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Accounting and Finance With Odoo<\/b><\/span><\/p>\n Simple yet powerful, Odoo Accounting module can be best described in these two words. You There are many things which make Odoo a unique product than any other ERP Accounting Following is the way Odoo deals with typical accounts and transactions.<\/p>\n Double-entry bookkeeping <\/b><\/span><\/p>\n Odoo automatically creates all the journal entries for each of your accounting transactions and Accrual and Cash Basis Methods <\/b><\/span><\/p>\n Odoo support both accrual and cash basis reporting. This allows you to report income \/ expense Multi-companies <\/b><\/span><\/p>\n Odoo allows to manage several companies within the same database. Each company has its own Multi-currencies <\/b><\/span><\/p>\n Every transaction is recorded in the default currency of the company. For transactions occurring International Standards <\/b><\/span><\/p>\n Odoo accounting support more than 50 countries. The Odoo core accounting implements Accounts Receivable & Payable <\/b><\/span><\/p>\n By default, Odoo uses a single account for all account receivable entries.<\/p>\n Wide range of financial reports <\/b><\/span><\/p>\n In Odoo, you can generate financial reports in real time. Odoo’s reports include:<\/p>\n . <\/b><\/span>Performance reports (such as Profit and Loss, Budget Variance) <\/p>\n . <\/b> Position reports (such as Balance Sheet, Aged Payables, Aged Receivables) <\/p>\n . <\/b> Cash reports (such as Bank Summary) <\/p>\n . <\/b>Detail reports (such as Trial Balance and General Ledger) <\/p>\n . <\/b> Management reports (such as Budgets, Executive Summary) <\/p>\n Import bank feeds automatically <\/b><\/span><\/p>\n Odoo makes bank reconciliation easy by frequently importing bank statement lines from your Inventory Valuation <\/b><\/span><\/p>\n Odoo supports both periodic (manual) and perpetual (automated) inventory valuations.<\/p>\n Easy retained earnings <\/b><\/span><\/p>\n Odoo automatically calculates your current year earnings in real time; so that no year-end journal System Users <\/b><\/span><\/p>\n Basically, there are three types of users in Accounting module, who have different type of access right to <\/p>\n<\/p>\n <\/p>\n \u25cf Billing<\/p>\n \u25cf Accountant <\/p>\n \u25cf Adviser <\/p>\n When we move from Billing Adviser, user will get more rights in application<\/p>\n \u25cf The main thing a user with only \u2018Billing\u2019 access right can do is \u25cf Billing user can also create new customers and vendors, <\/b><\/span><\/p>\n Next level of access right is \u2018Accountant\u2019. Along with the rights available for billing user, \u25cf Accountant have access to dashboard of accounting<\/p>\n \u25cf Accountant can record payments from customers \u25cf He can generate all the PDF reports available. <\/p>\n \u25cf Also Accountant can configure financial reports. <\/p>\n <\/p>\n <\/p>\n Basic Configurations <\/b><\/span><\/p>\n First, we have to set up general configurations of the Accounting system. You can find the <\/p>\n So the benefit of this approach is we don’t have to close financial year to get clean Profit & <\/p>\n <\/p>\n <\/p>\n The tax selected as Default Sale Tax and Default Purchase Tax will be assigned as Customer Configure payment acquiring methods<\/b><\/span> Button will redirect you to the list of all Payment <\/p>\n Let\u2019s move to the other parts of configuration.<\/p>\n Configure Customer\/Supplier <\/b><\/span><\/p>\n How to configure a customer and other related things are covered under CRM <\/p>\n As we see in the picture, we can select Customer Payment Term<\/b> and Vendor Payment We can select the Degree of trust <\/b>you have with this partner and also Fiscal Position. <\/b><\/p>\n Account Receivable<\/b> and Account Payable<\/b> will have a default value. But you can Configure Products <\/b><\/span><\/p>\n Under the Invoicing tab of product form, we have<\/p>\n \u25cf Income Account<\/p>\n \u25cf Expense Account <\/p>\n \u25cf Customer Taxes <\/p>\n \u25cf Vendor Taxes <\/p>\n <\/p>\n \uf0b7 We have to check the Allow reconciliation <\/b>option. This account is used for \uf0b7 If we mark an account as Deprecated<\/b>, we cannot use that account anymore. We <\/p>\n <\/p>\n In the above picture you can see the mandatory fields for a tax.<\/p>\n \u25cf Tax Name <\/p>\n Name of the tax <\/p>\n \u25cf Tax Scope <\/p>\n Where to use this tax. If you select \u2018None\u2019, you can only use this tax with other tax \u25cf Tax computation<\/p>\n Odoo have four different types of tax computation<\/p>\n \u25cb Group of taxes <\/p>\n \u25cb Fixed <\/p>\n \u25cb Percentage of price <\/p>\n \u25cb Percentage of price tax included <\/p>\n Some other options are<\/p>\n \u25cf Tax account <\/b><\/span><\/p>\n The account, that will be used in the invoice tax lines. Later journal entries are \u25cf Tax account on refunds. <\/b><\/span><\/p>\n The account used in case of refund entry.