Analytical Accounting in Odoo
Tracking expenses and revenues are one of the standout internal procedures a business association can use. In analytical accounting it depends on financial information to make conclusions about how, when and why a business spends and gets cash. Odoo comes supportive to analytic accounting. With Odoo analytic accounting, one can create analytic accounts, analytic tags without having to create more accounts in charts of accounts.
Odoo’s analytic accounting can be utilized for many purposes like analyzing the cost of company, re-invoicing the time to a customer, or even for analyzing the performance of a service or a project. Odoo’s analytic accounting allows the end user to generate reports that give the insights end user need and look at the at the transactions from a different perspective. One can analyze how profitable that a custom creation is, and how much we spend across different departments.
Configuration
Go to Accounting->Configuration->Settings->Analytics. Activate both Analytic Accounting and Analytic Tags.
Firstly, create a new analytic account. For that go to Configurations->Analytic Accounts under Analytic Accounting section.
Click on CREATE button to create new analytic account.
Here we have the following attributes:
- Name the account: Filed to provide analytic account name.
- Reference: is for easily filtering.
- Customer: we can set a customer; by this we can group the accounts.
- Company: setting the company here.
- Group: this will be a group where one can add multiple analytic accounts and get the results for all these accounts.
Upon clicking the option CREATE AND EDIT, one can create new group in the analytic account.
Here one can name the company, add the parent group and discussion and also select company.
CLICK on SAVE button to mark changes.
ANALYTIC TAGS
Analytic Distribution is mainly utilized for margining the business costs/income among different analytic accounts created in Odoo. One can easily configure this division need in Odoo using Analytic Tags
Configuration
Go to Accounting->Configuration->Settings->Analytics. Activate both Analytic Accounting and Analytic Tags.
Now if you go to Accounting>Configuration> Analyti Accounting>Analytic Tags, you will be navigated to a new window like below:
Upon clicking the CREATE button,
Next, go to invoice. For that Accounting>Customers>Invoice
Create a new one via clicking on create button. One can add the analytic account and analytic tag for the product under the invoice.
Further VALIDATE.
Once you validate this, one can go to the Accounting> Accounting> Analytic Items.
The analytic items are like journal items, but for analytic accounting. So let’s group by Analytic account.
Upon filtering you get, the analytic items nicely organized, making you see everything this way like below image:
And if we go our analytic account, we created, we see all entries that are linked to analytic accounts are displayed here. Upon clicking the item, you have all the information, just like below
ANALYTIC REPORTS
Odoo provisions to see all the balances for all the analytic accounts for a specific period.
Configuration
Accounting->Reporting->Analytic Reporting
Here the end user will be able to see all the analytic accounts on the left side and their balances on the right.
Odoo also provisions to filter the analytic reports via clicking the date icon
One can filter the reports for a month, for a quarter, for a financial year, last month, last quarter, last financial. One can also customize the period via setting start date and end date.
To view the balance of the group under analytic accounts, choose the option Hierarchy and Subtotals
Via clicking tapping it, one will be able to see the balance for all the groups created under analytic accounts.
Upon selecting the group, one can view the analytic accounts that are marked and the individual balances for these accounts.
Via clicking on the PRINT PREVIEW button, the end user can avail the pdf copy of the analytic report.
Upon clicking the EXPORT (XLSX), you get to the excel sheet of the report.
PROFIT AND LOSS REPORT OF ANALYTIC ACCOUNT
To avail the profit and loss report of the particular analytic account, go to Reporting->Profit and Loss
Upon clicking the PROFIT AND LOSS, you get navigated to a new window, where you see the basic Profit and Loss Report.
However, one can easily acquire the profit and loss report of the analytic account via giving entries in the analytics icon on top, as cited in the below image.
You can select the analytic account you created under the account column and view the profit and loss report for the same without any complexity.