Journals are the necessary and fundamental documents that include essential data
and information about the transaction of a company operating in accordance with
the date on which the transaction is carried out. Every precise information on the
transaction involving the Account Names, Date, Amount, and even if they are registered
as debit or credit are notified. With Odoo Accounting, you will be able to view
pre-configured journals that are suitable for almost all industries. Also, the platform
allows you to define new journals if required. Here in the Odoo platform, you have
five types of journals for the purpose of listing the same sort of transaction in
one single journal. When we list the five journals in Odoo, this can be listed as
- Sales
- Purchase
- Bank
- Cash
- Miscellaneous
Sales Journal
The Sales journal type records every single sales-related transaction. The Odoo
platform allows you to configure multiple sales journals based on the requirements.
For example, if you are required to record transaction details of the sales from
wholesale and retail separately, it can be done separately. This will record the
customer invoices.
Purchase Journal
You can utilize the Purchase journals record for collecting all purchase-associated
transactions. As like in the Sales journals, different purchase journals can also
be created to post received vendor bills.
Bank Journal
The next type, the Bank Journal, records every bank transaction details. You can
post your bank statements and can effectively track customer bank payments, vendor
bank payments, and every other transaction documented by your related bank account.
Cash Journal
Now, in the case of a Cash journal, we can record all the cash transactions. In
this journal type, you will be able to keep a record of petty cash and daily cash
transactions. It can also track details of received customer cash payments.
Miscellaneous Journals
Now the last journal type, Miscellaneous journals are very useful for keeping records
of types of transactions that are not included in the four journals we described
earlier( Sales, Purchase, Bank, and Cash). The journal type can consider inventory
valuation, inventory adjustments, exchange difference, opening balance, and many
others that don't fit into the other four journal types. The journal type is
very comfortable for posting miscellaneous entries, even for the payroll or all
of your corrections. The Miscellaneous journals do not carry any advanced settings.
The Odoo platform allows you to set up a sequence number for these five journal
types, so it will be easy to identify.