Where can I find the debit note button in Odoo 17?
In the form view of vendor bills, under the ‘Action’ button one can find the debit note.
Can I move or reorder the sections and lines of the financial statement, as per my need with Odoo 17?
With Odoo 17, it is possible. Go to Configuration > Accounting reports and choose the report that needs to be reordered with the statement lines. One will be able to reorder by dragging and dropping the statement lines according to convenience and save it. This will arrange the statement line in accounting financial statements.
How do I compute the depreciations of bulk assets in the draft state in Odoo 17?
Choose the draft assets from the list view and from the ‘Actions’ hit on ‘Compute Depreciations’ to compute the depreciations of all the draft assets.
How do I compute the depreciations of bulk assets in the draft state in Odoo 17?
Choose the draft assets from the list view and from the ‘Actions’ hit on ‘Compute Depreciations’ to compute the depreciations of all the draft assets.
Can I post all the draft assets in a single click in Odoo 17?
Yes, with Odoo 17 now it is possible to post all the draft entries in a single click. For that choose the draft assets from the list view and from the ‘Actions’ hit on ‘Confirm’ to confirm all the draft assets.
How do I get the branch-wise financial statements of the company in Odoo 17?
In the financial statements say profit & loss report or in the balance sheet, it is allowed to filter the report journal-wise. If separate journals are configured for each branch based on that data can be filtered out.
Can I restrict the user access to different branches in Odoo 17?
In the user configuration, one can add default companies and allowed companies. Allowed companies are the companies to which the user has access. So removing the branches from the allowed company restricts the access of the company to the user.
How would you be able to create invoices for each branch and classify them in Odoo 17?
While creating invoices, under the other info tab one can add the branch name in the company field. Thus one can classify the invoices by each branch using the 'group by' of ‘company’.
How multi-company concept differs from that of a branch concept in Odoo 17?
In odoo 17 Multicompany purely handles a separate independent entity, that is each company is treated as a separate independent entity with a company-specific chart of accounts. The branch concept is considered as a subsidiary of the company which will be treated as a separate company but uses the same chart of accounts.
Can I use a different chart of accounts for the company branches in Odoo17?
For branches, odoo 17 uses the same chart of accounts of the company itself, but it is also allowed to be created if required.
How can I switch to the branch of the company?
Once a branch is created, one will be able to see the branches under the main company in the right-hand top corner of the screen. Hitting to the company branch, switch the branch where dedicated entries for the branch can be added.
How do I configure branches for a company in Odoo 17?
Odoo 17 allows the creation of branches of the company. Activate developer mode and Go to Settings > Users & Companies > Companies, where all the company details are configured. The branches tab in the form allows the creation of branches of that particular company. Add the branch details and save. One can add one or more branches of that company.
How can I reverse multiple invoices with a single click in Odoo 17?
Choose the invoices to be reversed and from actions hit on reverse. Thus a wizard appears with buttons to ‘reverse’ and ‘reverse and create invoice’. Either can reverse the invoices and create draft reverse invoices. The ‘reverse and create invoice’ reverses the previous invoice and creates a new invoice in the draft state.
Can I post all the draft invoices in a single click in Odoo 17?
Choose all the invoices with the draft stage and then go to actions and hit on ‘Post entries’ which will post all the selected draft invoices.
How can I print and save the financial report in Odoo 17 Accounting?
Go to reporting and take any of the reports say profit & loss report. At the top left-hand corner, one can see the buttons PDF, XLSX, and SAVE. The PDF and XLSX buttons are used to print the report in PDF and XLSX format respectively. The SAVE button allows you to save the report in the document module in the required workspace.
What are the new features in Odoo 17 Accounting?
Odoo 17 new features of accounting include some structural changes like the operation of deferred revenue/expense, amount to settle towards customers and vendors introduced, split horizontal feature in the balance sheet to split the balance sheet report into two halves, introduction of new payment term calculation ‘Days end of the month on the’, Branch management introduced, improved accounting localisations, etc.
What does the filter ‘Hide line at 0’ do in Odoo 17 accounting reports?
The filter ’Hide line at 0’ removes all the lines with a balance of 0 from the report. Thus users can take the report having non-zero lines only. This is also helpful while printing a report one can remove such unnecessary lines in the PDF print and reduce the printed paper pages.
How does the filter ‘split horizontally’ work for the balance sheet in Odoo 17 Accounting?
Split horizontally filter is new in Odoo 17, which splits the balance sheet into two halves next to each other for better regional display preference.
How do I manage deferred expenses in Odoo 17 Accounting?
The deferred expense in Odoo 17 also has a structural change. Now while creating a bill for the deferred expense, one can add the start date and end date in the invoice line. Also, other computation information like periods and accounts to be affected can be configured in the configuration settings of the Accounting module. Hence once the bill is confirmed deferred expense will be generated.
How do I manage deferred revenue in Odoo 17 Accounting?
The deferred revenue in Odoo 17 has a structural change. Now while creating an invoice for the deferred revenue, one can add the start date and end date in the invoice line. Also, other computation information like periods and accounts to be affected can be configured in the configuration settings of the Accounting module. Hence once the invoice is confirmed deferred revenue will be generated.
How can I track the amount to pay for my vendors in Odoo 17 Accounting?
Odoo 17 provides a feature ‘amount to settle’ under the ‘vendors’ menu. This records all the amounts that are to be settled towards vendors, which means the debit notes and bills to vendors.
How can I track the amount to pay for my customers in Odoo 17 Accounting?
Odoo 17 provides a feature ‘amount to settle’ under the ‘customers’ menu. This records all the amounts that are to be settled towards customers, which means the credit notes/refunds to customers.
Can I use the product catalog for invoicing in Odoo 17 Accounting?
Yes, the product catalog option is available while invoicing as well.
What is Cash Discount Tax Reduction in Odoo 16?
The cash discount tax reduction feature, which was added with Odoo 16, determines when the tax will be reduced when a cash discount is offered.
It can be set up to base payments on "On Early Payment," "Never," or "Always (upon invoicing)."
What is Accounting Import Option which is introduced in Odoo 16
In Odoo 16 a new feature is introduced called Accounting Import section, It enables you to complete the basic setup, such as setting up your chart of accounts, and it also enables you to import Chart of Accounts, Opening Balances, Contact Addresses, and Journal Items. Instead of manually entering each bit of information, this is essentially introduced to quickly and easily import the necessary data into Odoo from an external resource.
What is the significance of using Storno Accounting in Odoo 16?
Storno Accounting, a new accounting feature, was introduced with Odoo 16. Storno accounting is the method of using negative numbers to reverse the initial journal account entries. Eastern European nations frequently employ this Storno Accounting method of accounting.
What is the use of Sales credit limit in Odoo 16 Accounting module?
Sales credit limit is used to Trigger alerts when creating Invoices and Sales Orders for Partners with a Total Receivable amount exceeding a limit. Also the user can set Default Credit Limit, and to use this feature go to Accounting -> Configuration -> Settings -> Under Customer Invoice can find Sales Credit Limit.
What does FEC mean? In the Accounting module of Odoo 16?
The FEC Integrate function of Odoo 15 Enterprise's French fiscal localization facilitates the onboarding of new users and allows you to import your accounting data from FEC files from earlier software. You may access this feature from the configuration menu of the accounting module after you enable it by going to Accounting -> Configuration -> Settings -> Accounting import -> FEC Import.
A wizard will appear when the FEC import button is clicked, allowing you to import the FEC file.
What purpose does Odoo 16 Accounting's Foreign Tax ID field serve?
A feature called Foreign Tax id has been added to the Fiscal Position in the Odoo 16 Accounting module to assist you submit your company's tax identification number in the area covered by the fiscal position.
What function does a 1099 Report serve in Accounting in Odoo 16?
A feature called 1099 report is available in the accounting module of Odoo 16 and allows you to produce a CSV file with all the data you need to e-file 1099s through a third-party service. By default, the wizard under Balance Sheet -> Assets shows all liquid journal entries posted in an account. Making a CSV file of 1099 reports is necessary. Navigate to 1099 Report under Accounting -> Reporting -> Management. You can use the wizard to choose the start date and finish date. You must also choose the journal items you want to include in the report, and then click the Generate button. The report will then be generated with the selected journal entries automatically checked.
How does tax creation work in Odoo 16?
One can create a tax by going to Accounting -> Configuration -> Tax -> Create and enter information such as the tax's name, computation, type, and percentage amount. Additionally, configure tax distribution on invoices and credit notes under the definition tab. You can also add the label for the invoice, the tax group, the firm, if tax is included in the price, etc. in the advanced settings tab.
Additionally, any information input and saved will be accessible in the forms that use taxes.
How are checks set up in Odoo 16 Accounting?
Checks can be enabled by going to the Accounting module, for which go to -> Configuration -> Settings -> enable Checks. Additionally, from the accounting configuration tab, select the journal. In the bank or cash journal, the underpayment configuration tab enables "checks" for outgoing payment.
Moreover, in order to print checks, turn on "Manual numbering," enter "Next check number," and then save adjustments. Now, under Accounting -> Vendors -> Payments, establish a vendor payment by entering information such as the vendor's name, the payment amount, the date memo, the journal, and the payment method as "Checks." The next check number is then automatically put in, as you can see. Additionally, you can use the "Print check" option to print the check.
How are the reconciliation models for Odoo 16 formed?
The reconciliation methodology makes it simple and quick to reconcile the accounting entries. With a single click, we can write off and manage discounts or adjust the reconciliation model type to meet the invoices or bills. In addition, the reconciliation models can be made from Accounting -> Configuration -> Create, choose the type of reconciliation model.
The type "Manually generate a write-off on clicked button" will offer a write-off button while resolving the entries to write of small amounts. Another form is "Suggest counterpart values," which proposes immediate counterpart values that simply need to be validated. The third model is "Match existing invoices/bills," which automatically chooses the proper customer invoice or vendor bill that matches the payment in order to provide them with the information they need."
The journals can also be chosen so that the reconciliation models are only applied to the journals and the counterpart to take into account can be specified under the counterpart values.
