Chart of accounts
The chart of accounts is the index of all the accounts which is used in the various
business operations of the company to record their financial transactions. It is
an organizational tool that comprises a company’s general ledger and it will allow
a company to allocate every transaction which will help you to understand where
your business is making and spending money. It will segregate the revenue, expenditure,
assets, and liabilities of an organization. In the Odoo platform, you have the feature
and it also includes the balance sheet, or profit and loss accounts. Using this
customizable feature, you can prepare a chart of accounts as per your business requirements.
The chart of accounts menu in the platform can be viewed from the configuration
tab of the Invoicing module.
Invoicing -> Configuration -> Chart of Accounts
The image of the Chart of Accounts window is depicted below where you can view all
the created accounts along with their code, type, company, and other details. This
window can be viewed in both the list and kanban view. The various default and customizable
options such as filters, group by, favorite search are also available.
For creating a new Chart of Accounts, you can click on the Create
button available on the top left corner of this window. The new one can be defined
in the same menu itself by selecting the create button.
Here you can provide the code which is the identification mark of the account, account
number, account type, company, let and enable or disable the option Allow reconciliation.
Moreover, there is a setup window available under each of the chart of accounts
and where you can provide the details to define the accounting aspects of the respective
chart of account. The image of the setup window is depicted below.
As we clear on how to configure Chart of Accounts in the platform and now let us
discuss the next operation Taxes and its configuration.