ODOO FAQ

Why do we need reconciliation models?
To reconcile all the accounting entries and records of various needs are to be managed properly we use the reconciliation model. They are used not to merely balance the records also to manage the discounts and bank fees different models are opted.
In some countries tax has to be paid based on cash transactions while for some need to pay based on the invoice. How is this managed using Odoo 13 accounting app?
Odoo accounting module facilitates the accrual and cash basis method to handle this. On an accrual basis it records the revenues and expenses at the time it is earned. Even though it is more complicated to implement, it gives a more accurate financial health of the organization. It records the payable and receivable but doesn’t record the cash flow.
In cash basis accounting, it records the revenues and expenses after in hand payment is done. So it gives a more accurate picture of cash flow and the financial status may not be accurate.

Why do we use both accounts receivable and payable for a customer in Odoo 13? Accounts receivable records the transaction to be received by the partner while account payable records the transactions that the partner needs to pay.
When the sales take place over inter-state, How one tax can be converted to another in Odoo 13 accounting app?
The accounting app of Odoo 13 helps to map tax from one tax to another. For that firstly you have to create a fiscal position, Accounting -> configuration -> Fiscal position -> Create. Under the tax mapping tab you can mention the taxes and tax to apply. You can assign the fiscal position to partners as well. So a sale or purchase happens the tax gets mapped accordingly.
Why is deferred expense recorded as an asset and deferred income is recorded as a liability in Odoo 13 accounting app?
Deferred expense is the advance payment made by organizations like rent, insuring a building for some years, etc. But for the organization it is an asset for the future years. Similarly deferred income is the advance payment received to the organization for any service like warranty service etc. So this is a liability for the organization to provide the service for the payment they have made.