How does Odoo 16 handle internal payment transfers?
Internal payment transfers can be made using either Accounting -> Vendors -> Payments or Accounting -> Customers -> Payments. Include information when establishing a payment such as the amount, date, memo, and check the "Is internal transfer" box so that the destination account is pre-filled. The accounting configuration settings have an Inter-Bank Transfer account specified under Bank & Cash as the destination account for the "liquidity transfer."
How can I pay many invoices at once using Odoo 16?
To create a payment, select Accounting -> Customers -> Payments. When establishing a payment, select "Receivable" as the payment type for customer payments, select the customer, and the destination account, along with the amount, date, and memo, will be auto-filled. In the memo, you can also provide the invoice reference number if payment is made for numerous bills. Additionally, to identify the payment made for all of those bills, the payment entry line is added with the memo during reconciliation.
How are taxes and accounts mapped based on a nation or state?
The fiscal positions can be used to do that. Enable the "Detect automatically" option while generating fiscal positions and then add a country or country group. Additionally, add "Tax on Product" and "Tax to Apply" under tax mapping. Similarly, add "Account on product" and "Account to use instead" under account mapping. The fiscal position will now be automatically assigned when an invoice is issued for a customer whose nation is listed in the fiscal position. Additionally, you can see that the correct fiscal position is automatically filled in on the "Other Info" tab.
Why do we use the price difference account (PDA) in Odoo 16 Accounting?
The price difference account is primarily used in Anglo-Saxon accounting to track the differences between the purchase price and accounting cost.
You can see the field to add a price difference account in the product category when the inventory valuation method is set to Automated.
How do you add notes to the accounts in Odoo 16 Accounting Reports?
By selecting the "Annotate" option from the drop-down menu next to the journal entry, which is visible when you click on the down arrow, you can add notes to Reports. Once clicked, a text box with space for a note and a save button appears. The notes may also be numbered and shown next to the report.
How do I add more than one bank account to Odoo 16 for my company?
It is possible to create bank accounts by going to Accounting -> Configuration -> Banks -> Add a bank account -> Create it and enter the account number, bank, and bank identifier code, or by connecting to any already-existing bank.
In Odoo 16 is it possible to delete an existing user account?
No, but we can designate the account as "deprecate" so that no transactions will use it going forward.
What is the use of a 1099 Report in Odoo 15 Accounting?
In Odoo 15 accounting module a new feature is introduced called as 1099 report which helps to export a CSV file containing all the information you need to e-file 1099s through a 3rd party service. By default, this wizard displays all liquid journal items posted in an account under Balance Sheet -> Assets.For generating a CSV file of 1099 reports Go to -> Accounting -> Reporting -> Management -> 1099 Report.
You can use the wizard to pick the start date and end date, also you need to select journal items and click on Generate button, after clicking, it will automatically check selected journal items and then generate a 1099 report CSV file.
What is the significance of the Foreign Tax ID field in Odoo 15 Accounting?
In Odoo 15 Accounting module a new field named Foreign Tax id is added in the Fiscal Position which helps to provide the tax id of your company in the region mapped by the fiscal position.
What is FEC import In Odoo 15 Accounting module?
Odoo 15 Enterprise’s French fiscal localization comprises the FEC Import feature to make the induction of new users easier and enables the importing of your accounting data from FEC files from earlier software. To enable this feature go to Accounting -> Configuration -> Settings -> Accounting import -> FEC Import, after enabling this feature from the settings the user can access it from the configuration menu of the accounting module. When clicking on the FEC import a wizard will popup from where one can import the FEC file.
How does a partner ledger and general ledger differ ?
The general ledger shows the accounting transactions of each account in debit and credit. While the Partner ledger shows the accounting transactions of each partner in debit and credit value.
What all reports are available in the Odoo 14 Accounting app?
Odoo 14 provides a reporting menu itself to take the wide range of reports necessary for the business including profit & loss report, balance sheet, partner ledger, general ledger, executive summary, cash flow statement, check register, aged payable, aged receivable reports, trial balance, tax report, Intrastat report, analytic report, budget analysis, invoice analysis, etc.
What are the depreciation methods in odoo 14? How can we modify the asset depreciation in Odoo 14?
There are three depreciation methods used in asset management:
Straight-line: it depreciates the total value among the period
Decline: the depreciation will be the product of the total amount and a declining factor. For every year the product amount will decline.
Declining then Straight Line: this will be the combination of the above. It will first follow a declining method and once it reaches the straight-line value then it depreciates the straight line thereafter.
Why do we need an asset model in Odoo 14?
Asset model created to use that model for managing assets easily rather than separately creating one by one. Asset models can be created from Accounting -> configuration -> Asset models. Now assign this model to the chart of account ‘fixed asset’ to create in draft. So when you create a purchase bill, you can add the fixed asset account to the bill, which will create an asset based on the model specified in the account.
How can the asset be managed in Odoo 14?
Asset management includes managing the assets of a company, identifying their depreciation for each period and at the end assets can be sold or disposed of. Moreover, assets can be created from the Accounting -> Assets > Create. Then add asset details like asset name, original value, acquisition date, non-depreciable value, depreciation method needed, and accounting details like asset account, depreciation account, expense account, etc. Once data is entered the depreciation can be computed and posted. Thus, the asset will be moved to the running stage. So at each depreciation time, it will either post automatically or create in the draft. This can be decided by providing ‘Automate Asset’ as creating in the draft or Create and validate for the fixed asset account.
What is the Budgetary Position in Odoo 14?
Budgetary position is a list of accounts to keep the budget of a company. Therefore, when we add a budgetary position to a budget, it will take the amount of accounts specified in the budgetary position.
How budget management can be achieved in Odoo 14?
Budget management is an essential factor that determines the growth of the company. Go to the Accounting menu> Budgets > Create a budget. Name the budget, add a responsible person, budget period, etc. Under budget lines add the budgetary positions, analytic account, start, and end date will autofill based on the period, add the planned amount, and then confirm. Then you can see the practical amount and theoretical amount get updated. Moreover, the practical amount will change as we make invoice payments in the budget period. Furthermore, the achievement percentage will determine whether the budget is good or blunder. Additionally, based on the achievement we can decide whether we need to continue or close the budget
How is the company data configured in the Odoo 14 Accounting app?
Companies can be configured from the Settings module, click on menu ‘Users & Companies’ -> Companies -> Create. Then you can configure company details including Name, logo, address, country, contact details, email, website, currency, Tax ID and social media account addresses, etc.
How analytic reports can be taken from Odoo 14?
Analytic reports are available from Accounting -> Reporting -> Management -> analytic report.
What is meant by a chart of Accounts in Odoo 14 Accounting?
Chart of accounts is the accounts used in a company to define and differentiate its financial asset, liabilities, and transactions.
How the inter-company transactions managed in Odoo 14?
Inter-company transaction refers to the transaction rules to create transfers between two companies while doing a sale or purchase. You can refer more to the following blog: Inter-company transactions in Odoo 14
How the default incoterm can be set in Odoo 14 Accounting App?
Default incoterms can be set in the Accounting -> Configuration -> Settings, under customer invoice the can add the default incoterm of your company.
How can we lock the accounting entries at the time of auditing in Odoo 14?
At the time of auditing, all Non-advisors are blocked from editing data. So lock dates can be set for Non-advisors.
In Odoo 14 how the accounting entries can be categorized?
Accounting entries are categorized as posted and unposted entries. You can filter out the posted and unposted entries from journal entries using the filter.
How the payment terms can be created in Odoo 14?
Payments terms can be created from Accounting -> Configuration -> Payment terms -> Create. Name the payment term, company to which this payment term belongs, add the description on payment term and the computation can be added under terms. Furthermore, there are three-term types: Fixed, Percentage, and Balance. The ‘Fixed’ payment terms can be defined as that the fixed amount is to be paid in 15 days and balance in 1 month. Similarly, for ‘Percentage’ a particular percentage amount has to be paid within some number of days and ‘Balance’ has to be paid after that.
How payment terms can be set for a customer in Odoo 14?
In the partner form under the sales & purchase tab, the purchase terms can be set.
Which are the journals provided by default Odoo 14?
Sales, purchase, bank, cash, and Miscellaneous are the default journals provided by Odoo 14. Moreover, you can also create multiple journals based on business requirements.
From where can I get journal items in Odoo 14 on a payment transaction?
Activate the developer mode and then one can track journal items from Accounting Module > Accounting Menu > Journal Items. Additionally, you can use the group by ‘journal’ option to group the journal items based on the journals.
How different journals can be configured in Odoo 14?
Journals can be created from Accounting -> Configuration -> Journal -> Create. There are different types of journals Odoo provides Sales, purchase, bank, cash, and Miscellaneous. Sales journals record all the sales-related entries and the purchase journal is for recording purchase-related entries. Bank and cash are used to record transactions of bank payments and cash payments respectively. Miscellaneous are used to record transactions that are not involved in the above four kinds.
In Odoo 14, how can you configure a bank in foreign currency?
Firstly enable multi-currency from Odoo accounting configuration settings. Then configure the bank with some foreign currency. Further, create a journal with foreign currency to configure a bank in foreign currency, whose type is a bank.
Which are the rounding strategies in Odoo 14?
Rounding Strategies define how the total tax amount is computed in orders and invoices. In Odoo 14 there involve two rounding strategies : Rounding on a Line and Modify Tax Amounts. ‘Rounding on a Line’ means the rounding will be affected on the order line price while ‘Modify Tax Amount’ rounding will affect the tax amount.
How cash rounding can be managed in Odoo 14?
Cash rounding helps to round the total amount to the nearest upper or lower infinity and can be enabled by going to Accounting -> Configuration -> Settings -> Customer Invoices -> Enable cash rounding. Further, click on the cash rounding and configure the rounding methods. Moreover, create cash rounding and add rounding precision, prouding strategies, loss and profit account, and the rounding method HALF-UP, UP, DOWN.
How are bank statements in QIF format be imported in Odoo 14?
Enable the format QIF from accounting configuration settings and click on the import option of the bank from the accounting overview. This will allow you to import the QIF file and choose the file to import from the system and click on import.
