Straightforward yet ground-breaking, Odoo Accounting module can be best depicted in these two words. You can process your exchanges rapidly utilizing Odoo Accounting. Odoo's accounting module comes integrated with all different applications of Odoo like Sale, Purchase, Inventory and Human Resource. This makes working with Odoo progressively straightforward and brisk.
There are numerous things which make Odoo a one of a kind product than any other ERP Accounting modules. When we contrast Odoo Accounting and other ERP suites like Microsoft Dynamics and NetSuite, one can see numerous highlights which Odoo alone have. For instance, Quick reconciliation, Automatic Sync, Batch Send, Third Party Follow up, Payment Automation, Alerts, and Expenses. In any case, neither NetSuite nor Dynamics bolster these highlights yet just some of them. Since all bookkeeping exchanges are related with clients or providers, you get reports to perform investigation per client/provider, for example, the client statements, revenues per customers, matured receivable/payable and so on. Another exemplary accessible in Odoo is its business intelligence motor which will enable you to explore through organization information in increasingly sorted out way. The charts and outlines plotted by BI engine is for sure a helpful device in basic leadership. Obviously, Odoo is versatile as well. You can utilize it to check your records in a hurry.
Following is the way Odoo manages regular records and exchanges.
Double-entry bookkeeping
Odoo automatically creates journal entries for every accounting transactions and utilizes double-entry bookkeeping system.
Accrual and Cash Basis Methods
Odoo support both accrual and cash basis detailing. This enables the end user to report income/cost at the time when transaction exchanges happen.
Multi-companies
Odoo permits to deal with several organizations within same database. Each organization has its very own chart of accounts and guideline rules. One can get consolidation reports following your solidification rules.
Multi-currencies
Each exchange is recorded in the default currency of the organization. For transactions happening in another currency, Odoo stores both the value in the money of the organization and the value in the cash of the exchange. Odoo can produce currency gains and misfortunes after the reconciliation of journal items.
International Standards
Odoo accounting support in excess of 50 nations. The Odoo executes accounting standards that is regular to all nations. Customized applications are accessible to oblige the specificities of individual nation; like chart of accounts, taxes, or bank interfaces.
Accounts Receivable & Payable
By default, Odoo utilizes a solitary record for all record receivable sections.
In Odoo, you can create budgetary reports continuously. Odoo's reports include:
- Performance reports, (for example, Profit and Loss, Budget Variance)
- Position reports, (for example, Balance Sheet, Aged Payables, Aged Receivables)
- Cash reports, (for example, Bank Summary)
- Detail reports, (for example, Trial Balance and General Ledger)
- Management reports, (for example, Budgets, Executive Summary)
Import bank feeds automatically
Odoo makes bank reconciliation simple by frequently bringing in bank statements lines from your bank directly into your Odoo account.
Inventory Valuation
Odoo underpins both periodic (manual) and perpetual (automated) inventory valuations.
Easy retained earnings
Odoo automatically ascertains your present year earnings in real time; with the goal that no year-end journal or rollover is required. This is determined via consequently reporting the profit and loss balance to your balance sheet report.