How exchange differences in Odoo 13 can be recorded? The currency rate may vary from time to time. The currency rate may vary from the invoice date to the payment date. So this will create a profit or loss for the organization. This exchange difference will be recorded in the journal ‘Exchange Gain or Loss Journal’.
How multi-currency is managed in Odoo 13 accounting app?
There may be situations where multi-currencies need to be used since customers are from different countries. Odoo 13 accounting app features  multi-currency feature via Accounting module -> Configuration -> Settings -> enable multi-currency. Activate the necessary currency so that it will record transactions of foreign countries.
Now when you create a sale order or purchase order, you can choose the currency of the transaction.
What is the purpose of automatic transfers in the Odoo 13 accounting app? Automatic transfer is a new feature in Odoo 13 to transfer from account to account.
How cash discounts/write-off can be managed in Odoo 13 accounting app?
Discounts can be applied from the sale order line itself. Thus the total amount will be reduced. While making payment for an invoice, when we change the amount to a partial amount and on proceeding, it will ask for whether the invoice needs to remain open or write-off the remaining payment. There you can write about the amount.
Also we can manage the discount/write-off while reconciling. By creating a reconciliation model for cash discount whose type is “Manually create a write-off on the clicked button” will enable a cash discount button while reconciling. 
Is it possible to make payment of multiple invoices at once in Odoo 13? If possible, how can the payment be identified that is intended for particular invoices?
Multiple invoices can be paid in a single payment.  While creating invoices i.e, Accounting module -> customers -> invoices -> create, we have a field reference. This reference value helps to identify the number of invoices by splitting the amount and reconciled from the payment done as a single amount.
For eg., if the customer has two invoices with references 001 and 002 having amounts 800 and 700 respectively. Suppose the customer makes a payment of 1600, then the amount splits 800 and 700 and reconciles with the invoice with reference  001 and 002 respectively.
Is it possible to lock the transactions from users to prevent editing on accounts in Odoo 13 accounting app? Yes, lock dates can be used to lock accounting entries and prevent editing from non-advisors,i.e  lock non-advisors and lock all users including advisors.
How can cash due can be reminded in Odoo 13 accounting app? The cash due can be reminded using follow up reports. We can create different follow up levels via , accounting module -> configuration -> follow up levels -> create. Here different actions will be set for the due payments like call, email, send a letter, etc, and the responsible person as well. So once the payment becomes due, those entries will be there in the follow-up reports.
When do we use credit notes and debit notes in Odoo 13? Mostly credit notes and debit notes are issued when a sales return or purchase return happens. There may be situations for which the customers return the products due to some damage or insufficient quality of the product. In such cases the products are returned by the customer and they issue a credit note to return the money. In the same way the vendor issues a debit note. In Odoo, both cases can be handled effectively using the single option of a credit note.
How do we close a fiscal year in Odoo 13 accounting?
Before closing and generating reports make sure that all the accounts are reconciled and accurate. Ensure that the fiscal period is set for the organization, Accounting -> Configuration -> Settings -> Fiscal periods.
Now lock date for the fiscal year, Accounting -> Lockdates. The advisor can set a lock date for the fiscal year. Choose the Lock date which is the last day of the financial year that we are closing and save.
Then to go to the balance sheet, where you can find the unallocated earnings. This should be retained to allocate earnings in order to correct the balance to zero, for the coming year. For that go to Accounting -> Journal entries -> create. Create a journal entry with accounts Undistributed Profits/Losses and a retained account. The Undistributed Profits/Losses account is created by Odoo for allocating current year earnings. So the type of journal must be Current Year Earnings. On posting the journal, you can see the Current year earning and current year unallocated earnings are balanced.
Now lock dates for all users as well. So that no users can change the accounting entry of that fiscal year.
How do we close a fiscal year in Odoo 13 accounting?
Before closing and generating reports make sure that all the accounts are reconciled and accurate. Ensure that the fiscal period is set for the organization, Accounting -> Configuration -> Settings -> Fiscal periods.
Now lock date for the fiscal year, Accounting -> Lockdates. The advisor can set a lock date for the fiscal year. Choose the Lock date which is the last day of the financial year that we are closing and save.
