Odoo is an open-source, modular framework. In the earlier version of Odoo Accounting , it was called OpenERP(5 -7 version) or TinyERP (1 to version 4).
Odoo framework offers a variety of solutions, including E-Commerce ERP( Enterprise Resource Planning), CRM accounting and Inventory System, POS(Point of Sale), Manufacturing, etc.
The critical roles of Odoo Solutions
Each of these solutions plays a significant function in the current market. If we are talking about inventory, Odoo Accounting, and sales systems, these solutions function as the basis of all industries.
All around the world, various industries are operating in multiple domains. They can also manage their earnings, which are very beneficial to the development of the GDP of their countries.
Accounting plays a vital role in observing and controlling the expansion of industries.
What is Accounting?
Accounting is a method that calculates the Company’s transactions to determine the financial terms and record them in the various accounts. In essence, Accounting provided us with the profits and the loss for the Company and revealed the value of assets and liabilities.
How does Accounting Help Businesses?
The business model is built with innovative ideas. It is also essential to keep track of and understand the lows and highs of an enterprise. Accounting plays an important role. In simple terms, accounting can help you monitor the earnings and the expenses of your business, which motivates you to think of new ways to improve the methods to run your Company.
- You can assess how your Company
- It will help you ensure that your liabilities for your business are adequately assessed
- It is possible to create an outline of your budget and plan for the upcoming years
- You can also file the final statements of your business
Workflow/Properties of Odoo Accounting
Accounting in Odoo
Odoo provides a fantastic solution that helps maintain the integrity of financial transactions. As I have mentioned, Odoo is an open-source framework, which means that for each feature or solution, Odoo offers several modules. Thus, to handle your business’s financial transactions, Odoo offers Accounting for your Company.
Install Accounting in Odoo
To control Odoo Accounting, first, you have to set up Odoo Accounting’s ” Invoicing” module within Odoo.
Within the Odoo app listing In the Odoo app list, search for” the component ” account“(technical name). After that, click the install button to activate this feature within Odoo.
How to set up Odoo Accounting?
When the accounting module has been successfully installed on your Odoo instance, you will be able to visit an Odoo Accounting Welcome page. On this page, you’ll see an onboarding banner to assist you in setting up accounting step-by-step.
To set up Odoo Accounting, you can start by filling in the Company’s data. Click on”Let’s start” and then click on the ” Let’s Start” button.
You can also set up corporate data by following the this path
Settings – General Settings – Manage Companies
Settings – Users & Companies
When you click the button, you’ll be shown an application form in which you can complete the necessary company information such as name, address, address, email address, web address, tax ID, etc.
It is essential to fill in these fields with care as the information will be displayed in all Odoo documents, such as invoices, receipts, etc.
The sync feature allows you to connect all your bank accounts with Odoo by clicking them to your bank using the form.
If your bank is not on the list or you do not want to connect your bank with Odoo’s database, you can click the ” Create it” button and create an account.
- Name: Enter your bank name
- Account Number: Enter the number of your bank account
- Bank Edit, select, or create it to modify your bank’s information
- Coding: It is the Journal’s shortcode. By default, Odoo creates a new Journal using the short Code.
- Journal The field can be accessible only if you own a current Bank Journal that is not connected to an account at a bank. If yes, then choose the Journal you would like to keep track of the financial transactions linked to this account or create a new one.
Include your Fiscal Year’s opening date and close dates in this. It aids in the generation of reports regularly. You can also add the Tax Refund Periodicity(monthly or quarterly) in Odoo and also with the aid of a reminder to not be late on a tax return.
By default, the beginning date will be set to the 1st day of January, as well as the date for closing is the 31st of December since it is the most popular usage.
Chart of Account
On this menu, you can connect an account to your chart of accounts.
All settings associated with charts of accounts are accessible on this page, which will assist you in reviewing your account chart. To view the chart of accounts, click the double arrow.
Set up the Odoo Invoices
To set up the Odoo Invoices within your Odoo, you will need to follow the steps below,
“Accounting – Customers – Invoices“
You will then view the invoice welcome page to see an onboarding message.
Banner for Invoicing Onboarding
By using the invoicing onboarding banners, you can create the invoicing settings within Odoo,
Modify your invoice or receipts by clicking the ” Customize” button. You will then be presented with an outline form that you can alter the layout.
Here you can configure the logo of your Company, the footer of the report and font size, the company tagline, etc.
Clicking on ” Set Payments,” you can set up the payment method.
Through the use of the Payment method, customers can pay the invoices.
If you create a Payment Acquirer using this software, it will automatically activate an Invoice Online Payment feature. Users can directly pay their invoices online through your Customer Portal.
Clicking on the” Send Sample” ” Send Sample” button, you can send an example to examine the invoice mail format and verify that everything is configured correctly.