Accounting Firm Mode

With Odoo16, introduced a new accounting feature Storno Accounting. Storno accounting can be defined as the process of reversing original journal account entries by adopting negative figures. This business practice of Storno Accounting is commonly used in Eastern European countries. Some countries where Storno Accounting is mandatory includes:

Once the encoding document is chosen, save the changes.

Invoice/bill encoding will be altered by accounting firm mode. On all invoices/bills, the document's sequence becomes editable. The Invoices/bills will have a new field called "Total (tax inc.)" that will appear in the document with the correct account and tax, hence accelerating and controlling the encoding.

If the quick encoding is chosen as ‘Customer Invoices and Bills’, the sequence of these documents are editable. It is also possible to identify the gap between the invoices/bills. So for an invoice, the sequence number can be able to change at creation time, and a new field, Total (tax inc) is to be added.

The field ‘Total (tax inc)’ is used to encode the total amount of the invoice. Odoo will automatically create one invoice line with default values to match it. Suppose for the below screenshot invoice number is altered to INV/2022/00030 and ‘Total (tax inc)’ provided as SR 400 even without defining the customer. This amount 400SR is the tax included amount. Thus automatically a line is added up under the invoices line without the product, but the untaxed amount to 347.83 and 15% tax and thus total of 400SR.

This will also be available for vendor bills since quick encoding documents chosen as ‘Customer Invoices and Vendor Bills’ in the accounting configuration settings. If there is any gap between the invoice or bill sequence, it will show in the accounting dashboard on the respective journal.

The invoices with sequence gaps will be shown in red color in the list view.

It is possible to resequence the invoice/bill number if required. Select the records whose sequence needs to change, and in the actions menu will be having an option ‘Resequence’.

On selecting ‘Resequence,’ the pop-up appears to add details for requesting the records. In the above screenshot, after invoice number ‘INV/2022/00018’ next invoice is with ‘INV/2022/00020’ and after that, ‘INV/2022/00025’. So to remove this gap, we can resequence.

In the pop-up, we will be able to add the next sequence number, and hence the records after the INV/2022/00018 will be changed from INV/2022/00019 onwards. Also, the reordering of documents can be arranged based on ‘Keep Current Order’ or ‘Reorder By Accounting Date’.

On confirming the sequence change to sequential order and the warning for sequence gap will be removed from the accounting dashboard.

The Odoo Accounting module will act as the solution provider for the business operations management operations of an Organization's beginning in dedicated tools and solutions providers that will pave the way for the effectiveness in finance management of the company. The Odoo Accounting book provides you with a complete insight into the accounting management operations of your organization. In the book, we initially discussed the overview of Odoo. Then we moved on to the aspects of the Configuration options and tools available in the Odoo Accounting module, which will prove the base for the operations and its management.

In the next chapter, we focused on the Configuration tools in the Accounting module where all the configuration options such as the Accounting configurations, Payment Options, Management Options, Analytical Accounting, Configuring Invoicing, and the Configuring Bank Payments, which provides an insight on how the Configuration tools in Odoo can be configured as per the best of needs that is available. In the fourth chapter, we focused on the Financial management aspects of vendors and customers with Odoo Accounting. The Accounting Module Dashboard, Customer Finance management with the Odoo Accounting module, and the Vendor management operations of the Odoo Accounting module were described.

In the fifth chapter of the book, we focused on the Accounting management tools in the Odoo Accounting module, where the Accounting Management tools, Accounting Management Actions, Accounting Ledgers, Journal Management, and Other Miscellaneous entities management will be described in detail. Further, in the 6th chapter, we described on the Reporting the best feature of Odoo Accounting, where the topics such as Audit Reports, Management based Reporting, Partner Reports, and the US GAAP reports were described in detail along with the illustrations of the Odoo platform, which has been described.

In the 7th chapter of the Accounting book of Odoo, we focused on the Configurations of Admin settings of the Odoo platform, where the aspects of User settings, Company settings, and the Translation settings of the Odoo platform and its operations in the Accounting module were described in detail. Finally, in this last chapter, the new accounting practice Strono Accounting and Accounting firms mode introduced in Odoo 16 is defined.

In general, it could be said that the Odoo Accounting module filled the gap in the Odoo resource regarding the need for Functional reference materials in regards to the Odoo Accounting module.