Then to go to the balance sheet, where you can find the unallocated earnings. This should be retained to allocate earnings in order to correct the balance to zero, for the coming year. For that go to Accounting -> Journal entries -> create. Create a journal entry with accounts Undistributed Profits/Losses and a retained account. The Undistributed Profits/Losses account is created by Odoo for allocating current year earnings. So the type of journal must be Current Year Earnings. On posting the journal, you can see the Current year earning and current year unallocated earnings are balanced.
Now lock dates for all users as well. So that no users can change the accounting entry of that fiscal year.
What are unallocated earnings in odoo 13 accounting? It is the running year balance which is not closed. On closing the fiscal year these earnings are retained as a part of the income retained by the organization.
How do we set an opening balance in the Odoo 13 accounting app?
When you open the accounting app, you will have to add the chart of account from the accounting dashboard itself. There you can add the opening balance, debit, and credit of each account and save.
Once all the credit and debit amounts are added, you can see an opening journal entry created in the draft stage in the journal entries. The debit amount should be equal to the credit amount. Thus the difference amount, if any, will be automatically balanced to the Undistributed Profits/Losses account. Now post the journal and check the balance sheet. Balance Sheet will give the current assets, liabilities, and equity of the company.
How can i set duration for payments? For creating a new payment term go to accounting -> configuration -> payment terms, here you can choose the types of odoo payment terms as you need. by default, you can see three types of payment terms balance, percent and fixed amount.on the opened window you can add payment terms, company and terms. when adding the terms you can see three types of terms. then add the due date computations field and click in the save button to save.
Is there any option to perform some actions according to the customer due? We can give some types of actions to follow-ups level which means that after the due dates we can send an email or letter or something like that for further process. So these items can be called actions in follow-ups levels. For more information refer to the blog Customer Follow-Up - Odoo 12 App.
Is it possible to use multiple localization for a company? It is possible in a multi-company environment. In a multi-company, there will be many branches with different localization. 
How can I get the country-specific chart of accounts? Odoo provides a feature called localization to get the country-specific default chart of accounts, also we can create the user-specific accounts too.
How can i make matching bank statements and payment records at the time of payment? Odoo can make it possible by allowing automatic reconciliation while creating or editing the chart of account.
How can I get the individual partner ledger? In Odoo, using partner ledger report users can track the individual journal entries.
Is it possible to create customized reports? Yes, odoo provides a feature to create user defined reports with their own formula.The user can create Financial reports in the developer mode.
How to motivate the customers to pay within a specific time frame? It can be done by offering cash discounts through payment terms.
Is SEPA QR code available in India? No, the SEPA QR codes are not available in India, it is available in European countries such as Finland, Belgium, Germany, Austria, and The Netherlands.
Is it possible to invoice several sale orders in a single invoice? No, In normal cases it is not possible.we can achieve this by customizing our modules.
If a customer has several invoices with different currencies, how is it handled? Odoo has the option of multi currencies, with the help of this feature odoo can handle multi-currencies. Odoo will automatically post the foreign exchange gain or loss at the reconciliation of the payment with the invoice, depending on if the currency rate increased or decreased between the invoice and the payment date.
Is this possible to pay the vendor bill in foreign currency? A- Yes, using the foregin exchange feature in odoo can manage the foreign currencies at its rate.
If we set a default account for a product, and for a product category, which will have the highest priority? In this case product account has highest priority.
If we set a default tax for a company, account and also for a product, which will have the highest priority? In this case highest priority is given to the Product tax. Then the second priority given to account. The tax  set to the company has the least priority. So that the product tax will be taken as default.
Is it possible to delete an existing account? No, but we can freeze the account by hitting the Deprecate option in the corresponding account.
If my company needs more than one bank account, Is it possible to configure many bank accounts in odoo? Yes, Odoo supports multiple bank accounts for a company. For creating a bank account, CONFIGURATION -> BANK ACCOUNTS.