What is QIF format and what are the advantages of importing bank statements in QIF statement files in Odoo 14?
QIF means the quicken interchange format, an older open format to reading and writing financial data to the media format. Moreover, for the OFX and QIF formats, once the files are imported, Odoo automatically proposes to import the further data which helps to speed up reconciliation.
How do you manually register bank statements in Odoo 14?
From the accounting dashboard you can create the bank statement by clicking on the create option. Add name for statement, starting balance, ending balance and transaction amount, label, date etc and the validate.
How refunds can be tracked in Odoo 14?
Go to Accounting -> Vendors -> refundors, you can view the details of all refunds and their status. Also, the refund bills will start will ‘RBILL’
How can the vendor refund be processed in Odoo 14?
Vendor refund can be processed from Accounting -> Vendors -> Refunds -> Create and vendor details and items to be returned. Further, make a refund for the returned products and register payment.
Which are the account types in Odoo 14?
Odoo 14 involves the following account types: Receivable, Payable, Bank & Cash, Current Asset, Non-current asset, Prepayments, Fixed Asset, Current Liabilities, Non-current Liabilities, Equity, Current Year Earnings, Income, Other Income, Expenses, Cost of Revenue.
What are dis-allowed expenses in Odoo 14?
Disallowed expenses are those expenses that can not be excluded from the fiscal result, but can be deducted from the outcome of the bookkeeping. Therefore, by setting disallowed expense categories and obtaining periodic changes, you can get the fiscal results in real-time.
What are unrealized currency gains/losses in Odoo 14?
Unrealized currency gains/losses is a new feature in Odoo 14, if your business deals with a lot of different currencies, you now have a simple monitoring system with up-to-date, real-time data that tells you of all the gains/losses and the changes you can make. Moreover, the unrealized currency gain/loss can be viewed from Accounting -> Reporting -> Unrealised gain/loss. In addition, this will reveal all open amounts that need or should be re-evaluated on your balance sheet. Furthermore, this data is grouped by the currency and its related accounts.
When you reconcile a payment in various currencies, what will happen?
At the time of reconciliation, the amount is converted and shown in the base according to the currency rate. So it can be easily reconciled with payment.
What is the purpose of the analytic account and analytic tags in Odoo 14?
Using an analytic account we can record the transaction details to a particular account called an analytic account and using analytic tags we can filter out the analytic data.
How the Odoo 14 tax computation helps in calculating the tax containing group of taxes?
Odoo 14 provides different tax computations. The tax computation option ‘Group of taxes’ can be used to calculate the tax containing sub taxes. For example GST 5% includes 2.5% CGST and 2.5% SGST. Therefore, if tax computation is chosen as ‘Group of taxes’ then under the definition tab, you can choose the sub taxes. Furthermore, in the invoice under total, it will be shown as SGST and CGST separately.
Can I configure different taxes for different companies in Odoo 14?
Yes while creating tax you can mention the company for tax so that the tax can be used in the specified company only. However, if the company name is left blank it will be shared among all companies.
When you reconcile a payment in various currencies, what will happen?
At the time of reconciliation, the amount is converted and shown in the base according to the currency rate. So it can be easily reconciled with payment.
How tax can be mapped according to the location in Odoo 14?
Suppose we set a country for the fiscal position and when a sale order is created for a customer who belongs to that country, in the other info tab we can see that the fiscal position corresponding to the country setting is auto-filled. Moreover, this can be achieved if ‘Detect automatically’ is enabled in the fiscal position.
How can tax be created in Odoo 14?
Tax can be created form Accounting -> Configuration -> Tax -> create and provide the details such as tax name, tax computation, tax type, amount in percentage etc. Moreover, under the definition tab set tax distribution on invoices and credit notes. In addition, in the advanced options tab, you can add the invoice label, tax group, company, whether tax included in the price, etc. Furthermore, once all data entered and saved they will be available in the fields where taxes are used.
How tax can be grouped in Odoo 14?
Different taxes can be grouped under a single Tax group. While creating taxes from Accounting -> Configuration -> Tax and under the 'Advanced Options’ add the tax group. Moreover, for different taxes, the same tax group can be given.
Differentiate Anglo-Saxon and continental accounting in Odoo 14?
In continental accounting, the expense account gets affected on processing a purchase while in the Anglo-Saxon expense account is affected on processing a sale.
Which are the types of Odoo 14 Accounting practices?
The two accounting types in Odoo 14 are continental accounting and Anglo-Saxon accounting.
How can the check be canceled in Odoo 14?
Click on ‘Void check’ in the payment which will cancel the check payment.
How the vendor checks in Odoo 14 can be printed by batches?
Batch payment helps to send multiple payments for reconciliation in batches. To create a vendor check and go to vendors > batch payment > create batch payment and add the batch type, bank, payment method ‘check’ and choose the check payments to the batch and validate it. Now the check payments are sent to reconcile and there will be a ‘print’ button to print the checks in batch.
Define batch payment in Odoo 14? And Why does Odoo 14 require batch payment?
Batch payment means sending the customer/Vendor payments in groups or batches to reconcile. Instead of doing one by one, several payments can be sent at once in batches.
How checks can be configured in Odoo 14 Accounting?
Go to Accounting module -> Configuration -> Settings -> enable Checks and save changes. Further, go to the journal from accounting configuration, and in bank or cash journal, the underpayment configuration tab enables ‘checks’ for outgoing payment. Moreover, to print check enable ‘Manual numbering’ and add the ‘Next check number’ under check printing and save changes.
Now create a vendor payment from Accounting -> Vendors -> Payments and add details such as vendor name, amount, date memo, journal, and choose the payment method as ‘Checks’. Then you can see the check number is auto-filled as the next check number. In addition, you can take a print of the check using the ‘Print check’ button.
How Odoo 14 Reconciliation models are created?
The reconciliation model helps to reconcile the accounting entries with ease and in less time. We can set reconciliation model type to match the invoice/bills, or to write off and manage discounts with a single click. Moreover, the reconciliation models can be created from Accounting -> Configuration -> Reconciliation Models -> Create, choose the type of reconciliation model.
The type ‘Manually create a write-off on clicked button’ will provide a write-off button while reconciling the entries to write of few amounts. Another type is ‘Suggest counterpart values’, which suggests immediate counterpart values that only need to be validated. The third model is ‘Match existing invoices/bills’ automatically selects the right Customer Invoice or Vendor Bill that matches the payment so they need to be validated only.
Additionally, you can choose the journals, so that the reconciliation models are only applied to the journals and the counterpart to consider can be defined under the counterpart values.
How can I create and activate the payment acquirer for the transaction to be done?
Payment acquirers can be activated from Configuration -> Payment -> Payment acquirer where you can view the payment acquirers that Odoo supports and it includes Paypal, Ayden, Ingenico, Authirize.net, Alipay, Buckaroo, SEPA, Stripes, PayUmoney, etc. Furthermore, activate the acquirer by clicking on ‘INSTALL’ and configure the credentials. So that these payment gateways accept online payments via credit cards, debit cards, and bank transfers.
Define Inter-Banks transfer account in Odoo 14?
An inter-Bank transfer account is the transfer account used to transfer payments between banks.
How can the payment internal transfer can be done in Odoo 14?
Payment internal transfer can be done through Accounting -> Customers -> Payments or Accounting -> Vendors -> Payments. While creating payment add the data such as amount date, memo, and tick ‘Is internal transfer’, thus the destination account is auto-filled. The destination account ‘liquidity transfer’ is an Inter-Bank Transfer account, which is set under Bank & Cash in the accounting configuration settings.
How the advance payment can be managed in Odoo 14?
Advance payments can be managed in Odoo with deferred income and deferred expenses.
In Odoo 14, which all formats support importing bank statements?
- SEPA recommended Cash Management format (CAMT.053)
- Comma-Separated Values (CSV)
- Open Financial Exchange (OFX)
- Quicken Interchange Format (QIF)
How can I make a single payment for multiple bills in Odoo 14?
Go to Accounting > Customers > Payments > Create. On creating a payment, choose payment type as ‘Receivable’ for customer payment, choose the customer, the destination account will be auto-filled along with the amount, date, and memo. Additionally, if the payment for multiple invoices is given, in the memo you can add the invoice reference number. Furthermore, on reconciliation the payment entry line appends with the memo given, to identify the payment done for all those invoices.
How the tax and accounts can be mapped based on country or state?
It can be done using the fiscal positions. While creating fiscal positions enable the option ‘Detect automatically’ and further add a country group or country. Moreover, under tax mapping add ‘Tax on product’ and ‘Tax to apply’. Similarly, under account mapping add ‘Account on product’ and ‘Account to use instead’.
Now when an invoice is created for a customer whose country is mentioned in the fiscal position it will be automatically detected and the fiscal position will be assigned. Additionally, in the ‘Other Info’ tab, you can see the corresponding fiscal position is auto-filled.
Does Odoo 14 support partial payment?
Yes, when a partial payment is done either we can write off the remaining amount or keep the invoice as open
Why do we use the price difference account (PDA) in Odoo 14 Accounting?
The price difference account is mainly used in Anglo-Saxon accounting to record the difference between the purchase price and accounting cost. When the inventory valuation method is chosen as Automated, you can see the field to add a price difference account in the product category.
How notes can be added to the accounts in Odoo 14 Accounting Reports?
In reports, notes can be added by using the ‘Annotate’ option which can be obtained by clicking on the down arrow at the journal entry, you can see the annotate option. Click on it, and a text box appears to add a note and save. Moreover, the notes can be shown numbered under the report.
How can I add multiple bank accounts for my company in Odoo 14?
Bank accounts can be created from Accounting -> Configuration -> Banks -> Add a bank account -> Create it and add the Account number, Bank and Bank Identifier Code or can connect with any existing bank.
Can I delete an existing user account in Odoo 14?
No, but we can mark the account as ‘deprecate’, so no longer it will be used in any transaction.
In Odoo 14, When we set an account for both product and product category which account will have the priority to use?
The income and expense accounts set in the product category have priority. However, if the accounts are not set for the product category, then the accounts set in the product will be taken into account.
