Chapter: 4 - Financial management aspects of vendors and customers with Odoo Accounting

Product Management

The management of the product is vital for the business operations of a product-based company. With the aspects of a dedicated management tool, you will have complete management of the products being defined. In Odoo product management you will be able to define all the products as well as services that your company has to offer. The Products menu in the Accounting module can be accessed from the Customer menu where all the products defined in your company of operations can be viewed. You will have Filtering as well as Group by options available under the Products menu which will help you to find out the product from the ln the list of ones defined in the menu The Products menu can be accessed in List view, Kanban View, and Activity view among which the Kanban View is very informative with the image as well as the products description in brief giving out all the information that you need to know.

Product Management

You will have the capability to edit the product information which is described under each of the products as well as create new ones using the Create option available in the menu. When you select to create a new product you will be depicted with the window where you need to provide the Product Name, assign it as Can be Sold, or Can be Purchase. The image of the Product can also be described by selecting the image icon and choosing a picture from the computer. As the basic aspects of the product have been defined let's now move onto the next stage of product configurations where we will describe the aspects of how it can be defined in operation.

Initially, you need to configure the aspects of General Information where the Product Type can be selected as a Consumable or as a Service or as Storable Product whose inventory should be managed with the help of the dedicated Inventory management module of the Odoo platform. Consumable products are the ones that can be consumed or are perishable in a short period of time, mostly food items along with other perishable aspects which have a short expiry period falls into this category.

The Storable products are the ones with a longer expiration date and the aspects of them getting damaged are low. Moreover, all the non-Consumable Products fall into this category. The Service based products are the ones that are not available in physical form but can be delivered as a service to the Customer based on the need. If the Product is a consumable product only, it will be able to define inventory. Further, the product category of the product can be defined which can be selected from the drop-down menu. Next, we have to define the Sales Price of the product and you will be able to configure the Extra Prices. The Customer Taxes, as well as the TaxCloud Category, can also be defined by selecting it from the dropdown menu. Furthermore, if you have any Internal Notes to be defined for the respective product you can also define them.

Product Management

In addition, Under the Variants tab, all the product variants in operations under the company can be defined. You can select the Add a line option and define the Attributes as well as the Values associated with the variant. The number of variants available will be depicted in a smart button as shown in the following screenshot. You can add as many Variants that you need for a single product and they all will be listed under the same product description.

Product Management

The Purchase information details such as the Vendor bills management aspects can be configured under the Purchase tab of the product description menu. Here you can define the Vendor Taxes allocated with the product and defined by the vendor. Multiple taxes of operations at an instance can be defined in this space

Product Management

The Accounting information regarding the product can be defined in the Accounting tab of the product description window. Here, the receivable aspects such as the Income Account can be selected from the drop-down menu. The same can be done for the Payable aspects where the Expense Account can be defined. Moreover, for Anglo Saxon Accounting, you need to specify a different account under the Accounting Tab, the Price Difference Account, which will record the price difference between the Purchase Order and the Vendor Bill, when the Inventory Valuation is automated. The Intastast aspects such as the Commodity Code details along with the Country of Origin details can also be selected from the drop-down menu available.

Product Management

Upon selecting the Variants options available in the Product creation description window you will be directed to the Product Variants menu as shown in the following screenshot. Here, the Internal Reference details, Name, Attribute Values, Sales Price as well as the Cost will be defined. There will also be Filtering as well as Group by options available helping you to filter out the required Product Variants.

Product Management

Furthermore, as mentioned earlier you can also define products that are also a Service in the Products tab. For example, Hotel Accommodation is one of the services provided by a Hotel and it has been listed as the product and in case you have separate rooms and packages for each product list can be described under the variants or as a separate product. Additionally, the Product Type is defined as Service to make it operate as a Service-based product. The rest of all aspects of the Service based product remains the same as the Consumable based one.

Product Management

The Product management aspects of the Odoo Accounting module will be based on the aspects of financial management aspects of the product. With the dedicated Product management menu, you will have the capability to manage the operation based on the needs of your organization. Let's now move on to the next section where the Customer management aspects of the Accounting operations in Odoo will be explained.

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