If I want to make some notes on a specific account in the report, is there any option for that? Yes, we can add additional information as note in an account using the Annotate option.
What is the default accounting practices? Odoo default accounting practices is continental.
In which accounting practices PDA is used? And when it affected? The PDA is used in Anglo Saxon accounting practices.And it affected at the time of purchase.
If i received some products for a price, and later the supplier changed the price of the product before my payment how will i manage the price difference? We use the price difference account (pda) to store this difference.the account used to value price difference between purchased price and accounting cost of a product.this account used in the anglo saxon accounting practices.
Is it possible to make partial payment through a bank statement? Yes, the bank statements can be either entered manually or be imported from a csv file. also, it can be entered according to the accounts localization. for more info. refer to the blog odoo 12 accounting.
Is Odoo support multi-currency? Yes, In Odoo the user can configure multiple currencies feature, and the set the exchange option to get the exchange rate for different.
How can i automatically change accounts and taxes of a customer at the time of creating a customer from a specific region?
For this, we use the feature fiscal position. it can be used for both accounts and tax mapping. if we want to get the fiscal position automatically, we want to hit the detect automatically field while creating the fiscal position. for more refer to the blog fiscal position in odoo v12.
Is there any way to configure the tax used in a specific country? We can easily configure the taxes used in a specific country by providing appropriate localization.
How can I pay multiple bills at a time? Yes, in odoo there is an option named Batch payment through it we can pay multiple bills at a time. For more information refer to the blog Batch Payment in Odoo 12.
Is it possible to import statement files with an extension other than .OFS and .CSV? Yes, we can import other file formats through odoo by installing supporting modules.
In credit card payment which is more accurate, deposited funds or one journal entry only? Undeposited funds are more accurate than one journal entry only. 
How do we represent the initial amount in advance payments? Advance payments are managed by Deferred Revenue. In deferred revenue, Residual Amount represents the original value or initial value. more information refers to the blog Deferred revenue management in odoo v12.
What do you mean by original value in advance payments? It is the initial value of the asset property. more information refers to the blog  Deferred revenue management in odoo v12.
How can we manage the revenue entries in advance payment? The number of revenue entries can be managed by giving Number of Recognitions while creating a deferred revenue model. more information refers to the blog Deferred revenue management in odoo v12.
While creating a payment acquire how can I activate the payment acquirers for the transaction use? Creating a payment acquirer in odoo you can see three states: Disabled, Enabled and Test mode. States can be used to activate the payment acquirers for transaction use.
How will you create reconciliation models in accounting? In odoo you can create reconciliation models for your company. for example, you can add the tax to the model whether use take tax on your invoice.more info refer the blog Bank Reconciliation in Odoo 12 
How can we print a vendor check by batches? In odoo you can print the checks in batches.that is if you want to print checks odoo will list how many checks you have left to print.selecting checks from the list and print it.
What is the difference between anglo Saxon and continental in odoo accounting? In continental, expense account is affected at the time of purchase and in anglo Saxon the expense account is affected at the time of processing a sales order. Anglo Saxon was only possible in the developer mode. more information refers to the blog Odoo Continental vs Anglo-Saxon Accounting.
If i want to see all the pending money of the customer and perform some action to get it what will i do? Payment followup is mainly used to follow up with the customer to collect money and action to be taken according to the due date. for that purpose, odoo provides a follow-up strategy. more info refers to the blog customer payment follow-up in odoo v12.
How to set a Group Tax? We may need to set a gathering charge for certain items. On account of GST, we may need to partition the assessment sum for the local and state governments.for further reference refer cybrosys blog Tax Configuration in Odoo 12
Can the reconcillation reduce the complexity of odoo accounting? odoo allows the reconciliation for every transaction of your company. by using the reconciliation we can reduce the complexity in the accounting sections. more info. refer to the blog Bank Reconciliation in Odoo 12.
How will you configure a withholding taxes? It can be configured through the taxes. that is accounting->configuration->taxes. it can be created as a negative tax in odoo and also you can use it into some products.
How to configure tax-included prices? In odoo, you can include the tax in the price. First, go to Accounting->Configuration->Settings and search tax in the search tab. Then click on the tax included option. For more information refer to the blog Tax Configuration in Odoo 12.
How can I switch tax according to position? In some cases, if you want to remove a tax and replacing the tax position with another we use the fiscal position and also replace a tax by more than one tax. For more information refer to the blog Fiscal position in odoo v12.
Explain invoice creation in odoo accounting? While creating the invoice, the system generates initially on the draft stage.they can no impact within the system. More information refers to the blog odoo 12 accounting.
