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By: Pooja Raghunath

Odoo 15 Fiscal Localization - US

Functional Odoo 15 Accounting

Odoo software is one of the most superiorly functioning ERP software systems that every organization utilizes. Odoo is an Open-source modular structures software with a solid technical foundation and robust functionality.

Odoo is entitled as a complete package of ERP solutions that constantly switches to a newer version every year with more updated features. The Odoo platform can be configured with features to benefit country-specific users because Odoo has clients all around the globe with different locations and different requirements.

Odoo provides different fiscal localization packages, which define the necessary configuration of taxes, fiscal positions, chart of accounts, and configuration of specific certificates for the accounting module, which are all required to make the ERP usable for the specific country. Typically, the first step in creating a localization is to set up the country's chart of Accounts with the associated dependencies like  Account types and taxes.

Let's see how the US localization in Odoo 15 is defined.

The US localization in Odoo package can be installed at the database creation, which automatically installs the localization based on the country mentioned. You can install the required packages from Apps and do the configuration part as depicted in the following image.

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The package can be viewed in accounting configuration settings under the fiscal localization on installing the United States accounting package.

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Unites States localization mainly includes three modules:

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1. United States - Accounting (l10n_us)

This module provides the United States Chart of Accounts that lists all the accounts used to record an organization's financial transactions.

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The above screenshot despites the Active Chart of Accounts under the US localization.

2. 1099 Reporting (l10n_us_1099)

Odoo 15 accounting module brings up a new feature in this localization called 1099 report, which helps to export a CSV file containing all the information you need to e-file 1099s through a 3rd party service, i.e., easily export accounting data that can be imported to a 3rd party that does 1099 e-filing.

You can use the 1099 Reports wizard below to pick the start date and end date; you also need to select journal items and click on the Generate button. After clicking, it will automatically check selected journal items and generate a 1099 report CSV file.

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3. US Checks Layout (l10n_us_check_printing)

This module allows you to print your payments on pre-printed check paper. You can configure the output (layout, stubs information, etc.) in company settings and manage the checks numbering (if you use pre-printed checks without numbers) in journal settings.

4. NACHA Payments (l10n_us_payment_nacha)

Nacha is a network that carries electronic financial transactions between banks and payments services providers. With this, you can Export payments as NACHA files for use in the United States.

5. US - Accounting Reports 

This provides the basic reporting section with US GAAP with Profit and Loss, Balance Sheet, Executive Summary, Cash flow Statements, Check Registers, and other Partner Reports and Audit Reports.

Let's see how this localization is used to set up the Company; upon installation of US localization, the Company country and Currency is automatically set as United States and USD and add details such as Contact, Address, Tax ID, Company Registry.

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After setting up the company, the next update upon installation of the localization is seen in case default sales tax and purchase are set. Also, the fiscal country is updated as the United States, and then scrolling down, the company currency is updated as USD.

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These are some of the basic features that we get to access with the installation of US localization in Odoo.


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