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Odoo 13 Accounting | Budget | Assets | Accounting Reports

Odoo 13 Accounting | Budget | Assets | Accounting Reports

Odoo Accounting is used for storing, sorting, retrieving, summarizing, and displaying the results in several reports and analyses. Odoo Accounting is one of the required functions for almost any business. In Odoo Accounting various types of reports can be generated like Profit and Loss Report, Balance Sheet Report, Executive Summary Report, Cash Flow Statement Report, Partner Ledger Report, Aged Receivable Report,  Aged Payable Report, General Ledger Report, Trial Balance Report, Consolidated Journal Report, Tax Report Journal Audit Report, Assets Reports. 

In Odoo 13 introduce the new features like Asset management, Accounting Lock dates, Accounting Reports, Post Dated Cheque Management, Manage Recurring Payments, Daybook Cashbook and Bankbook report, Single Liability Account, Customer Follow-Ups, Customer Credit Limit, Accounting Entries Security Dates, CODA & CAMT import improvements, Dynamic Journals & Ledgers, IBAN Compliance

Budget in Odoo 13:

Budgets can be defined based on multiple criteria, such as departments, cost centers, cost types, commodity groups, users, and combinations of these. In Odoo Budget management is used to know your financial status against the planned financial details.

First of all, you can install the Accounting and Finance Module in your database.

 

-To enable budget management feature in Odoo:

Go to Accounting -> Configuration ->Settings and tick the checkbox of ‘Budget Management’ and ‘Analytic accounting’ then click on the Save button.

 

Now you can configure the three things to work with Odoo budget management

1. Budgetary Positions
2. Analytic Accounts
3. Budget

1. Budgetary Positions

Budgetary positions are the general accounts for which you want to keep budgets like expense or income accounts. After enabling the budget management feature then you can create the budgetary positions.

Go to Accounting-> Configuration ->Management -> Budgetary Positions

 

Now you have to enter the name of the budget and add the items to select the account.
At that time you can add the following fields in accounts section like code, name, type, default taxes, tags, group.

2. To set Analytic Accounts

Now let us see the configuration of the budget. At that time you can create an analytical account by entering the Accounting module.

Select Accounting Menu -> Advisers -> Analytic Accounts -> Open Charts and click on Create button.

3. To set a Budget

Select Accounting ->Advisers ->  Budgets -> Create New Budget

Now you can enter the name of the budget and create budget lines to click on add an item button.

 

 

At that time you can select the Budgetary Position related to the budget lines and set the start date, End date, Paid date, Planned amount, practical amount and Theoretical amount.

 

Now you’ll need to confirm and approve the budget.

 

 

Assets:

Odoo 13 Asset management introduces to the purchase of assets. In Odoo 13 Asset management enables the user to track fixed assets like manufacturing tools, vehicles, land, etc. The user can purchase, sell and handle depreciation of assets regarding Odoo. Odoo Asset Management is used to define the category of an asset, classify assets to compute the depreciation managing different methods, and create an accounting entry for the depreciation at the end of every financial year.

First of all, you can create an asset at that time, create the asset type, for that go to Accounting -> Configuration -> Asset Types.

At that time, you can create the asset by clicking on the create button in assets.

 

After creating the Asset. Now you can click on the Compute Depreciation button to check the depreciation board before confirming the asset.

 

Once we have created an asset, we should confirm it. We can also click on the Compute Depreciation button to check the depreciation board before confirming the asset.

>>Now you can sell or dispose of the asset by clicking on the Sell or Dispose button on the status bar. It will create a journal entry to post the full expense of the asset.
>>Now you can set to draft the asset by clicking on the button Set To Draft button.
>>You can pause depreciation of the asset by clicking on the Pause Depreciation button.
>>Whenever you want to modify the depreciation of an asset, Now click on the Modify Depreciation button and provide the values accordingly.
>>At that time you can create on the asset model name by clicking on the Save Model button.

 

Accounting Reports

Now you can see the various kinds of Accounting Report Method:

1.) Profit and Loss Report
2.) Balance Sheet Report
3.) Executive Summary Report
4.) Cash Flow Statement Report
5.) Check Register Report

6.) Partner Ledger Report
7.) Aged Receivable Report
8.) Aged Payable Report
9.) General Ledger Report
10.) Trial Balance Report
11.) Consolidated Journal Report
12.) Tax Report
13.) Journal Audit Report
14.) Assets Report

1.) Profit and Loss Report

In this type of report, the business that access revenue and expense reports of a company during an appropriate period of time. 

 

2.) Balance Sheet Report

In this type of report, the companies can obtain all the information about liabilities, assets, and equity of the balance sheet.

 

 

3.) Executive Summary Report

In this type of report, the executive summary analyzes the cash flow, profit & loss, balance sheet, and performance of the reports.

 

 

4.) Cash Flow Statement Report

 In Odoo this type of report is used to displays wherewith changes in balance sheet accounts and income affect cash and cash equivalents. 

 

5.) Check Register Report

In this type of report, it is a  document on which is represented the payment dates,  check numbers, payment amounts, and payee names for all check payments.

 

6.) Partner Ledger Report

In this type of report, you can find all the details of current open balances, Debit & Credit details, and Journal details you have selected with any customer that will be displayed in the partner ledger. 

 

7.) Aged Receivable Report

 In this type of report only introduce receivable invoices. An Aged Receivable Report is used to displays the unpaid invoice balances on with the duration for which they have been outstanding.  An Aged Receivable Report enables you to see the balances that are payable to your company by customers.

 

 

8.) Aged Payable Report

In this type of report is used to see the balances you payable to other companies for stocks, inventory, and services your company gets.

 

 

9.) General Ledger Report

In this type of report, now you can shows all the transactions in your organization from all the accounts as detailed below.

 

 

10.) Trial Balance Report 

In this type of report is used to check the balance state is equal or not. At the same time,  the total debt amount and credit amount of your business in balance state are equal i.e. balance sheet is agreed. Unless it means that few errors have obtained while preparing the accounts. 

 

 

11.) Consolidated Journal Report

In this type of report, you can only run this report whenever your consolidation handles the Transactions method and this method is not used the create summary journals run option.

 

 

12.) Tax Report:

This type of report illustrates the consolidated tax report on sales and purchases within the reporting period. 

 

13.) Journal Audit Report

This type of report describes all the transactions of your business according to accounting journals.  At that time, you can choose the journals to be presented in the report and based on that report is performed.

 

14.) Assets

This type of report displays a summary of the asset. you can view the different forms like pivot analysis and the graph view of the asset as shown below.

 

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