How to adapt taxes to my customer's status or localization? Same as that of tax mapping in the fiscal positions and add it to customer status. For this configure the fiscal position in odoo accounting. For more refer to the blog Fiscal position in odoo v12.
How will you create tax mapping in odoo accounting? For creating tax mapping in odoo first you will have to configure the fiscal position in odoo accounting. Go Accounting -> Configuration -> Fiscal position and create a fiscal position and here you can see the tax mapping and account mapping tab for mapping the above accounts For more information refer to the blog Fiscal position in odoo v12.
What will happen to the taxes in the multi-companies environment? The sales and purchase tax will differ in a multi-company environment. For more info refer to the blog Tax configuration in odoo 12.
Which are the fields to fill in the "advanced" tab when tax creation? The label on invoices, tax group, include in analytic costs and tags. here we can see a tick box to allow tax include in analytic costs. for more info refer to the blog tax configuration in odoo 12.
How will you create new taxes? To create new taxes go to accounting>configuration>taxes.here you can create taxes by filling the following fields. for more information refer to the blog tax configuration in odoo 12.
How can I get the expense of individual products or companies? Odoo provides a feature Analytic Account by using this we can track and analyze the costs of your company with respect to the specified or selected one. For more info refer to the blog Analytical account and tags in odoo 12.
Which are the analytic account use cases? To clear about the analytic accounts considering three cases, first one is an industrial-based company here we use analytic accounts for costs analysis, and the second one is law firm and there we use analytic accounts for spent hours and the last one is a service company, here performance analysis can be taken by analytic account.
How can I configure the economic year? Odoo provides fiscal year for your accounting process mostly it lasts 12 months.To configure go-to Accounting->Configuration->Settings>and activate the fiscal years. There are exceptions that occurred in the fiscal position according to the country status.
What will happen when you reconcile a payment in different currencies? Odoo will create a journal entry to reverse the currency exchange at the time of reconciliation.
How can I configure an account? Account types are automatically generated when importing or installing the chart of accounts. You can create a chart of accounts from Accounting -> Advisor -> Chart of accounts. For more info refer to the blog Odoo 13 full accounting kit.
Which are the different ways to record payments in odoo? You can record payments in two ways.one is if payment is linked to an invoice, it reduces the amount due to the invoice. and the other one is if payment is not linked to an invoice. your company as an outstanding balance with the vendor.
Which are the account types in odoo? Account types used in odoo are listed below:
receivable
payable
bank and cash 
current assets
noncurrent assets
prepayments
fixed assets
current liabilities
noncurrent liabilities.
equity
current year earnings.
other income 
income
depreciation
expenses
direct cost
How can we record a vendor refund? It can be recorded in the same way that of credits note. add a credit note on a validated vendor bill or a new one.
What do you mean by a full refund? It is used to choose to do full refund. or otherwise, cancel a validated invoice.
What do you mean by a partial refund? Partial refunds describe that you can modify any details on the credit note.
How can I track the refund? We can track the credit notes by the prefix number. That is credit notes can be started with R and its invoice address can also be linked with its tracking id.
How can I perform a refund in odoo accounting? Credit notes can be issued by configuring the credit note open it from the invoices.that is open a customer invoice and click to add the credit note. You can also create a credit note from scratch by going to set up credit note go-to accounting -> customers -> credit notes.
How will you create Reconciliation Models? First, you have to create reconciliation models for this purpose.in your bank journal and click on more and create reconciliation models. For more info refer the blog Bank Reconciliation in Odoo 12.
How to analyze the advance revenue in odoo? In odoo accounting goes to the reporting section, you can see the report deferred revenue options under-reporting. when clicking the deferred revenue you can see the complete report of the deferred revenue in your company.
Does odoo support batch deposits on your bank accounts? Yes, by installing the batch deposit feature,odoo will automatically activate bank deposits on your bank accounts. for more info refer to the blog batch payment in odoo 12.
How will it affect the deferred revenue on sell and invoice products? As a product can be configured by the deferred revenue, you can create a customer invoice using this product.once its validated odoo automatically allocates deferred revenue for you.for more info refer the blog Deferred Revenue Management in Odoo v12 
How will you configure the batch deposits of checks? First, install the batch deposit feature. Then go to Configuration->Settings-> of the accounting app and check the feature allow batch deposit.
how can we set deferred revenues on products? You can set it on to the related products.in the product form on the accounting tab, you can add the deferred revenue type.more info refer the blog Deferred Revenue Management in Odoo v12.
How will you manage batch deposits of checks? Odoo manage the batch deposits of checks from customers by collecting the checks and first manually bring the checks to the bank. Then the bank will ask for a deposit ticket and the bank statements will reflect the total amount that was deposited, not for the individual ticket. Odoo also allows to print your deposit tickets.
How will you configure deferred revenue types?

