Journals are key and essential records containing important data and information about a business's transactions according to the date on which the transaction was completed. Account Names, Date, Amount, and even whether the transaction is recorded as a debit or credit are all shown in great detail.
You may see pre-configured journals that are appropriate for practically all sectors using Odoo16 Accounting. Additionally, if necessary, the platform lets you define new journals. Five different types of journals are available on the Odoo16 platform to display similar types of transactions in a single journal. The five journal types in Odoo16 can be listed as follows when we list them.
● Sales
● Purchase
● Bank
● Cash
● Miscellaneous.
1. Sales Journal
Every single sales-related transaction is documented in the sales journal type. You can set up various sales journals according to your needs using the Odoo platform. You can record transaction details for sales from wholesale and retail separately, for instance, if that is what is necessary. The customer invoices will be recorded here.
2. Purchase Journal
To compile all transactions related to purchases, use the Purchase journal record. Different buy journals can be made to post received vendor bills, just like with sales journals.
3. Bank Journal
The Bank Journal keeps detailed records of every bank transaction. You may successfully track customer bank payments, vendor bank payments, and any other transaction recorded by your associated bank account by posting your bank statements.
4. Cash Journal
Now, we can document all cash transactions in a cash journal. This type of journal can record daily cash transactions and petty cash transactions, and it can also keep track of information about cash payments from customers.
5. Miscellaneous Journal
The final form of the journal is a Miscellaneous journal, which is excellent for recording transactions that are not covered by the four journals we previously discussed (Sales, Purchase, Bank, and Cash). The journal type can take into account many other entries that don't fit into the other four journal types, such as inventory value, inventory changes, exchange difference, opening balance, and many others. Even for a salary or all of your corrections, posting a journal type entry is quite convenient. There are no advanced settings available in the Miscellaneous journals.
These five journal kinds can each have a sequence number set up on the Odoo17 platform for convenience