<\/p>\n \u25cf Label on Invoices <\/b><\/span><\/p>\n This can be used on the invoice report to represent this We can add custom tags to create custom reports. <\/p>\n \u25cf Include in analytic cost <\/b><\/span><\/p>\n If we set this option, then the amount computed by this tax will assign to the same \u25cf Included in price <\/b><\/span><\/p>\n Set this option if this tax is included in the unit price of the product\/service.<\/p>\n \u25cf Affect base of subsequent taxes <\/b><\/span><\/p>\n If you set this option, Base amount of subsequent taxes will be sum of current base \u25cf Tax adjustment<\/b><\/span><\/p>\n Set this option if you want this tax to be used in tax adjustment wizard.<\/p>\n \u25cf Group of taxes <\/b><\/span><\/p>\n This option lets us configure the tax as collection of many child taxes. Odoo will make <\/p>\n <\/p>\n <\/p>\n<\/p>\n <\/p>\n <\/p>\n <\/p>\n
\ncan process your transactions quickly using Odoo. Odoo\u2019s accounting is connected with all other
\napps of Odoo like Sale, Purchase, inventory and Human resource. This makes working with Odoo
\nmore simple and quick. To enable accounting features in you Odoo ERP you have to install
\nAccounting and finance app from Odoo Apps.<\/p>\n
\nmodules. When we compare Odoo Accounting with other ERP suites like Microsoft Dynamics and
\nNetSuite we can see many features which Odoo alone have. For example, Quick reconciliation,
\nAutomatic Sync, Batch Send, Third party follow-up, Payment automation, Alerts, and Expenses
\netc. features can be found in Odoo. But neither NetSuite nor Dynamics support all of these
\nfeatures but only some of them. Since all accounting transactions are associated with customers
\nor suppliers, you get reports to perform analysis per customer\/supplier such as the customer
\nstatement, revenues per customers, aged receivable\/payable etc. Another exemplary option
\navailable in Odoo is its business intelligence engine which will allow you to navigate through
\ncompany data in more organized manner. The graphs and diagrams plotted by BI engine is indeed
\na useful tool in decision making. Of course, Odoo is mobile too. You can use it to check your
\naccounts on the go.<\/p>\n
\nOdoo uses double-entry bookkeeping system i.e. all journal entries are automatically balanced.<\/p>\n
\nat the time transactions occur.<\/p>\n
\nchart of accounts and rules. You can get consolidation reports following your consolidation rules.<\/p>\n
\nin another currency, Odoo stores both the value in the currency of the company and the value in
\nthe currency of the transaction. Odoo can generate currencies gains and losses after the
\nreconciliation of the journal items.<\/p>\n
\naccounting standards that is common to all countries and customized apps are available to
\naccommodate the specificities of individual country; like the chart of accounts, taxes, or bank
\ninterfaces.<\/p>\n
\nbank directly into your Odoo account.<\/p>\n
\nor rollover is required. This is calculated by automatically reporting the profit and loss balance to
\nyour balance sheet report.<\/p>\n
\nthe system.<\/p>\n<\/a><\/div>\n
\ncreate and process invoices. <\/p>\n
\nAccess product information, taxes, and fiscal positions. <\/p>\n
<\/b><\/span><\/p>\n<\/a><\/b><\/span><\/div>\n
<\/b><\/span><\/p>\n
\nAccounts has more other rights.<\/p>\n
\nand vendors. <\/p>\n<\/a><\/div>\n<\/a><\/div>\n
\nbasic and important configuration below.<\/p>\n<\/p>\n<\/a><\/div>\n
\nLoss and Balance Sheet report. Reports will be always up-to-date without closing and
\ngenerating opening entries. It makes Odoo\u2019s reporting much easier and powerful.<\/p>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n
\nTax and Vendor Tax of a Product\/Service When you create a new one.<\/p>\n
\nacquires available in Odoo. You can install the payment acquirer from that list and you can also
\nconfigure them. <\/p>\n<\/a><\/div>\n
\nmodule, however Accounting related fields is just mentioning here.<\/p>\n<\/p>\n<\/a><\/div>\n
\nTerm<\/b> for this client. Total Receivable<\/b> and Total Payable<\/b> are only visible in developer
\nmode.<\/p>\n
\nchange if you want.<\/p>\n<\/a><\/div>\n
\nInvoice and payment matching and reconciliation. <\/p>\n
\nwill get a warning message like this.<\/p>\n<\/a><\/div>\n<\/a><\/div>\n
\ngroup.<\/p>\n
\ncreated using this account. If we leave it empty, then Odoo will take the default
\ndebit\/credit account of Journal.<\/p>\n
\ntax. <\/p>\n
\nanalytic account mentioned the invoice line.<\/p>\n
\namount and tax amount of this tax<\/p>\n
\nvisible the table to select the child taxes when you select this option as tax computation
\nmethod.<\/p>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n<\/a><\/div>\n