odoo provides deferred revenue types. To configure deferred revenue type go to accounting>configuration>deferred revenue types. The following deferred revenue can be listed below.

One year service contract.

Three-year service contracts.more information refers to the blog deferred revenue management in odoo v12.

How can you register bank statements manually? When creating bank statements, click the button new statements related to bank journal.reconcillation can do if you want and a new statement link will open underneath. fill the fields in the link and your starting balance and ending balance should be equal to computed balance. click and save the process.
What is the advantages of importing QIF statement files? Same as that of OFX file in odoo.refer the answer of OFX importing advantages
How will you configure the QIF statement files for importing it? To import QIF statements, first, activate the feature in odoo. Accounting->Configuration->Settings>and activate the option under the bank statements. You can set up a bank account to allow importing bank statements.
Is there any way to manage advance payments? In Odoo Deferred revenue is the way to manage advance payments. The payments recorded on the recipient's balance sheet as a liability account.to configuring the deferred revenue go to accounting -> configuration -> settings and activate asset management and revenue recognition option. more information refer to the blog Deferred revenue management in odoo v12.
What is QIF statement files(quicken interchange format)? QIF(quicken interchange format) is an open specification for reading and writing financial data to media.QIF is older format.
What are the advantages importing of ofx files? In ofx importing, after the first file importation, the odoo accounting dashboard will automatically propose you to import more files and also you can import next files by clicking the import statements.it speeds up the reconciliation process.
How can we configure the installment plans? To configure the installments plans first go to accounting >configuration>payment terms. creating a payment term with several lines and make sure that its type has balance. and adding its due date and other terms fields and save.
Is that possible to apply cash rounding on to a customer? Yes, you can also apply cash rounding to the customer invoice.
How can we configuration ofx statement files and import? To import ofx file in odoo, you have to configure the feature in your odoo erp software. go to accounting->configuration->settings>in here check the bank statements option import in ofx format and apply, save the changes and import your bank statements in ofx format.
How will you configure the cash roundings? configuring the cash rounding go-to accounting>configuration>settings and activate the cash rounding. here you can see the strategies add a rounding line and modify tax amount. more info refers to the blog Cash Rounding in Odoo v12.
Import ofx statement files(open financial exchange) in odoo accounting? In odoo you can download ofx file from your bank and can import it into odoo directly.this can create all the bank statements of your company.
How will you configure a bank in a foreign currency? For those functions, odoo uses the multicurrency feature. odoo provides the multi-currency feature. First go-to accounting>configuration>settings and allow the multi-currency feature. Then configure a bank in foreign currency by creating a journal with foreign currency and its type is a bank. For more information refer to the blog odoo multi-currency.
Which are the strategies for cash rounding? Two strategies are possible to make rounding.one is add a line on the invoice for the rounding and other one is add the rounding in the tax amount. more information refer the blog Cash Rounding in Odoo v12 
How will you manage a bank in foreign currency? Odoo provides every transaction is recorded in the default currency of your company.reports can also be taken on your company currency. In the case of bank account using in foreign currency, in each and every transaction odoo store two values debit or credit in the company currency and debit or credit in the currency of the bank account. For more info refer to the blog odoo multi-currency.
How can I register cash payments? For registering the cash payments to another customer, first you have to go to accounting>dashboard>cash>register transactions. Then you have to fill the start and ending balance, registering the transactions.
How will you grant the cash discount? The cash discount will grant to the customer by the process of the bank statement. here the matching of payment with the related journal entry. then selecting the remaining cash discounts.you can also reconcile it.
What do you mean by the cash register? and how will you configure it? The cash register is a journal that is used to register receiving and payment transactions.to configure the cash journal in accounting first you have to go to the Accounting >Configuration>Journals and we can see the cash register journal.
How can I easily get the journal items to get affected during a payment? The journal item tab on the payment section is to see the journal items of that particular payment.so we can see the corresponding journal items of the given payment.
Which are the supportive payment journal in odoo accounting? We can put two types of payment journal in odoo. first is by the bank and another one is cash. that means odoo provides two types of payment journal.
In odoo how many payment types include in the payment section? and how can we create a payment? Send money, receive money, internal transfers.for creating payments first go to the accounting >customers >payments.then you can see a window and here we can add payment type and other fields like partner type, partner, company, amount,etc.fill the fields and save it by click on the save button.
How can i configure the time duration of customer payment? In odoo, we can set payment terms to specify the time duration of payment.we can set payment terms in the partner master and also in a particular invoice.
Is it possible to detect the fiscal position according to the country group? When we tick detect automatically box, we can see that two extra options added on the screen. One is a country group and another one is country while adding these two options, the fiscal position will automatically detect as per customer.
How will you delete a bank account or credit card account? From the list of bank accounts, select items to delete and delete them from the action menu or go to the form and delete a single item from the action menu.
While creating a follow-ups level, what you mean by action? We can give some types of actions to follow-ups level which means that after the due dates we can send an email or letter or something like that for further process. So these items can be called actions in follow-ups levels. For more information refer to the blog Customer Follow-Up - Odoo 12 App.
How will you create payment terms in odoo accounting? For creating a new payment term go to accounting>configuration>payment terms, here you can choose the types odoo payment terms as you need. By default, you can see three types of payment terms balance, percent and fixed amount.on the opened window you can add payment terms, company and terms. When adding the terms you can see three types of terms. Then add the due date computations field and click in the save button to save.
How can i synchronize my accounts with odoo?

