Odoo 16 Community Book

Charts of Accounts

The chart of accounts, as the name indicates, includes all configured accounts in Odoo. All these accounts are used to perform different types of financial operations in a company. It will precisely track and record all transactions in a business. You can use these accounts to keep a regular record of financial transactions. The chart of accounts will help you to ensure smooth finance management within your organization.

According to your business requirements, you can manage and configure a chart of accounts in the Invoicing module. You will get access to this platform from the Configuration menu of the module. You can use this platform to manage your multiple business accounts.

As you can see in the screenshot above, the platform will show the list of already configured charts of accounts with the details of the Code, Account Name, Type, Allow Reconciliation, Account Currency, Company name, and Setup option. You can use Receivable, Payable, Equity, Assets, Liability, Income, Expense, Account with Entries, and Active Accounts as Filters. The Account Type can be used as a Group By option.

You can use the New button to create a new account in this chart.

As soon as you click on the New button, you will get a new line as highlighted in the screenshot above. In the respective fields, you can mention the Code, Account Name, Type, Account Currency, and Company. If you want to allow reconciliation for this new account, you can activate the Allow Reconciliation field. The Setup option available on the screen can be used to edit the accounting details of the respective account.

Odoo will lead you to the form view of the respective account as shown in the image above. The Code and Account Name will be available in the corresponding fields. The Accounting Type is meant for information purposes, which can be used to generate country-specific legal reports, and to configure the rules to close a fiscal year and generate opening entries. Set Default Taxes in the given space. Mentioning Tags will help you in custom reporting. Specify the Allowed Journals in which this account can be used. By enabling the Deprecated option, Odoo will allow you to deactivate the account without deleting it. Mention the Account Currency, Group, and Company in the corresponding fields.

Once you complete the configuration, you will get the Balance smart button to observe the balance of the account.