Can I pay vendor bills in a foreign currency using Odoo 14 Accounting app?
Yes, Create a vendor bill and choose the currency in which you want to create the bill. So while adding products to the bill, the product price will update in the currency price. To perform this, we have to activate the multicurrency from the accounting settings.
How can the customer invoice with different currencies be managed in Odoo 14?
When multicurrency is enabled and activated in Odoo accounting, you can invoice in different currencies. So when creating an invoice, we can choose the currency in which the invoice has to be created.
Can I invoice many sales orders on a single invoice?
nope, sepa codes are available in european countries like finland, belgium, germany, austria, and the netherlands.
How would clients be prompted to pay an amount within a particular time frame in Odoo 14?
While creating payment terms, you can set some discounts on the final payment to encourage the partners to pay the amount early as possible. Moreover, the payment terms can be set like ‘ 2% discount on total amount if paid within 5 days.
How is the Odoo 14 spreadsheet helpful in accounting?
Odoo spreadsheet is introduced in Odoo 14 to add the pivot data to the spreadsheet. In addition, it can be saved in the documents module so whenever the management requires the reports they can be easily shared among the officials.
How multiple reports can be available in Odoo 14 Accounting?
Odoo provides lots of reports like profit & loss reports, general ledger, partner ledger, aged payable, aged receivable, audit reports, analytic reports and many more. Apart from that in invoice analysis, budget analysis Odoo gives the provision to take dynamic reports. In addition, using the filter and group by option, reports based on different data can be taken into xlsx format and also inserted into spreadsheets.
How can I get customer/vendor statements in Odoo 14 Accounting App?
Customer/vendor statements can be collected from Reporting -> Partner Reports -> Partner Ledger. Moreover, the ledger of all partners can be available from there. Additionally, you can filter out the details of a particular partner as well as his payable/ receivable or both accounts. In addition, the report printout can be taken in xlsx and PDF format.
How does Odoo 14 support automatic reconciliation and bank Reconciliation?
In case of reconciliation, it will match the accounting entries automatically. While you create a sales order and payment has been done from there itself, Odoo can understand that the payment is done for that particular order. So it will match the accounting entries automatically. In the case of bank reconciliation, it helps you to verify that the information in your accounting records matches your bank account statement.
What are the types of reconciliation methods in Odoo 14?
There are two reconciliation methods in Odoo Automatic Reconciliation and Bank Reconciliation.
Can I use different localization packages in the multi-company environment of Odoo 14?
Yes, you can install the accounting package needed from Odoo apps, and in the accounting configuration settings choose the required fiscal localization package. Ensure that this has to be done before making any accounting entry.
How can I get a country-specific chart of Accounts in Odoo 14?
While creating a database we mention the country and on installing the accounting package the country specific accounting package is installed and the chart of accounts in it will be country-specific. Another way is that from the Odoo apps, one can install the accounting package of a particular country. Then from the accounting module configuration settings, under the fiscal localization package choose the package and save. Thus, the chart of accounts available will be based on country specific.
How does the opening balance can be set in Odoo 14 Accounting?
An opening balance needs to be set at the start period of the configuration. From the accounting dashboard while configuring a chart of accounts, add the opening balance of the accounts in credit and debit amounts finally, save it. Now a journal entry for the opening balance is created in draft state. Furthermore, post the journal entry so the balance sheet is updated with the opening balance.
Define Odoo 14 unallocated earnings?
Unallocated earnings are those which are not created for a specific purpose. Moreover, such earnings are converted to retained earnings at the end of the accounting period.
In Odoo 14 accounting, How can we close a fiscal year?
At the end of the fiscal year, we have to reconcile accounts and need to check whether accounts are accurate. The steps are as follows:
1. Set lock date for non-advisors. The lock date should be the end date of the fiscal year. Accounting -> Lock Dates -> Lock date for Non-Advisors.
2. Now in the balance sheet all the unallocated earnings of the fiscal year have to be changed to a retained account to balance for the coming year. Go to Accounting > Journal entries -> create a journal entry with accounts Undistributed Profits/Losses and a retained account. Undistributed Profits/Losses account is the default Odoo account for allocating current year earnings, so this account type should be Current Year Earnings.
3. Post the journal entry so all the current year earning and current year unallocated earnings are balanced.
4. Once the accounts are corrected, the next step is to set a Lock date for all users, so no users can change the accounting entry of the previous year
How the Purchase returns can be managed in Odoo 14 accounting App?
For a purchase return, we have to issue a debit note. In Odoo we have the credit note button itself to issue debit notes. In case of purchase return, it can be done in two ways: ‘Product delivered but not paid’ and ‘Product delivered and paid’. If the product is delivered but not paid, in such case we have to return the product only. However, in case product delivery and payment are done, we have to return the product and issue a debit note for the returned product. Moreover, to process the refund go to Accounting -> Vendors -> Refund and then create a refund, or from the vendor bill itself there provides a Credit note button to process the refund.
How the Sales returns can be managed in Odoo 14 accounting app?
Sales return can be done by issuing credit notes and can be processed in two scenarios: ‘product delivered but not paid’ and ‘product delivered and paid’.
In cases where the product is delivered and not paid, the stock only needs to be returned. However, in case the product is delivered and paid for, the product has to be returned and also needs to issue a credit note for the returned product. Credit notes can be created from Accounting -> Customers -> Credit Notes or from the paid invoice by clicking on ‘Add Credit Note’ and choose the credit method whether ‘partial refund’, ‘full refund’ or ‘full refund and new draft invoice’, also mention the reason for the refund.
How can the accounting entries in Odoo 14 be locked to prevent editing?
Odoo provides ‘Lock Dates’ to prevent accounting entries, there are three types of lock dates. Lock dates for non-advisory, lock date for all users, and Tax lock date.
Lock dates for Nonadvisors are normally set at the time of auditing and users having advisor roles can only edit it after setting the lock date for non-advisors.
Lock dates for all users are normally set when a fiscal year is closed so that no entry of the previous year can be changed to anyone.
Tax lock date can be set so that no users can edit the journal entries related to tax which is prior and inclusive of this date.
Does Odoo 14 allow single payment for multiple invoices? If so how payments are identified for which invoice the payment has been made?
Yes through customer -> payments or vendor -> payments, we can make payments and at the memo field, you can mention the Invoice /Bill numbers for which payment is doing. So at the time of reconciliation, the data given in the memo filled will be added along with the transaction name. Therefore, using the memo one can identify the invoice/bill number for which the payment is applicable.
What will happen if the partial payment amount is done at the time of payment in Odoo 14?
For a partial payment, we can either write off the remaining amount or keep the invoice as open. If the invoice is marked to be open, for the partner the remaining amount will be shown as the due amount. Additionally, in the invoice, the paid amount and remaining due amount will be shown.
Can I write off the amount while making payment?
Yes, while registering payment changes the amount to a lesser value than the original amount thus, it will ask whether to write off the remaining amount or keep the invoice as open. Moreover, mark as a write-off to write off the remaining amount.
How can a discount be provided for an Invoice/Bill in Odoo 14?
While creating an invoice, discounts can be provided from the orderline itself. While adding the product details, give the percentage discount at the discount field. Therefore, Odoo will compute the subtotal accordingly.
The next case is when we register the payment you can change the amount where you have to configure the option to be whether to keep the invoice open or mark as paid and write the remaining amount. You can write off some amount and the entry difference can be posted to a loss account and label as write off.
In addition, at the time of reconciliation, some amount can be written off or can give some discounts based on the reconciliation model. The reconciliation model ‘Manually create a write-off on clicked button’ facilitates giving the write-off/ discount.
How can I send a particular percentage of the amount from one account to another account in Odoo 14?
Odoo 14 provides ‘Automatic Transfers’ to transfer amounts in one account to another account. Go to Accounting -> Management -> Automatic Transfers. Create a transfer, add the period, frequency, journal and origin, destination account, and the percentage amount to transfer, then submit. So once it is activated, according to the period and frequency the defined percentage of the amount from the original account will be transferred to the destination account.
How is the exchange difference of currency managed in Odoo 14?
While enabling the multi-currency, you can also set an exchange difference journal, a Gain account, or a Loss account. Moreover, the rate or currency can change either manually adding the currency rate or automatically change using a service provider. So as the exchange rate differs, the currency amount increases or decreases hence, an increase in the profit account gets directly affected by the loss account as it gets decreased
In Odoo 14, Can I generate an Invoice/Bill in currency other than a base currency?
Yes, you can activate multi-currency from accounting settings. So while making an invoice or bill we can choose the currency and additional products. Therefore, the product price will be converted to the currency value and then confirm the invoice/bill.
What is a deferred expense and why is it considered as a current asset in Odoo 14?
Deferred expense is the advance payment or cost that has been paid by the company but the benefits of the payment will not get in the same fiscal year but avail in the future. For example, advance payment for building rent for 10 years. Thus, even though it is an expense for the company it will be recorded as a current asset in the balance sheet.
How the tax on Interstate Transactions is managed in Odoo 14?
While having transactions between states tax may be different. So the tax can be mapped from one tax to another by setting a fiscal position. Additionally, the fiscal positions can be created from Accounting > Configuration -> Fiscal positions -> Create. Under tax, mapping add the ‘tax on product’ and ‘tax to apply' and save it. Then apply the fiscal position to the partner by setting the fiscal position in the partner form.
How can the tax payment be managed in Odoo 14 since some countries impose a tax on invoices while some other countries impose a tax on the on hand cash transaction?
To handle the tax, Odoo 14 has the feature of accrual basis and cash basis. By default, the accrual basis works since it is most commonly and the revenues and expenses are recorded at the time when it is created. Since they can be recognized at the same time, the company's financial health is more accurately identified.
On the contrary, on a cash basis, the revenues, and expenses are recorded only after the on-hand cash transaction is done. Thus, it provides a more realistic image of cash flow and may not be accurate in terms of financial status.
Why do we need Reconciliation Models in Odoo 14?