Bank feed indicates how to synchronize your bank account with odoo software. There are three options.

1) undefined yet

2) import(csv, ofx)

3) automated bank synchronization   

Is there any option to make comparisons between entries in accounting? In reporting there are options to compare, we can see posted entries only and unposted entries only. and also in comparison we can see the custom, previous period, same period last year, etc.
What are payment terms in odoo accounting while creating an invoice? odoo provides different types of payment terms and we can set each one of the payment terms in customer bill and vendor bills also. the payment term description will be displayed in the sale order. more info refers to the blog Odoo 12 Accounting.
Is it possible to use the same bank account in Pos? if yes how? We have an option to tick use in point of sale for using the bank accounts also in a point of sale application.
While auditing no one can make any changes in the accounting section. how can i manage that? In odoo, you can set lock dates for non-advisors, that is the accounting app can use only the adviser. this indicates that after setting lock dates for non-advisers, they cannot make any changes in the accounts section.
How can you create a new bank account? To configure new bank accounts go to Accounting ->Configuration->Bank accounts. Then you see a create option and create bank accounts from here. For more information refer to the blog How to Setup your Bank Account in Odoo.
How can i use international commercial terms in odoo? Incoterms are used in trade contracts. it can be used in both international and domestic purposes. basically it is the transportation process of products. example dhl etc.
Is there any way to configure intercompany transactions? Intercompany rules define the rules created for the transaction between the branches of your company. It can be a help in handling the intercompany sales and purchase sections. more information refers to the blog Inter-company transfer in odoo 12.
How will you configure recurring entries? To configure recurring entries go to accounting -> configuration -> recurring template. For more info refer to the blog Manage Recurring Payments Using Odoo 12.
how to forecast bills to pay with the Aged Payables report? Track the amounts paid to the vendors we use the aged payable report.you can get this reporting menu on accounting app.in this report we can get the complete summary of the vendor's paid amount. For more information refer to the blog Odoo 13 Full Accounting Kit.
Is there any option to schedule payments? Recurring entries in the entries which allow generating entries for bills like rent that can be repeated periodically in your odoo accounting sections. For more info refer to the blog Manage recurring payments using odoo 12.
How will you forecast future bills to pay? To track the vendor conditions we use payment terms. Refer the blog How to create and use Payment Terms in Odoo.
What do you mean by the chart of accounts in odoo accounting? Chart of accounts defines the lists of all accounts that can deal with your company. all debit and credit transactions can be impacted on this chart of accounts. For more info. refer to the blog Odoo 13 full accounting kit.
How could you see the report of analytic accounts? In the analytic report section, we can see all the analytic accounts and its details, analytic account (hierarchy) report. Analytic accounting helps the user to analyze costs and revenues of an organization, department or project.
Why we were adding company data in odoo accounting? While in the case of any transactions first prior goes to entering the company data. for that, we can see the company data on the accounting dashboard.click on the button and we can provide relevant company details on that field.
In the journal audit, is this possible to sort the entries date? We can sort the entries by date or journal entry number.
In odoo, is this possible to audit all the journals in the organization? Yes, we can audit all our journals when auditing the option needed. Here we can see the options target moves to all posted entries and all entries.
when in the case of international transactions, always involve currencies other than the domestic one. what will we do under these situations? if it exists how will you configure it? For an international ERP always provides a multi-currency feature to keep the accounting as well as the other reporting. exchanges can be done on the accounting recorded in default currencies.if you want to make transactions in other currency odoo stores both the value in the money organization.to configuring the multi-currency feature go to accounting >configuration >settings >and allow the multi-currency option. more info refers to the blog Odoo Multi-currency.
how will you pay several vendor bills having cash discounts? Creating multiple bills and partially pay through bank statements and then adding the payment terms and they include the cash discounts. Then we will create bank statements to pay the invoice. Here we can adjust the cash discounts provided by the vendor.
Is there any feature to see debit and credit per journal? Consolidated audit First shows debit and credit per journal and then sum up the debit and credit by month. more information refers to the blog: Odoo 13 full accounting kit.
How will you pay several bills at a time? From the accounting dashboard, you can see the vendor bills and here you can create a bill or validate a vendor bill and save the validated one. In here payment fo one bill only. Then click the register payment option and validate, as the same guide create more than one bill and ensure that the vendor is the same for each bill and click the registration payment.
How will you configure a follow-up level in odoo accounting? To configure follow up a level , first, you will have to go to accounting->configuration->settings-> and activate the follow-up levels feature. the save the field and go to the accounting dashboard. Then go to configuration->follow-up levels and create follow-up levels from there. More information refer to the blog customer follow-up - odoo 12 app.
If I want to see the total debt amount and credit amount of my company in a balanced state, how can I view it? In Odoo accounting we can see several reports in the Report section. From the report section Trial Balance Report, we can see the total debt amount and credit amount of your company in a balanced state. For more information refer to the blog: Odoo 13 full accounting kit.
How can I get a net tax report? Go to accounting -> reporting -> tax report. Tax reports describe the net tax report of your company. For more info refer to the blog Odoo 13 full accounting kit.
How can we Send reminders in batch? To get easier we can set reminder mail as in batch in follow up reporting page. Refer to the blog Customer Follow-Up - Odoo 12 App.
What you meant by multi companies in odoo accounting and does odoo support multi-branch feature? odoo allows multi-company access within a single database.and also each company has its own chart of accounts and rules. multi branches is the same as that of multi-company, which means odoo uses multi companies instead of branches. more information refer the blog Odoo Multi-Company 
Is there any option to get all customers with pending payments in accounting? Go to accounting -> reporting -> aged receivable report. Click on the options you can get the report. The aged receivable report shows the invoice that is waiting for payments during a selected month. For more information refers to the blog Odoo 13 full accounting kit.
Is it possible to refund a returned product?

