Accounting is a critical process for any enterprise. Precise accounting is important for the smooth functioning of an organization without any financial loses. Maintaining ledgers, counting liabilities and recording assets is a part of accounting. Odoo 12 accounting module enables businesses to keep track and record of financial transactions. To enable accounting features in your Odoo ERP, you have to install the Accounting and finance app from Odoo Apps. Accounting related transactions are linked with customers or suppliers, you will get reports so that analysis for customer/supplier can be done such as statement, revenues per customer, and aged receivable/payable.
At Oodles, we provide Odoo customization services to fulfill the specific demands of businesses. We provide a stack of 10,000+ supported Odoo modules that can be implemented and customized to automate on-going business operations.
Odoo 12 automatically creates all the journal entries for each of your accounting transactions and Odoo uses a double-entry bookkeeping system to automatically balance all journal entries.
Using Odoo, users can manage several companies within the same database. Every company may have its own chart of accounts and rules. You can get consolidation reports following your consolidation rules.
Every transaction by default recorded in company currency. For transactions in another currency, Odoo 12 stores both the value in the currency of the company and the currency of the transaction. Odoo generates gains and losses after the reconciliation of the journal items.
Odoo accounting supports more than 50 countries. The Odoo core accounting implements accounting standards that are common to all countries and customized apps are available to accommodate the specifics of the individual countries like the chart of accounts, taxes, or bank interfaces.
Odoo uses a single account for all account receivable entries by default.
You can generate financial reports in real-time. Odoo’s reports include:
* Performance Reports (such as Profit and Loss, Budget Variance)
* Position Reports (such as Balance Sheet, Aged Payables, Aged Receivables)
* Cash Reports (such as Bank Summary)
* Detail Reports (such as Trial Balance and General Ledger)
* Management Reports (such as Budgets, Executive Summary)
Odoo makes bank reconciliation too easy by importing bank statement lines from your bank directly into your Odoo account.
Odoo supports both periodic (manual) and perpetual (automated) inventory valuations.
Odoo calculates your current year earnings in real-time so that no year-end journal is required. This is calculated automatically by reporting the profit and loss balance to your balance sheet report
The chart of accounts lists all the accounts, whether they are balance sheet accounts or P&L accounts. There is various Chart of account that comes along with Odoo, you can choose as per your locality and need. Odoo will automatically select the Chart of account related to the country you selected while creating a database.
The General Ledger Report shows you all the transactions from all accounts for the selected date range. The initial summary report displays the totals for each account and from there the user can view a detailed transaction report or any exceptions. With the help of this report, we can check every transaction that takes place at a specific time.
Micro-manage your financial activities including accounts payable, bank balances and accounts receivables with Odoo 12 Accounting module. At Oodles, we provide accounting and financial management services to streamline every cash and procure to pay process.
Send us your requirements to get the best Odoo implementation services!
To Read Next: Odoo Project Management Module for Efficient Task Management
Suraj is a versatile Test Engineer. He has worked with Odoo 12 Enterprise and Community and Apache OFBiz to implement customer’s requirements. He has good knowledge of HRMS, Accounting, Manufacturing, Logistics, Inventory, Supply Chain, CRM etc. One of his key strengths is to find the best possible approach to implement customer’s requirements.
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Anirudh Bhardwaj | Apr 16, 2021
Anirudh Bhardwaj | Apr 15, 2021
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