Account Ledgers
Account ledgers keep all the transaction records, including opening and closing balances
in debit or credit. Transactions might be the result of routine company operations like
invoicing customers, recording supplier invoices, any bank or cash transaction, stock
valuations, salary expense, and more or they can be the result of correcting entries
that need the usage of journal entries. Each of the transactions has a reference number
that allows them to identify why that particular transaction was made.
Different account ledgers used in Odoo are as follows:
- Income account
- Expense account
- Stock input account
- Stock output account
- Stock valuation account
- Price difference account
- Account Receivable
- Account Payable
- Fixed Asset Account
- Depreciation Account
- Revenue Account
- Deferred revenue account
- Expense account
- Deferred Expense Account
- Suspense Account
- Outstanding Receipts Account
- Outstanding Payments Account
- Transfer Account
Journals
Odoo provides five types of journals to record the same kind of transaction under a
single journal. The types of the journal include Sales, Purchase, Bank, Cash, and
Miscellaneous.
Sales journals record all the sales-related transactions. One or more sales journals can
be configured based on requirements. The sales from wholesale and retail can be
separately recorded if separate sales journals are used. Purchase journals record all
purchase-related transactions. As mentioned, separate purchase journals also can be
used.
The Bank Journal records all the bank transactions, and the cash journal records all the
cash transactions. Miscellaneous journals are used to record transactions other than the
four journals mentioned. It includes inventory valuation, exchange difference, inventory
adjustments, opening balance and many more. For all above-mentioned types you can set
the sequence number, which will be very helpful at the time of scrutinizing.