At Oodles ERP, we provide Odoo integration services to fulfill specific business requirements. Our developers are skilled at implementing and customizing Odoo modules to drive business efficiency.
Benefits of Odoo Accounting Module
1- Accessibility of the multi-users: Odoo Accounting module handles multi-users access and due to this feature you can provide your accountant and business partner with multiple access rights and these rights bound the user at there level of work so you can perform your operations on multi-levels.
2- Multi-business support: If the user has multiple businesses so Odoo automates their business in a single accounting system. This feature helps you maintain your journals in a single place.
3- Cloud-based software along with mobile accessibility: The Important feature that Odoo Accounting has its supports on the cloud so any user can access it from anywhere. With its mobile applications, the user can monitor any report. The approach behind this is the user can manage their accounts on the fingertip.
4- Security of the data: Odoo especially concerns about data security because Odoo is dealing with all the modules on cloud and cloud-based software security threats are always common. The data of the accounts are always secured for the proper functioning of a business.
5- Scalability: Odoo also scalable for there software because Odoo will launch an update every year if they do not maintain scalability. It harms our system at the time of upgrading our system.
Key Features of Odoo Accounting Module
Double-entry bookkeeping:
Odoo the open ERP will automatically create all the required journal entries for each of your accounting transactions: customer invoices, the point of the sale order, expenses, inventory moves, etc.
Odoo uses the principles of a clerking system: all journal entries square measure mechanically balanced (sum of debits = total of credits).
Accrual and Cash Basis Methods:
Odoo supports both accrual and cash basis reporting.
This allows you to report income/expense at the time transactions occur (i.e., increase basis), or when payment is made or received (i.e., cash basis).
Multi-companies:
Odoo permits one to manage many corporations at intervals identical info.
Every company follows its own rules for there chart of accounts.
You can get consolidation reports following your consolidation rules.
Users will access many corporations however continuously add one company at a time.
Multi-currencies:
Every dealing is recorded within the default currency of the corporate.
For transactions occurring in another currency, Odoo stores each price|the worth} within the currency of the corporate and therefore the value within the currency of the dealing.
Odoo will generate currencies gains and losses once the reconciliation of the journal things.
Currency rates square measure updated once daily employing a yahoo.com on-line web-service.
International Standards:
Odoo accounting supports more than 50 countries.
The Odoo core accounting implements accounting standards that square measure common to all or any country.
Specific modules exist per country for the specificities of the country just like the chart of accounts, taxes, or bank interfaces.
In particular, Odoo's core accounting engine supports:
Anglo-Saxon Accounting Software (United States, United Kingdom, and other English-speaking countries like Ireland, Canada, Australia, and New Zealand) where the price of goods and raw materials sell are reported when products are sold and delivered.
European accounting wherever expenses square measure accounted at the provider bill.
Storno accounting software (Italy) wherever to refund their invoices have negative credit/debit rather than a reverting the first journal
Odoo even has modules to accommodates IFRS rules.
Also Read: Migration Process and Standards of Migration in Odoo 13
Accounts Receivable & Payable:
By default, Odoo uses one account for all accounts owed entries and one for all accounts due to entries.
You can produce separate accounts per customer/suppliers, but you don't need to.
As transaction's square measures aligned with their customer's or supplier's, you get report's to perform analysis as per client or supplier like the customer statement's, revenues as per customers, aged receivable or payables,
The wide range of financial reports:
In Odoo, you'll generate monetary reports in real-time.
Odoo's reports vary from basic accounting reports to advanced management reports.
Odoo's reports include:
Performance report's (such all the Profit and Loss, Budget's Variance)
Position reports (such as record, Aged payables, Aged Receivables)
Cash reports (such as Bank Summary)
Detail reports (such as balance and General Ledger)
Management reports (such as Budgets, Executive Summary)
Odoo's report engine permits you to customize your own report supported your own formulae.
Import bank feeds automatically:
Bank reconciliation could be a method that matches your statement lines, as supplied by the bank, to your accounting transactions in the general ledger.
Odoo makes bank reconciliation straightforward by oftentimes commerce statement lines from your bank directly into your Odoo account.
This means you can have an everyday view of your cash flows without having to log-in to your online banking account or wait for your bank statements.
Odoo accelerates bank reconciliation by matching most of your foreign statement lines to your accounting transactions.
Odoo conjointly remembers however you have treated different statement lines and provides advised book of account transactions.
Calculate the tax you owe your tax authority:
Odoo totals all of your accounting transactions for your tax amount and uses these totals to calculate your tax obligation.
You can then check your excise by running Odoo's Tax Report.
a) Inventory Valuation:
Odoo supports each periodic (manual) and perpetual (automated) inventory valuations.
The accessible ways square measure normal value, average price, LIFO (for countries allowing it) and FIFO.
b) Easily retained earnings:
Earnings in real-time, therefore, no year-end journal or change is needed.
This is calculated by reportage the profit and loss balance to your record report mechanically.
Localizations:
Odoo Support multiple country Chart of Accounts. That helps us to configure multiple types of taxes according to the country.
Odoo accounting module enables businesses to maintain a record of financial transactions, process payments, audit statements and create, send and reconcile invoices. At Oodles, we provide Odoo accounting services to streamline and automate financial transactions.
Get in touch with our ERP team for MORE DETAILS!
