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Odoo provides various features to keep track of your invoicing and payments. The simple workflow of invoicing, with efficient encoding of the payment process of your customers, makes Odoo more adoptable. In this section, we discuss two processes, the easy workflow for non-accountants who just want to keep track of their payments, and the complete accounting section. Note that only the customer process will be described, but of course Odoo offers equal invoicing and payment methods for suppliers.

The chart Accounting workflow for invoicing and payment shows the financial workflow followed by each invoice. In general, when you use all of Odoo's functionality, invoices do not need to be entered manually. Draft invoices are generated automatically from other documents such as Purchase Orders.

In Odoo, the concept of “invoice” includes the following documents:

  • The Customer Invoice.
  • The Supplier Invoice.
  • A Customer Credit Note or Customer Refund.
  • A Supplier Credit Note or Supplier Refund.

Only the invoice type and the representation mode differ for each of the four documents. But they are all stored in the same object type in the system. You get the correct form for each of the four types of invoice from the menu you use to open it. The name of the tab enables you to tell the invoice types apart when you are working on them.

Various methods can be used to create accounting entries. You have already seen how an invoice creates its own entries, for example.

This section deals with

  • Managing bank statements.
  • Managing cash.
  • Manual journal entries.

Financial and accounting asset management. To manage the assets owned by a company or an individual and to keep track of depreciation occurred on those assets. Also allows to create accounting moves of the depreciation lines.

You can manage your assets and accounting related to those assets using account_asset module. Using the menu Settings > Accounting > Account, Accounting & Finance tick Assets management and click on Apply button for install the account_assert module.

Whether you want to analyze the general health of your company or review the status of an Account Receivable in detail, your company's accounts are the place to define your various business indicators.

To show you the most accurate picture of your business, Odoo's accounting reports are flexible, and the results are calculated in real time. This enables you to automate recurring actions and to change your operations quickly when a company-wide problem (such as cash reserves dropping too low or receivables climbing too high) or a local problem (a customer that has not paid, or a project budget overspend) occurs.

There are various reports designed for financial analysis based on the analytic accounts. Most of these reports are available directly from the tree of analytic accounts or from the form view of the analytic account.

From the Accounting > Configuration > Analytic Accounting > Analytic Accounts menu, select one or more analytic accounts and then click one the Print button at the centre of the screen. Odoo provides the following financial analyses from the analytic accounts (and maybe more, depending on the additional installed modules):

Accounts have be configured to meet your company's needs. This chapter explains how to modify your chart of accounts, journals, access rights, initial account balances and default values for the initial configuration of your Odoo accounts.

Good accounting software requires great usability and simplicity of data entry, as well as flexibility in configuring its different components. You should be able to easily modify the accounting module to meet your own needs, so that you can optimise it for the way you want to use it.

At the end of a financial year, you will have to transfer the closing balance of that year as an opening balance to the new financial year. Odoo allows you to automatically post such an entry. You can transfer the new opening balance numerous times, because it is impossible to close a year at once. Correction entries will have to be made, due to which balances will change. The new balance can easily be transferred through a wizard, so you do not have to keep track of each correction entry made in the previous financial year. The procedure below is valid if you already have a financial year with entries in Odoo.

Sitting at the heart of your company's processes, analytic accounts (or cost accounts) are indispensable tools for managing your operations well. Unlike your financial accounts, they are for more than accountants - they are for general managers and project managers, too.

You need a common way of referring to each user, service, or document to integrate all your company's processes effectively. Such a common basis is provided by analytic accounts (or management accounts, or cost accounts, as they are also called) in Odoo

Source: Odoo.com

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