It will work as an extra layer of protection.
- Get the best payment processor: Last but the most important thing which you should take care of is to get an authentic and suitable merchant account for your business. As they provide you payment solution with fraud detection and security features. If your merchant account provider is not well experienced then your business at risk. Do all your research and then choose a merchant account provider who can understand your nature of business and risk associate with it. One of the leading merchant account providers in market is iPayTotal which helps you at every step with decades of working experience and professional workers.
With presence of mind and extra efforts you can totally protect your business from friendly fraud and chargeback. Keep the above mentioned measures in mind and you are ready to fight.