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By: Manu menonn

Odoo 14 Accounting Module

The accounting module in Odoo is the best tool for efficient Accounting management in a business. complex and intricate data can be analyzed and saved effortlessly with Odoo. The advanced features and tools in the module are designed to make Accounting more efficient and easy to handle for Odoo users. With the support of the highly integrated nature of the module with various other modules, data management is not a headache anymore and as the procedures are automated you don't have to spend a lot of time in front of the Accounting module.
This blog talks about the Accounting module in Odoo 14 and the Accounting concepts.
Accounting concepts With Odoo
Odoo has a set of preinstalled Accounting concepts that are relevant for business management and also allows you to have access to all of the traditional Accounting concepts within the Accounting module of Odoo 14. All of these concepts are integrated into the module for creating a seamless working environment for you. The automated nature of the Odoo Accounting module will take care of the Double-entry book keepings effortlessly. Odoo will automatically create the entries for you and each and every single accounting transaction like the Customer invoices, point of sale order, expenses, inventory moves, and many more into the Journals automatically with respect to the data that the other modules keep on updating during various procedures. All of the features of the Accounting module satisfy the traditional rules of the Accountings book keepings so all journal entries are automatically balanced and updated.
Similarly, Odoo satisfies all of the common and traditional Accounting rules and you don't have to configure the entire rules and the accounting module allows you to have an effortless working environment and as the Odoo system adapts to your method of business management the automated nature of the system and the modules will improve by adapting with your style of business management.
Accrual and Cash basis reporting are supported by Odoo. This feature of the Odoo system allows you to report income or expenses simultaneously when the transactions occur which is the Accrual basis or when the payment is made or received which is the Cash basis. Odoo allows you to manage multiple companies within the same database of your Odoo system. Each company will have its own space in the Odoo database and allow them to have its own chart of accounts and rules. You can get consolidation reports based on the consolidation rules that you have set earlier. With Odoo you can have access to several companies at the same time. This feature allows you to adopt an efficient and effective management system within your business environment.
Managing multiple currencies in a business is always a headache but with the advanced features of the Odoo Accounting module you can easily carry out these procedures. Every currency in the transaction procedures will be entered into the journals based on the default currency of the Company. Odoo stores the original value of the company currency and value in the currency of the transaction. The currency rates are updated on a day-to-day basis with the support of the web services such as Yahoo.com. Odoo Accounting Module supports more than fifty countries and also the core nature of the Odoo Accounting module is similar to the rules of most of the countries. And there are particular features and modules available for certain countries. These features include charts of accounts, taxes, or bank interfaces.
Odoo in its default format uses only a single account for all account receivable entries and one for all account payable entries. And it is not necessary for you to create separate accounts per customer or supplier and you don't need to create separate accounts for these factors. As the transactions are associated with the customers or suppliers so that you can perform analysis based on the reports that are generated. With Odoo you can generate real-time financial reports. These reports range from basic accounting reports to advanced management reports. Odoo reports include Performance reports, Position Reports, Cash Reports, Detail Reports, and management reports. You can customize your reports based on your own style or formula.
One of the important features of an accounting concept that has an advanced nature in the Odoo system is to import bank feeds. Odoo automatically updates account details by frequently importing bank statement lines to your Odoo account and this feature allows you to have a Daily view of your cash flow and you don't have to wait at the bank for a response. Odoo speeds up bank reconciliation by matching your bank statement lines to your accounting transactions and as Odoo has the ability to remember your previous treatment towards the bank statement lines and provides suggested general ledger transactions.
With the Odoo Accounting module, you can easily manage your tax details effortlessly and efficiently. You can efficiently manage, monitor, and calculate the tax amounts that you owe your tax authority. Odoo calculates all of your transactions for your tax period and uses the totals to calculate your tax obligation and by running the Odoo tax report you can check your sales tax. With the integration of the Inventory module of the Odoo with the Accounting module, you can carry inventory valuation. Odoo supports two types of inventory valuations: Periodic which means manual and Perpetual or automated inventory valuations. The available methods are Standard price, Average price, LIFO, and FIFO for countries that allow it. You can use the advanced automated nature of the Odoo system to its full extent in running a business. Odoo has the ability to carry out most of the procedures in an automated manner. Odoo can automatically calculate your current year's earnings in real-time. This is calculated by reporting the profit and loss to your Balance sheet report automatically and with this procedure, you don't have to prepare a year-end journal or rollover.
Odoo makes Accounting more efficient and effortless with the Accounting module. All of the advanced features of the Odoo system and the Accounting module can be accessed to create an advanced business environment that is highly personalized to your own style of business management.


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