We use the reconciliation model to manage all the accounting entries and records of distinct concerns properly. Moreover, they are used not only to balance the accounts, but also to handle the discounts, and different models are used for the bank fees.
How different follow-up actions can be set to perform in Odoo 14?
Follow-up actions can be set in the follow-up levels. Go to Accounting > Configuration -> Follow up levels -> Create. Name the follow-up action and add the period for which after that period it requires a certain action to perform for the payment follow-up. You can choose the actions to perform by enabling the actions like Send an Email, Send an SMS Message, Print a Letter, Send a Letter, Manual Action, etc. You can also choose whether the action needs to ‘Auto Execute’ or ‘ Join open Invoice’
How the payment follow-up can be managed in Odoo 14?
Payment follow-up can be generated with the help of setting follow up-levels. Follow-up levels can be created from Accounting -> Configuration -> Follow-Up Levels. Different actions/ operations to be performed in each follow-up level can be defined in it. Therefore, when you take follow-up reports from the customer menu of the accounting module, it will show the follow-up reports of all partners who need a payment follow-up.
In Odoo 14, How can you collect the information on the payable or receivables of a partner?
In the partner form, there are some smart tabs ‘Invoiced’ and ‘Vendor Bill’. From ‘invoiced’ the customer’s receivable amount can be viewed and from ‘vendor bill’, all the bills and the payable amount can be taken.
How can I set payment terms for partners in Odoo 14?
In the partner form, under the ‘Sales & Purchase,’ the sales payment term and purchase payment term for the partner can be set. Therefore, while making an invoice or bill, the payment term is auto-filled. Moreover, you can also choose the payment term while creating the invoice or bill.
How can a bank account be created using Odoo 14 Accounting App?
Bank accounts for the company can be created from the accounting module dashboard or from Accounting > Configuration > Bank > Add a bank account. Which will redirect to a new window where you can connect a bank from the existing list or create a new one. Click on ‘create it’ and add the bank account number, bank, and bank identifier code.
How can I set an Accounting period for the company in Odoo 14?
The accounting period defines the fiscal year of the company therefore, it must be configured at the initial stage of configuration. This accounting period can be set from the accounting dashboard, click on configure button under accounting periods. It will direct to a window, where you can set the fiscal year’s opening date, fiscal year-end, and tax return periodicity. Moreover, it can also be set from accounting configuration settings.
How does Odoo 14 Accounting dashboard help the users?
For a user, the dashboard itself can provide details of different journals. Moreover, the customer invoice details, vendor bills, bank statements, etc can be created and viewed from the overview. Additionally, credit notes, refund, journal entry, customer/vendor payments, internal transfers, etc can be processed from the dashboard. Furthermore, bank reconciliation models and bank reconciliation can be done.
How the bank statements can be viewed and imported in Odoo 14 Accounting?
From the accounting overview click on the three dots that appear at the bank, under ‘View’ you can find ‘Statements’. Click on statements, it will take you to view all imported bank statements.
How the chart of accounts can be set in Odoo 14 Accounting?
Chart of accounts can be configured from the accounting module dashboard at its initial stage or go to Accounting Module -> Configuration -> Accounting -> Chart of Accounts. In addition, you can activate the existing chart of accounts or create a new chart of accounts for your business.
What all needs to be set at the beginning stage of implementation of Odoo 14 Accounting Module?
You have to set ‘First bill’ to digitize your vendor bills with OCR and AI, Bank Account, Accounting Periods, and Chart of Accounts. Moreover, once you open the accounting module you can configure them from the dashboard itself or from accounting settings.
Why does a customer need both a payable and receivable account in Odoo 14?
There may be some cases for which our customers can be our vendor also, which means any such partner can be both customer and vendor. Thus to record the partners receivable and payable accounting entries we define both accounts in a partner account.
Why do we need reconciliation models?
To reconcile all the accounting entries and records of various needs are to be managed properly we use the reconciliation model. They are used not to merely balance the records also to manage the discounts and bank fees different models are opted.
In some countries tax has to be paid based on cash transactions while for some need to pay based on the invoice. How is this managed using Odoo 13 accounting app?
Odoo accounting module facilitates the accrual and cash basis method to handle this. On an accrual basis it records the revenues and expenses at the time it is earned. Even though it is more complicated to implement, it gives a more accurate financial health of the organization. It records the payable and receivable but doesn’t record the cash flow.
In cash basis accounting, it records the revenues and expenses after in hand payment is done. So it gives a more accurate picture of cash flow and the financial status may not be accurate.
Why do we use both accounts receivable and payable for a customer in Odoo 13?
Accounts receivable records the transaction to be received by the partner while account payable records the transactions that the partner needs to pay.
When the sales take place over inter-state, How one tax can be converted to another in Odoo 13 accounting app?
The accounting app of Odoo 13 helps to map tax from one tax to another. For that firstly you have to create a fiscal position, Accounting -> configuration -> Fiscal position -> Create. Under the tax mapping tab you can mention the taxes and tax to apply. You can assign the fiscal position to partners as well. So a sale or purchase happens the tax gets mapped accordingly.
Why is deferred expense recorded as an asset and deferred income is recorded as a liability in Odoo 13 accounting app?
Deferred expense is the advance payment made by organizations like rent, insuring a building for some years, etc. But for the organization it is an asset for the future years. Similarly deferred income is the advance payment received to the organization for any service like warranty service etc. So this is a liability for the organization to provide the service for the payment they have made.
How exchange differences in Odoo 13 can be recorded?
The currency rate may vary from time to time. The currency rate may vary from the invoice date to the payment date. So this will create a profit or loss for the organization. This exchange difference will be recorded in the journal ‘Exchange Gain or Loss Journal’.
How multi-currency is managed in Odoo 13 accounting app?
There may be situations where multi-currencies need to be used since customers are from different countries. Odoo 13 accounting app features multi-currency feature via Accounting module -> Configuration -> Settings -> enable multi-currency. Activate the necessary currency so that it will record transactions of foreign countries.
Now when you create a sale order or purchase order, you can choose the currency of the transaction.
What is the purpose of automatic transfers in the Odoo 13 accounting app?
Automatic transfer is a new feature in Odoo 13 to transfer from account to account.
How cash discounts/write-off can be managed in Odoo 13 accounting app?
Discounts can be applied from the sale order line itself. Thus the total amount will be reduced. While making payment for an invoice, when we change the amount to a partial amount and on proceeding, it will ask for whether the invoice needs to remain open or write-off the remaining payment. There you can write about the amount.
Also we can manage the discount/write-off while reconciling. By creating a reconciliation model for cash discount whose type is “Manually create a write-off on the clicked button” will enable a cash discount button while reconciling.
Is it possible to make payment of multiple invoices at once in Odoo 13? If possible, how can the payment be identified that is intended for particular invoices?
Multiple invoices can be paid in a single payment. While creating invoices i.e, Accounting module -> customers -> invoices -> create, we have a field reference. This reference value helps to identify the number of invoices by splitting the amount and reconciled from the payment done as a single amount.
For eg., if the customer has two invoices with references 001 and 002 having amounts 800 and 700 respectively. Suppose the customer makes a payment of 1600, then the amount splits 800 and 700 and reconciles with the invoice with reference 001 and 002 respectively.
Is it possible to lock the transactions from users to prevent editing on accounts in Odoo 13 accounting app?
Yes, lock dates can be used to lock accounting entries and prevent editing from non-advisors,i.e lock non-advisors and lock all users including advisors.
How can cash due can be reminded in Odoo 13 accounting app?
The cash due can be reminded using follow up reports. We can create different follow up levels via , accounting module -> configuration -> follow up levels -> create. Here different actions will be set for the due payments like call, email, send a letter, etc, and the responsible person as well. So once the payment becomes due, those entries will be there in the follow-up reports.
When do we use credit notes and debit notes in Odoo 13?
Mostly credit notes and debit notes are issued when a sales return or purchase return happens. There may be situations for which the customers return the products due to some damage or insufficient quality of the product. In such cases the products are returned by the customer and they issue a credit note to return the money. In the same way the vendor issues a debit note. In Odoo, both cases can be handled effectively using the single option of a credit note.
How do we close a fiscal year in Odoo 13 accounting?
Before closing and generating reports make sure that all the accounts are reconciled and accurate. Ensure that the fiscal period is set for the organization, Accounting -> Configuration -> Settings -> Fiscal periods.
Now lock date for the fiscal year, Accounting -> Lockdates. The advisor can set a lock date for the fiscal year. Choose the Lock date which is the last day of the financial year that we are closing and save.
Then to go to the balance sheet, where you can find the unallocated earnings. This should be retained to allocate earnings in order to correct the balance to zero, for the coming year. For that go to Accounting -> Journal entries -> create. Create a journal entry with accounts Undistributed Profits/Losses and a retained account. The Undistributed Profits/Losses account is created by Odoo for allocating current year earnings. So the type of journal must be Current Year Earnings. On posting the journal, you can see the Current year earning and current year unallocated earnings are balanced.
Now lock dates for all users as well. So that no users can change the accounting entry of that fiscal year.
How do we close a fiscal year in Odoo 13 accounting?
Before closing and generating reports make sure that all the accounts are reconciled and accurate. Ensure that the fiscal period is set for the organization, Accounting -> Configuration -> Settings -> Fiscal periods.
Now lock date for the fiscal year, Accounting -> Lockdates. The advisor can set a lock date for the fiscal year. Choose the Lock date which is the last day of the financial year that we are closing and save.
Then to go to the balance sheet, where you can find the unallocated earnings. This should be retained to allocate earnings in order to correct the balance to zero, for the coming year. For that go to Accounting -> Journal entries -> create. Create a journal entry with accounts Undistributed Profits/Losses and a retained account. The Undistributed Profits/Losses account is created by Odoo for allocating current year earnings. So the type of journal must be Current Year Earnings. On posting the journal, you can see the Current year earning and current year unallocated earnings are balanced.
Now lock dates for all users as well. So that no users can change the accounting entry of that fiscal year.
What are unallocated earnings in odoo 13 accounting?
It is the running year balance which is not closed. On closing the fiscal year these earnings are retained as a part of the income retained by the organization.