the overpayments owned by your company can be shown in this report, for example, credit notes, etc. for more info refer to the blog odoo 13 full accounting kit

in odoo, we have an option “credit note” to refund the returned product. refund is given for both partially returned and completely returned products. for more info refer to the blog: sales return and refund in odoo 12.

What would you do to avoid too many follow-ups in odoo accounting? To avoid too many reminders, edit the no of days calculated between each report. that is, go to accounting->customers->follow-up reports and select a follow-up report and edit the no of days calculated between each report. For more information about the follow-up report refer to the blog customer follow-up - odoo 12 app.
What is the use of accrual and cash basis methods in odoo? Odoo allows those types of detailing for enabling the end-user to manage income or cost at the time of transaction exchanges happens. more info refer the blog Cash basis and accrual basis accounting in odoo.
How to analyze transactions from all accounts for a chosen date range done by company? We use a general ledger report for this analysis. general ledger report gives you the analysis of all transactions that can be done by general ledgers. For more info refer to the blog Odoo 13 full accounting kit.
How could you get the report of important figures like cash, profitability, balance sheet, etc in odoo accounting? We use the executive summary to analyzing the important figures. the executive summary gives the look of all the important figures of your company. for more info refer the blog odoo 13 full accounting kit.
Which kind of bookkeeping method involves in odoo? Odoo allows the double-entry bookkeeping system and creates automatic journal entries automatically for every transaction. more info refer the blog Odoo 12 Accounting 
in what way you would get the profit and loss report of your company? In the accounting module, go to accounting -> reporting -> profit and loss, click the option to get the report. This report gives you the net profit and loss of your company. Refer to the blog Odoo 13 Full Accounting Kit.
How can you analyze the overall assets and current liabilities of your company? To get the overall view, we use the balance sheet report. Balance sheets give a snapshot of assets. For more info refer to the blog Odoo 13 Full Accounting Kit.
What are the payment methods that are provided by odoo for online payment? Odoo provides Payment acquirers as a platform for online money transfer. For example Paypal. For more information refer to the blog Payment acquirers in odoo 11.
What will happen when giving a Follow-up on invoices? In every business, we want to set the follow up to get the money from the customers and also we can see the reports of follow up in the reporting sections of the accounting.
Is it possible to cancel the batch payments? Odoo provides the option to cancel the batch payments. For more information refer to the blog: Batch Payment in Odoo 12.
What do you mean by batch type in batch payments? Odoo allows batch payments for matching batch of payments with the bank statements. While creating the batch payment you can see two types batch type, one is an inbound batch type and another one is outbound batch type. Inbound is used for customer batch payments and outbound is used for batching the vendor payments. For more information refer to the blog Batch payment in odoo 12.
Which are the benefits of a mandate? Benefits of mandates are they can do register payment automatically and unpaid invoices could be paid with new mandates.
Is this possible to import bank statements having different currency compared to company currency? Yes. While importing the bank statements, the amount is in the company currency. But you can reconcile with the bank statements with other currencies also.
Is there any option to automatically change the currency rate according to the current currency rate? Default, the currencies needed to updates automatically in your odoo accounting. So we use live currency options.
What is the theoretical amount in the budget? The theoretical amount implies the amount of money theoretically cold you have to spend.
How can you close or revoke a mandate? Direct debit mandates are closed automatically after their end date. The mandate only being active whether it is closed or revoked.
How can we set a budget in odoo accounting? First, you will have to create a budgetary position according to the budget. Here you can add name and accounts for the budget. Then you can create the budget from the accounting or advisor tab. When creating the budget you can add the budgetary position and analytic accounts and other details. We can see the theoretical amount and planned amount of the budget from here. For more information refer to the blog Budget Management in Odoo.
How we set From check payments to bank statements in one journal entry only? While we set on the undeposited funds, in here small changes can occur when validating or matching the statements. More info refer to the blog How to add a Payment method in Odoo and cybrosys odoo book.
How can we track each expense of budget? While creating the budgetary positions we can set analytic accounts. When the creation of a budget, you can add the analytic accounts in the field of accounts. So we can track each expense of budget. For more information refer to the blog: Analytical Account and Tags in Odoo 12.
How we set from check payments to bank statements in an undeposited fund? First, you have to create a check journal, then check can be treated as a payment method, you can record the transactions. Click the registered payment and fill those fields in the new window. After producing the journal entry the invoice is marked as paid. Then when we get the bank statements, you can match the statements with undeposited funds.
Is there any option to manage the budget of our company? Odoo provides the option to manage the budget. we can compute the budget using odoo. refer to the blog budget management in odoo.
How will you configure Undeposited Funds in check payments? Create a journal using the type as checks and set undeposited checks as a default credit or debit account.and also set reconciliation to this journals. That is, go to Accounting->Configuration->Journals and create a journal having the type check and set fields default debit or credit accounts as undeposited checks.
How to manage a financial budget? Managing a budget is the main part of the odoo accounting and also your business. For more info refer to the blog Budget Management in Odoo.
How can we set from credit card payments to bank statements in an undeposited fund? First, you have to create a journal for credit card and then the credit card will become a payment method. When you receive a credit card payment, Go to the corresponding invoice and click on the registered payment, then you can see the fields to fill.this will produce journal entries and we can see that invoice is marked as paid as soon as you record the credit card payment and finally you can match the bank statements with credit card by the credit card account.
What will happen when we are not set fiscal year? When we are not setting fiscal year, the odoo provides the default fiscal year for the company.
How to modify an existing asset? Click on the modify depreciation button and change the no.of depreciations. For more info refers to the blog Asset Management Documentation.
How will you configure Undeposited Funds? To configuring the undeposited funds go to Configuration ->Journals ->Create. We can add a journal name, default debit account, and default credit account. Don't forget to add the account type as a credit card and allow it for reconciliation and save the filed.
How can you create an asset manually? You can create assets manually in odoo accounting. Go to advisor >assets and create assets.
Is it possible to compute depreciation for an asset in odoo? Odoo computes Depreciation for assets automatically. Odoo uses different types of depreciation methods. For more information refer to the blog Asset management documentation.
How will you configure assets in accounting?

To configure the asset, Go to the advisor -> assets and also asset types can be configured by configuration -> asset types. For more info refer the blog Odoo 13 full accounting kit.

How will you create a child tax in accounting? In some cases, we may have to add child taxes. first, create a new tax and that having no child taxes. to know detailed through an example refer to the blog tax configuration in odoo 12.
How to configure tax on a company? In odoo, we can assign tax for a company. go accounting -> configuration -> settings and assigning tax for your company. Then you can set the sales and purchase tax of your company. refer blog for view more: tax configuration in odoo 12
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