Odoo version 15 is back with another set of phenomenal features. The Odoo accounting in version 15 includes some of the top-notch utilities. In addition to the previous remarkable features, new methods are set to make your taxing and invoice preparation process super easy and fast.
Let us try to understand the new Odoo accounting features in a simple way! Multiple challenges can be handled with new features inbuilt in version 15.
Account Receivables & Smooth Invoicing process
Management of multiple invoices from different sources can complex the process of accounting. With the new OSS Regulation, you can regulate different VAT numbers from different countries with a single click.
See the steps below to understand in a better way.
Click on the Accounts application
Click on New Invoices on the Customer invoices box to check the difference
Here you’ll see different sales with details
Here you can see that for the Euro invoice, the VAT identification number would automatically be following Euro. Also, the PDF reflects the taxes specific to inconvenient Fully-integrated Euro.
Similarly, the Spain invoice is as per the Spanish requirements with a unique VAT ID number. The taxes applied are as per Spain.
How to configure?
Click on Configuration-Settings
Select the new feature named “EU Intra-community Distance Selling.” It will automatically create an invoice process for each participating country.
Click on Configuration-Fiscal position to check the invoices for different countries
Click on any to see the configuration.
Here the Fiscal position of Italy is shown. The applied taxes are automatically included in the invoice PDFs.
How to create a new Fiscal position?
Click on Create
Add all the details. Click on “Click here to the taxes for this country”
Add new taxes as per your requirement
Check reports in easy steps.
Click on Reporting-Tax Report
Filter reports based on your needs
Read reports for each participant country
Account Payables & managing incoming documents
Manage your incoming documents and become fully paperless with an automated management process. Artificial intelligence reduces the manual input and automates the management of bills.
Click on Documents
All the invoices in PDF format are displayed in the workspace
Check the documents, add details, extract information from the database, and much more in convenient steps.
Fully integrated document management with AI for:
- Asset management
- Automated PO matching
- OCR on customer invoices
- Cut offs in 1 click
Reconciliation of multiple bank transactions
The 15th version of Odoo has an integrated mechanism to manage various payment providers and keep an overview by type. It enables quick reconciliation of all the different types of transactions automatically. It uploads Bank transactions in real-time from multiple banks all over the world.
It helps you to:
- Synchronize more than 25,000 banks in real-time
- All payment providers linked to a single bank journal
Go to Customers and click on Payments
The list of different payment types appears
You can add the bank account
Click on Reconcile Items for Bank account reconciliations
The simple steps would lead to a successful reconciliation in a short time.
Congrats, you’re done reconciling!
Closing entries & transform the closing period
This feature allows the users to easily close and obtain different VAT statements. It enables management of provisions in different periods and automatically closes entries. Also, in a very short time, month-end accruals are created.
It aids in:
- Creating different VAT reports in a single company
- Automated monthly accruals based on sales and purchase order
Go to Tax report and click on Closing Entry
To create automatic entries, click on Accounting- Purchases
Select the accounts and Click on Action. Select automatic entries.
Perform more tasks using the new feature. Simplify your accrual preparation needs.
Reporting & updating complicated management reports
Make the multi currency management process simple with this new feature of the latest version. You can Easily update the reports after every single change and collaborate in real-time. Carry out complex calculations based on management needs.
Click on reporting and then click on and realized currency gains/losses
The list of unrealized currencies appears, now click on reporting and aged receivables for more details.
Go back to the accounting dashboard click on reporting, and click on invoice analysis.
You can perform analysis on the different invoices by applying certain parameters as shown below.
Click on apply and the data would be presented in a tabular form. You can insert this data into a spreadsheet for further manipulations.
This way, you can keep a tab on the details of the invoice by customer and by-product.
This new feature integrates spreadsheets that are fully automated for reporting, updated in real-time. It can be collaborated and shared with other members.
Certainly, this latest version of Odoo accounting has integrated much-needed features for easy accounting. Many companies across the world can utilize these tools for simplified management of invoices and report preparation.
The usage of new features might appear complicated in the beginning. However, with regular use, accountants will find it user-friendly. Odoo accounting version 15 has some dynamic, multipurpose, and advanced accounting features.