How do we set an opening balance in the Odoo 13 accounting app?
When you open the accounting app, you will have to add the chart of account from the accounting dashboard itself. There you can add the opening balance, debit, and credit of each account and save.
Once all the credit and debit amounts are added, you can see an opening journal entry created in the draft stage in the journal entries. The debit amount should be equal to the credit amount. Thus the difference amount, if any, will be automatically balanced to the Undistributed Profits/Losses account. Now post the journal and check the balance sheet. Balance Sheet will give the current assets, liabilities, and equity of the company.
How can i set duration for payments?
For creating a new payment term go to accounting -> configuration -> payment terms, here you can choose the types of odoo payment terms as you need. by default, you can see three types of payment terms balance, percent and fixed amount.on the opened window you can add payment terms, company and terms. when adding the terms you can see three types of terms. then add the due date computations field and click in the save button to save.
Is there any option to perform some actions according to the customer due?
We can give some types of actions to follow-ups level which means that after the due dates we can send an email or letter or something like that for further process. So these items can be called actions in follow-ups levels. For more information refer to the blog Customer Follow-Up - Odoo 12 App.
Is it possible to use multiple localization for a company?
It is possible in a multi-company environment. In a multi-company, there will be many branches with different localization.
How can I get the country-specific chart of accounts?
Odoo provides a feature called localization to get the country-specific default chart of accounts, also we can create the user-specific accounts too.
How can i make matching bank statements and payment records at the time of payment?
Odoo can make it possible by allowing automatic reconciliation while creating or editing the chart of account.
How can I get the individual partner ledger?
In Odoo, using partner ledger report users can track the individual journal entries.
Is it possible to create customized reports?
Yes, odoo provides a feature to create user defined reports with their own formula.The user can create Financial reports in the developer mode.
How to motivate the customers to pay within a specific time frame?
It can be done by offering cash discounts through payment terms.
Is SEPA QR code available in India?
No, the SEPA QR codes are not available in India, it is available in European countries such as Finland, Belgium, Germany, Austria, and The Netherlands.
Is it possible to invoice several sale orders in a single invoice?
No, In normal cases it is not possible.we can achieve this by customizing our modules.
If a customer has several invoices with different currencies, how is it handled?
Odoo has the option of multi currencies, with the help of this feature odoo can handle multi-currencies. Odoo will automatically post the foreign exchange gain or loss at the reconciliation of the payment with the invoice, depending on if the currency rate increased or decreased between the invoice and the payment date.
Is this possible to pay the vendor bill in foreign currency?
A-
Yes, using the foregin exchange feature in odoo can manage the foreign currencies at its rate.
If we set a default account for a product, and for a product category, which will have the highest priority?
In this case product account has highest priority.
If we set a default tax for a company, account and also for a product, which will have the highest priority?
In this case highest priority is given to the Product tax. Then the second priority given to account. The tax set to the company has the least priority. So that the product tax will be taken as default.
Is it possible to delete an existing account?
No, but we can freeze the account by hitting the Deprecate option in the corresponding account.
If my company needs more than one bank account, Is it possible to configure many bank accounts in odoo?
Yes, Odoo supports multiple bank accounts for a company. For creating a bank account, CONFIGURATION -> BANK ACCOUNTS.
If I want to make some notes on a specific account in the report, is there any option for that?
Yes, we can add additional information as note in an account using the Annotate option.
What is the default accounting practices?
Odoo default accounting practices is continental.
In which accounting practices PDA is used? And when it affected?
The PDA is used in Anglo Saxon accounting practices.And it affected at the time of purchase.
If i received some products for a price, and later the supplier changed the price of the product before my payment how will i manage the price difference?
We use the price difference account (pda) to store this difference.the account used to value price difference between purchased price and accounting cost of a product.this account used in the anglo saxon accounting practices.
Is it possible to make partial payment through a bank statement?
Yes, the bank statements can be either entered manually or be imported from a csv file. also, it can be entered according to the accounts localization. for more info. refer to the blog odoo 12 accounting.
Is Odoo support multi-currency?
Yes, In Odoo the user can configure multiple currencies feature, and the set the exchange option to get the exchange rate for different.
How can i automatically change accounts and taxes of a customer at the time of creating a customer from a specific region?
For this, we use the feature fiscal position. it can be used for both accounts and tax mapping. if we want to get the fiscal position automatically, we want to hit the detect automatically field while creating the fiscal position. for more refer to the blog
fiscal position in odoo v12.
Is there any way to configure the tax used in a specific country?
We can easily configure the taxes used in a specific country by providing appropriate localization.
How can I pay multiple bills at a time?
Yes, in odoo there is an option named Batch payment through it we can pay multiple bills at a time. For more information refer to the blog Batch Payment in Odoo 12.
Is it possible to import statement files with an extension other than .OFS and .CSV?
Yes, we can import other file formats through odoo by installing supporting modules.
In credit card payment which is more accurate, deposited funds or one journal entry only?
Undeposited funds are more accurate than one journal entry only.
How do we represent the initial amount in advance payments?
Advance payments are managed by Deferred Revenue. In deferred revenue, Residual Amount represents the original value or initial value. more information refers to the blog Deferred revenue management in odoo v12.
How can we manage the revenue entries in advance payment?
The number of revenue entries can be managed by giving Number of Recognitions while creating a deferred revenue model. more information refers to the blog Deferred revenue management in odoo v12.
While creating a payment acquire how can I activate the payment acquirers for the transaction use?
Creating a payment acquirer in odoo you can see three states: Disabled, Enabled and Test mode. States can be used to activate the payment acquirers for transaction use.
How will you create reconciliation models in accounting?
In odoo you can create reconciliation models for your company. for example, you can add the tax to the model whether use take tax on your invoice.more info refer the blog Bank Reconciliation in Odoo 12
How can we print a vendor check by batches?
In odoo you can print the checks in batches.that is if you want to print checks odoo will list how many checks you have left to print.selecting checks from the list and print it.
What is the difference between anglo Saxon and continental in odoo accounting?
In continental, expense account is affected at the time of purchase and in anglo Saxon the expense account is affected at the time of processing a sales order. Anglo Saxon was only possible in the developer mode. more information refers to the blog Odoo Continental vs Anglo-Saxon Accounting.
If i want to see all the pending money of the customer and perform some action to get it what will i do?
Payment followup is mainly used to follow up with the customer to collect money and action to be taken according to the due date. for that purpose, odoo provides a follow-up strategy. more info refers to the blog customer payment follow-up in odoo v12.
How to set a Group Tax?
We may need to set a gathering charge for certain items. On account of GST, we may need to partition the assessment sum for the local and state governments.for further reference refer cybrosys blog Tax Configuration in Odoo 12
Can the reconcillation reduce the complexity of odoo accounting?
odoo allows the reconciliation for every transaction of your company. by using the reconciliation we can reduce the complexity in the accounting sections. more info. refer to the blog Bank Reconciliation in Odoo 12.
How will you configure a withholding taxes?
It can be configured through the taxes. that is accounting->configuration->taxes. it can be created as a negative tax in odoo and also you can use it into some products.
How to configure tax-included prices?
In odoo, you can include the tax in the price. First, go to Accounting->Configuration->Settings and search tax in the search tab. Then click on the tax included option. For more information refer to the blog Tax Configuration in Odoo 12.
How can I switch tax according to position?
In some cases, if you want to remove a tax and replacing the tax position with another we use the fiscal position and also replace a tax by more than one tax. For more information refer to the blog Fiscal position in odoo v12.
Explain invoice creation in odoo accounting?
While creating the invoice, the system generates initially on the draft stage.they can no impact within the system. More information refers to the blog odoo 12 accounting.
How to adapt taxes to my customer's status or localization?
Same as that of tax mapping in the fiscal positions and add it to customer status. For this configure the fiscal position in odoo accounting. For more refer to the blog Fiscal position in odoo v12.
How will you create tax mapping in odoo accounting?
For creating tax mapping in odoo first you will have to configure the fiscal position in odoo accounting. Go Accounting -> Configuration -> Fiscal position and create a fiscal position and here you can see the tax mapping and account mapping tab for mapping the above accounts For more information refer to the blog Fiscal position in odoo v12.
What will happen to the taxes in the multi-companies environment?
The sales and purchase tax will differ in a multi-company environment. For more info refer to the blog Tax configuration in odoo 12.
Which are the fields to fill in the "advanced" tab when tax creation?
The label on invoices, tax group, include in analytic costs and tags. here we can see a tick box to allow tax include in analytic costs. for more info refer to the blog tax configuration in odoo 12.
How will you create new taxes?
To create new taxes go to accounting>configuration>taxes.here you can create taxes by filling the following fields. for more information refer to the blog tax configuration in odoo 12.
How can I get the expense of individual products or companies?
Odoo provides a feature Analytic Account by using this we can track and analyze the costs of your company with respect to the specified or selected one. For more info refer to the blog Analytical account and tags in odoo 12.
Which are the analytic account use cases?
To clear about the analytic accounts considering three cases, first one is an industrial-based company here we use analytic accounts for costs analysis, and the second one is law firm and there we use analytic accounts for spent hours and the last one is a service company, here performance analysis can be taken by analytic account.
How can I configure the economic year?
Odoo provides fiscal year for your accounting process mostly it lasts 12 months.To configure go-to Accounting->Configuration->Settings>and activate the fiscal years. There are exceptions that occurred in the fiscal position according to the country status.
What will happen when you reconcile a payment in different currencies?
Odoo will create a journal entry to reverse the currency exchange at the time of reconciliation.
How can I configure an account?
Account types are automatically generated when importing or installing the chart of accounts. You can create a chart of accounts from Accounting -> Advisor -> Chart of accounts. For more info refer to the blog Odoo 13 full accounting kit.
Which are the different ways to record payments in odoo?
You can record payments in two ways.one is if payment is linked to an invoice, it reduces the amount due to the invoice. and the other one is if payment is not linked to an invoice. your company as an outstanding balance with the vendor.
Which are the account types in odoo?
