Accounting : Accounting is one of the most vital and important modules of Odoo ERP. Accounting is tightly bound with Sale, Purchase, Inventory, and Manufacturing. Businesses can use Odoo accounting to maintain all the records and analysis of the operations of the inventory. Odoo accounting module is capable of your bill tracking, inventory management, and project management. It helps you fulfill all your accounting needs like payments and invoices, bank reconciliations, reports and much more.
Odoo V15 Accounting Module is a complete package that helps you to manage all the accounting-related activities. The major aspect of the Accounting module is its reliability and real-time operations. From managing the customers, creating invoices, and sending them, the Odoo Accounting module helps you to efficiently manage the customers.
This blog is a deep understanding into the home dashboard of Odoo V15 Accounting Module.
The Dashboard window of the Odoo 15 Accounting module assists you in managing all the accounting features of the module. When you look at the Accounting dashboard window, you will find an Accounting Periods, chart of account, Taxes and Bank Account onboard panel that Odoo designed as a configuration panel.
The image of the onboard panel is represented in the screenshot below.
What is Accounting Periods : An accounting period is a period of time that covers certain accounting functions, which can be either a calendar or fiscal year, but also a week, month, or quarter, etc.
Accounting Periods in odoo : Accounting Periods is the first functionality that will allow you to define your fiscal years and tax returns periodicity. Through this tab, you can configure the Accounting Period. When you click on the Configure tab available, you will reproduce a pop-up window for configuring Accounting periods, as you can see in the screenshot below.
Click on this configuration button, and a new window will appear. For reference you can see the screenshot below.
In the above screenshot you can see some points which are auto filled like Opening Date, Fiscal year end, Periodicity, Reminder and Journal.
What is Chart of Accounts : A chart of accounts (COA) is an index of all the financial accounts in the general ledger of a company. In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting, broken down into subcategories.
Chart of accounts in Odoo : The Chart Of Accounts option in the onboarding panel will allow you to set up your chart of accounts and record initial balances.
In Odoo Accounting, you have to select your chart of accounts based on the area of your operations. Odoo enables various charts of account support. You can easily set up your chart of accounts according to your business needs and record the initial balances.
When you click on the Review button avaIlable under the Chart of Accounts tab, you will be directed to the Chart of Accounts page, as you can see in the screenshot below.
Here you can see the Code, Account Number, Type, Allow Reconciliation, Opening Debit, Opening Credit, with the three dots you can add a custom field.
What is Taxes : Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national.
Taxes in Odoo : The next functionality available in the Onboard panel is Taxes. This option allows you to set default taxes for sales and purchase transactions.
You can see the Review button available under the taxes tab, so click on the button and you will come to the taxes window.
Here you can see the Tax Name, Tax Type, Tax Scope, Label on Invoices, Company and active.
Bank Account : This is the last tab available in the onboard panel. When you click on the “Add a bank Account button” it shows the window for adding a bank account, for reference you can see the screenshot below.
Now you can choose the bank and click on the connect button. This way a bank account is added.
Below the onboard panel, Odoo arranged various journals. When you look at these journals, you can view the journal entries and a small description about each journal. All the journal details that are given in this window will give you a short overview of each journal item. Now let’s have a look into them one by one.
Here you can see all the preconfigured journals such as Customer Invoices, Vendor Bills, Miscellaneous Operations, Bank, Cash, Point of Sale, and Expense.
Customer Invoices : Before describing it, let us take a look at the Customer Invoices journal.
Here in the Customer Invoices journal, you have a button called “New Invoice”.
In addition, the journal will give you a graphical analysis and list the unpaid invoices. So that you can understand how many invoices are pending for validation and how many are unpaid invoices. You can also view the invoiced amount for the invoices.
With the “New Invoice Button” you can create a new invoice, so click on the new invoice button. When you click on the button a new window will open. You can fill in all the details and save the form.
Vendor Bills : The Vendor Bills allows you to manage vendor bills from the dashboard window itself. When you look at the Vendor Bills in the dashboard, you will see a preview of the Vendor Bills in a kanban model.
You can see the Upload button, with this you can upload the bills here, in the middle portion you can the 1 Bills to validate, 2 Bills to pay and 1 Late bills.
When you click on the three dots a new window will popup as you can see in the screenshot below.
In the view section you can see the other options likewise Bills, Refund and Payments Matching. you can create new bills and refunds using the Bills and Refund options available under the New section in the dropdown menu
With the reporting you can analyze the bill and aged payables. You can apply your required color for the journal using the different colors. The Remove from Favorite and Configuration options also will be there under the dropdown menu.
Above information is overview of the dashboard of Accounting Module V15. If you like to read more blogs written by us click on the Planet-Odoo