Account types used in odoo are listed below:receivable
payable
bank and cash
current assets
noncurrent assets
prepayments
fixed assets
current liabilities
noncurrent liabilities.
equity
current year earnings.
other income
income
depreciation
expenses
direct cost
How can we record a vendor refund?
It can be recorded in the same way that of credits note. add a credit note on a validated vendor bill or a new one.
What do you mean by a full refund?
It is used to choose to do full refund. or otherwise, cancel a validated invoice.
What do you mean by a partial refund?
Partial refunds describe that you can modify any details on the credit note.
How can I track the refund?
We can track the credit notes by the prefix number. That is credit notes can be started with R and its invoice address can also be linked with its tracking id.
How can I perform a refund in odoo accounting?
Credit notes can be issued by configuring the credit note open it from the invoices.that is open a customer invoice and click to add the credit note. You can also create a credit note from scratch by going to set up credit note go-to accounting -> customers -> credit notes.
How will you create Reconciliation Models?
First, you have to create reconciliation models for this purpose.in your bank journal and click on more and create reconciliation models. For more info refer the blog Bank Reconciliation in Odoo 12.
How to analyze the advance revenue in odoo?
In odoo accounting goes to the reporting section, you can see the report deferred revenue options under-reporting. when clicking the deferred revenue you can see the complete report of the deferred revenue in your company.
Does odoo support batch deposits on your bank accounts?
Yes, by installing the batch deposit feature,odoo will automatically activate bank deposits on your bank accounts. for more info refer to the blog batch payment in odoo 12.
How will it affect the deferred revenue on sell and invoice products?
As a product can be configured by the deferred revenue, you can create a customer invoice using this product.once its validated odoo automatically allocates deferred revenue for you.for more info refer the blog Deferred Revenue Management in Odoo v12
How will you configure the batch deposits of checks?
First, install the batch deposit feature. Then go to Configuration->Settings-> of the accounting app and check the feature allow batch deposit.
how can we set deferred revenues on products?
You can set it on to the related products.in the product form on the accounting tab, you can add the deferred revenue type.more info refer the blog Deferred Revenue Management in Odoo v12.
How will you manage batch deposits of checks?
Odoo manage the batch deposits of checks from customers by collecting the checks and first manually bring the checks to the bank. Then the bank will ask for a deposit ticket and the bank statements will reflect the total amount that was deposited, not for the individual ticket. Odoo also allows to print your deposit tickets.
How will you configure deferred revenue types?
odoo provides deferred revenue types. To configure deferred revenue type go to accounting>configuration>deferred revenue types. The following deferred revenue can be listed below.
One year service contract.
Three-year service contracts.more information refers to the blog deferred revenue management in odoo v12.
How can you register bank statements manually?
When creating bank statements, click the button new statements related to bank journal.reconcillation can do if you want and a new statement link will open underneath. fill the fields in the link and your starting balance and ending balance should be equal to computed balance. click and save the process.
What is the advantages of importing QIF statement files?
Same as that of OFX file in odoo.refer the answer of OFX importing advantages
How will you configure the QIF statement files for importing it?
To import QIF statements, first, activate the feature in odoo. Accounting->Configuration->Settings>and activate the option under the bank statements. You can set up a bank account to allow importing bank statements.
Is there any way to manage advance payments?
In Odoo Deferred revenue is the way to manage advance payments. The payments recorded on the recipient's balance sheet as a liability account.to configuring the deferred revenue go to accounting -> configuration -> settings and activate asset management and revenue recognition option. more information refer to the blog Deferred revenue management in odoo v12.
What is QIF statement files(quicken interchange format)?
QIF(quicken interchange format) is an open specification for reading and writing financial data to media.QIF is older format.
What are the advantages importing of ofx files?
In ofx importing, after the first file importation, the odoo accounting dashboard will automatically propose you to import more files and also you can import next files by clicking the import statements.it speeds up the reconciliation process.
How can we configure the installment plans?
To configure the installments plans first go to accounting >configuration>payment terms. creating a payment term with several lines and make sure that its type has balance. and adding its due date and other terms fields and save.
Is that possible to apply cash rounding on to a customer?
Yes, you can also apply cash rounding to the customer invoice.
How can we configuration ofx statement files and import?
To import ofx file in odoo, you have to configure the feature in your odoo erp software. go to accounting->configuration->settings>in here check the bank statements option import in ofx format and apply, save the changes and import your bank statements in ofx format.
How will you configure the cash roundings?
configuring the cash rounding go-to accounting>configuration>settings and activate the cash rounding. here you can see the strategies add a rounding line and modify tax amount. more info refers to the blog Cash Rounding in Odoo v12.
Import ofx statement files(open financial exchange) in odoo accounting?
In odoo you can download ofx file from your bank and can import it into odoo directly.this can create all the bank statements of your company.
How will you configure a bank in a foreign currency?
For those functions, odoo uses the multicurrency feature. odoo provides the multi-currency feature. First go-to accounting>configuration>settings and allow the multi-currency feature. Then configure a bank in foreign currency by creating a journal with foreign currency and its type is a bank. For more information refer to the blog odoo multi-currency.
Which are the strategies for cash rounding?
Two strategies are possible to make rounding.one is add a line on the invoice for the rounding and other one is add the rounding in the tax amount. more information refer the blog Cash Rounding in Odoo v12
How will you manage a bank in foreign currency?
Odoo provides every transaction is recorded in the default currency of your company.reports can also be taken on your company currency. In the case of bank account using in foreign currency, in each and every transaction odoo store two values debit or credit in the company currency and debit or credit in the currency of the bank account. For more info refer to the blog odoo multi-currency.
How can I register cash payments?
For registering the cash payments to another customer, first you have to go to accounting>dashboard>cash>register transactions. Then you have to fill the start and ending balance, registering the transactions.
How will you grant the cash discount?
The cash discount will grant to the customer by the process of the bank statement. here the matching of payment with the related journal entry. then selecting the remaining cash discounts.you can also reconcile it.
What do you mean by the cash register? and how will you configure it?
The cash register is a journal that is used to register receiving and payment transactions.to configure the cash journal in accounting first you have to go to the Accounting >Configuration>Journals and we can see the cash register journal.
How can I easily get the journal items to get affected during a payment?
The journal item tab on the payment section is to see the journal items of that particular payment.so we can see the corresponding journal items of the given payment.
Which are the supportive payment journal in odoo accounting?
We can put two types of payment journal in odoo. first is by the bank and another one is cash. that means odoo provides two types of payment journal.
In odoo how many payment types include in the payment section? and how can we create a payment?
Send money, receive money, internal transfers.for creating payments first go to the accounting >customers >payments.then you can see a window and here we can add payment type and other fields like partner type, partner, company, amount,etc.fill the fields and save it by click on the save button.
How can i configure the time duration of customer payment?
In odoo, we can set payment terms to specify the time duration of payment.we can set payment terms in the partner master and also in a particular invoice.
Is it possible to detect the fiscal position according to the country group?
When we tick detect automatically box, we can see that two extra options added on the screen. One is a country group and another one is country while adding these two options, the fiscal position will automatically detect as per customer.
How will you delete a bank account or credit card account?
From the list of bank accounts, select items to delete and delete them from the action menu or go to the form and delete a single item from the action menu.
While creating a follow-ups level, what you mean by action?
We can give some types of actions to follow-ups level which means that after the due dates we can send an email or letter or something like that for further process. So these items can be called actions in follow-ups levels. For more information refer to the blog Customer Follow-Up - Odoo 12 App.
How will you create payment terms in odoo accounting?
For creating a new payment term go to accounting>configuration>payment terms, here you can choose the types odoo payment terms as you need. By default, you can see three types of payment terms balance, percent and fixed amount.on the opened window you can add payment terms, company and terms. When adding the terms you can see three types of terms. Then add the due date computations field and click in the save button to save.
How can i synchronize my accounts with odoo?
Bank feed indicates how to synchronize your bank account with odoo software. There are three options.
1) undefined yet
2) import(csv, ofx)3) automated bank synchronization
Is there any option to make comparisons between entries in accounting?
In reporting there are options to compare, we can see posted entries only and unposted entries only. and also in comparison we can see the custom, previous period, same period last year, etc.
What are payment terms in odoo accounting while creating an invoice?
odoo provides different types of payment terms and we can set each one of the payment terms in customer bill and vendor bills also. the payment term description will be displayed in the sale order. more info refers to the blog Odoo 12 Accounting.
Is it possible to use the same bank account in Pos? if yes how?
We have an option to tick use in point of sale for using the bank accounts also in a point of sale application.
While auditing no one can make any changes in the accounting section. how can i manage that?
In odoo, you can set lock dates for non-advisors, that is the accounting app can use only the adviser. this indicates that after setting lock dates for non-advisers, they cannot make any changes in the accounts section.
How can you create a new bank account?
To configure new bank accounts go to Accounting ->Configuration->Bank accounts. Then you see a create option and create bank accounts from here. For more information refer to the blog How to Setup your Bank Account in Odoo.
How can i use international commercial terms in odoo?
Incoterms are used in trade contracts. it can be used in both international and domestic purposes. basically it is the transportation process of products. example dhl etc.
Is there any way to configure intercompany transactions?
Intercompany rules define the rules created for the transaction between the branches of your company. It can be a help in handling the intercompany sales and purchase sections. more information refers to the blog Inter-company transfer in odoo 12.
How will you configure recurring entries?
To configure recurring entries go to accounting -> configuration -> recurring template. For more info refer to the blog Manage Recurring Payments Using Odoo 12.
how to forecast bills to pay with the Aged Payables report?
Track the amounts paid to the vendors we use the aged payable report.you can get this reporting menu on accounting app.in this report we can get the complete summary of the vendor's paid amount. For more information refer to the blog Odoo 13 Full Accounting Kit.
Is there any option to schedule payments?
Recurring entries in the entries which allow generating entries for bills like rent that can be repeated periodically in your odoo accounting sections. For more info refer to the blog Manage recurring payments using odoo 12.
What do you mean by the chart of accounts in odoo accounting?
Chart of accounts defines the lists of all accounts that can deal with your company. all debit and credit transactions can be impacted on this chart of accounts. For more info. refer to the blog Odoo 13 full accounting kit.
How could you see the report of analytic accounts?
In the analytic report section, we can see all the analytic accounts and its details, analytic account (hierarchy) report. Analytic accounting helps the user to analyze costs and revenues of an organization, department or project.
Why we were adding company data in odoo accounting?
While in the case of any transactions first prior goes to entering the company data. for that, we can see the company data on the accounting dashboard.click on the button and we can provide relevant company details on that field.
In the journal audit, is this possible to sort the entries date?
We can sort the entries by date or journal entry number.
In odoo, is this possible to audit all the journals in the organization?
Yes, we can audit all our journals when auditing the option needed. Here we can see the options target moves to all posted entries and all entries.
when in the case of international transactions, always involve currencies other than the domestic one. what will we do under these situations? if it exists how will you configure it?
For an international ERP always provides a multi-currency feature to keep the accounting as well as the other reporting. exchanges can be done on the accounting recorded in default currencies.if you want to make transactions in other currency odoo stores both the value in the money organization.to configuring the multi-currency feature go to accounting >configuration >settings >and allow the multi-currency option. more info refers to the blog Odoo Multi-currency.
how will you pay several vendor bills having cash discounts?
Creating multiple bills and partially pay through bank statements and then adding the payment terms and they include the cash discounts. Then we will create bank statements to pay the invoice. Here we can adjust the cash discounts provided by the vendor.
Is there any feature to see debit and credit per journal?
Consolidated audit First shows debit and credit per journal and then sum up the debit and credit by month. more information refers to the blog: Odoo 13 full accounting kit.
How will you pay several bills at a time?
From the accounting dashboard, you can see the vendor bills and here you can create a bill or validate a vendor bill and save the validated one. In here payment fo one bill only. Then click the register payment option and validate, as the same guide create more than one bill and ensure that the vendor is the same for each bill and click the registration payment.
How will you configure a follow-up level in odoo accounting?
To configure follow up a level , first, you will have to go to accounting->configuration->settings-> and activate the follow-up levels feature. the save the field and go to the accounting dashboard. Then go to configuration->follow-up levels and create follow-up levels from there. More information refer to the blog customer follow-up - odoo 12 app.
If I want to see the total debt amount and credit amount of my company in a balanced state, how can I view it?
In Odoo accounting we can see several reports in the Report section. From the report section Trial Balance Report, we can see the total debt amount and credit amount of your company in a balanced state. For more information refer to the blog: Odoo 13 full accounting kit.
How can I get a net tax report?
Go to accounting -> reporting -> tax report. Tax reports describe the net tax report of your company. For more info refer to the blog Odoo 13 full accounting kit.
How can we Send reminders in batch?
To get easier we can set reminder mail as in batch in follow up reporting page. Refer to the blog Customer Follow-Up - Odoo 12 App.
What you meant by multi companies in odoo accounting and does odoo support multi-branch feature?
odoo allows multi-company access within a single database.and also each company has its own chart of accounts and rules. multi branches is the same as that of multi-company, which means odoo uses multi companies instead of branches. more information refer the blog Odoo Multi-Company
Is there any option to get all customers with pending payments in accounting?
Go to accounting -> reporting -> aged receivable report. Click on the options you can get the report. The aged receivable report shows the invoice that is waiting for payments during a selected month. For more information refers to the blog Odoo 13 full accounting kit.
Is it possible to refund a returned product?
the overpayments owned by your company can be shown in this report, for example, credit notes, etc. for more info refer to the blog odoo 13 full accounting kit.
in odoo, we have an option “credit note” to refund the returned product. refund is given for both partially returned and completely returned products. for more info refer to the blog: sales return and refund in odoo 12.
What would you do to avoid too many follow-ups in odoo accounting?
To avoid too many reminders, edit the no of days calculated between each report. that is, go to accounting->customers->follow-up reports and select a follow-up report and edit the no of days calculated between each report. For more information about the follow-up report refer to the blog customer follow-up - odoo 12 app.
What is the use of accrual and cash basis methods in odoo?
Odoo allows those types of detailing for enabling the end-user to manage income or cost at the time of transaction exchanges happens. more info refer the blog Cash basis and accrual basis accounting in odoo.
How to analyze transactions from all accounts for a chosen date range done by company?
We use a general ledger report for this analysis. general ledger report gives you the analysis of all transactions that can be done by general ledgers. For more info refer to the blog Odoo 13 full accounting kit.
How could you get the report of important figures like cash, profitability, balance sheet, etc in odoo accounting?
We use the executive summary to analyzing the important figures. the executive summary gives the look of all the important figures of your company. for more info refer the blog odoo 13 full accounting kit.
Which kind of bookkeeping method involves in odoo?
Odoo allows the double-entry bookkeeping system and creates automatic journal entries automatically for every transaction. more info refer the blog Odoo 12 Accounting
in what way you would get the profit and loss report of your company?
In the accounting module, go to accounting -> reporting -> profit and loss, click the option to get the report. This report gives you the net profit and loss of your company. Refer to the blog Odoo 13 Full Accounting Kit.
How can you analyze the overall assets and current liabilities of your company?
To get the overall view, we use the balance sheet report. Balance sheets give a snapshot of assets. For more info refer to the blog Odoo 13 Full Accounting Kit.
What are the payment methods that are provided by odoo for online payment?
Odoo provides Payment acquirers as a platform for online money transfer. For example Paypal. For more information refer to the blog Payment acquirers in odoo 11.
What will happen when giving a Follow-up on invoices?
In every business, we want to set the follow up to get the money from the customers and also we can see the reports of follow up in the reporting sections of the accounting.
Is it possible to cancel the batch payments?
Odoo provides the option to cancel the batch payments. For more information refer to the blog: Batch Payment in Odoo 12.
What do you mean by batch type in batch payments?
Odoo allows batch payments for matching batch of payments with the bank statements. While creating the batch payment you can see two types batch type, one is an inbound batch type and another one is outbound batch type. Inbound is used for customer batch payments and outbound is used for batching the vendor payments. For more information refer to the blog Batch payment in odoo 12.
Which are the benefits of a mandate?
Benefits of mandates are they can do register payment automatically and unpaid invoices could be paid with new mandates.
Is this possible to import bank statements having different currency compared to company currency?
Yes. While importing the bank statements, the amount is in the company currency. But you can reconcile with the bank statements with other currencies also.
Is there any option to automatically change the currency rate according to the current currency rate?
Default, the currencies needed to updates automatically in your odoo accounting. So we use live currency options.
What is the theoretical amount in the budget?
The theoretical amount implies the amount of money theoretically cold you have to spend.
How can you close or revoke a mandate?
Direct debit mandates are closed automatically after their end date. The mandate only being active whether it is closed or revoked.
How can we set a budget in odoo accounting?
First, you will have to create a budgetary position according to the budget. Here you can add name and accounts for the budget. Then you can create the budget from the accounting or advisor tab. When creating the budget you can add the budgetary position and analytic accounts and other details. We can see the theoretical amount and planned amount of the budget from here. For more information refer to the blog Budget Management in Odoo.
How we set From check payments to bank statements in one journal entry only?
While we set on the undeposited funds, in here small changes can occur when validating or matching the statements. More info refer to the blog How to add a Payment method in Odoo and cybrosys odoo book.
How can we track each expense of budget?
While creating the budgetary positions we can set analytic accounts. When the creation of a budget, you can add the analytic accounts in the field of accounts. So we can track each expense of budget. For more information refer to the blog: Analytical Account and Tags in Odoo 12.
How we set from check payments to bank statements in an undeposited fund?
First, you have to create a check journal, then check can be treated as a payment method, you can record the transactions. Click the registered payment and fill those fields in the new window. After producing the journal entry the invoice is marked as paid. Then when we get the bank statements, you can match the statements with undeposited funds.
Is there any option to manage the budget of our company?
Odoo provides the option to manage the budget. we can compute the budget using odoo. refer to the blog budget management in odoo.
How will you configure Undeposited Funds in check payments?
Create a journal using the type as checks and set undeposited checks as a default credit or debit account.and also set reconciliation to this journals. That is, go to Accounting->Configuration->Journals and create a journal having the type check and set fields default debit or credit accounts as undeposited checks.
How to manage a financial budget?
Managing a budget is the main part of the odoo accounting and also your business. For more info refer to the blog Budget Management in Odoo.
How can we set from credit card payments to bank statements in an undeposited fund?
First, you have to create a journal for credit card and then the credit card will become a payment method. When you receive a credit card payment, Go to the corresponding invoice and click on the registered payment, then you can see the fields to fill.this will produce journal entries and we can see that invoice is marked as paid as soon as you record the credit card payment and finally you can match the bank statements with credit card by the credit card account.
What will happen when we are not set fiscal year?
When we are not setting fiscal year, the odoo provides the default fiscal year for the company.
How to modify an existing asset?
Click on the modify depreciation button and change the no.of depreciations. For more info refers to the blog Asset Management Documentation.
How will you configure Undeposited Funds?
To configuring the undeposited funds go to Configuration ->Journals ->Create. We can add a journal name, default debit account, and default credit account. Don't forget to add the account type as a credit card and allow it for reconciliation and save the filed.
How can you create an asset manually?
You can create assets manually in odoo accounting. Go to advisor >assets and create assets.
Is it possible to compute depreciation for an asset in odoo?
Odoo computes Depreciation for assets automatically. Odoo uses different types of depreciation methods. For more information refer to the blog Asset management documentation.
How will you configure assets in accounting?
To configure the asset, Go to the advisor -> assets and also asset types can be configured by configuration -> asset types. For more info refer the blog Odoo 13 full accounting kit.
How will you create a child tax in accounting?
In some cases, we may have to add child taxes. first, create a new tax and that having no child taxes. to know detailed through an example refer to the blog tax configuration in odoo 12.
How to configure tax on a company?
In odoo, we can assign tax for a company. go accounting -> configuration -> settings and assigning tax for your company. Then you can set the sales and purchase tax of your company. refer blog for view more: tax configuration in odoo 12