Chapter: 5 - The Accounting Management Tools in the Odoo Accounting Module

The Odoo Accounting module will aid in the complete financial management of the company and bring in effectiveness as well as the smooth functioning of the accounting operations. Moreover, with the dedicated tools as well as the functional options that are available in regards to the entire aspects of the financial operations of the company the Odoo Accounting module can be categorized as one of the advanced finance management tools that are available in the market today.

In the last chapter, we were focusing on the aspects of financial management, aspects of vendors and customers with the Odoo Accounting module. We pondered upon each of the menus available in regards to the Customer as well as the Vendor management along with the dedicated options that are available which will aid for the effectiveness in operations.

In this chapter, we will be focusing on the Accounting management tools that are available in the Odoo Accounting module which will root to the effectiveness in operations and complete control of the financial management in the company. In this chapter, we will be discussing the following aspects of the Odoo Accounting module

All these aspects will be defined with the help of examples and illustrative see host of the Odoo platform for a clear and well-defined understanding.

  • The dedicated Accounting management tools
  • Well defined Accounting Management Action
  • Useful Accounting Ledgers
  • Journal Management aspects and
  • Other miscellaneous tools and functions have been used.

Accounting Management tools

The aspect of Accounting and financial management is the primary function of the Odoo Accounting management module. In the previous chapter, we were discussing the Configurations aspects, Accounting module dashboard, and the financial management tools in regards to Customer as well as Vendors of a company in the Odoo Accounting module. As the Odoo has certain dedicated finance management tools under the Accounting tab of the module you will have distinct tools which support the overall finance management from a single platform. The well-defined functional menu such as the Automatic Transfer, Budgets, Assets, Deferred Revenues, and the Deferred Expenses menus will aid for the respective operations in regards to the financial management of the company.

Any of the Odoo users who have been provided the necessary authorization for the accounting management will have access to these menus as well as the tools available. In addition, with customizable tools and functional options in these menus, the Odoo Accounting aspect can be well defined. Let's now move on to understanding the various Accounting management menus and their aspects in detail.

Automatic Transfer

Running an Automatic Transfer operation of the accounting of the company can be helpful for the routine business operations that happen. The primary objective of using Odoo is the aspect of simplifying the routine operations and the Odoo Accounting supports the operations bringing simplification of the day-to-day activities. The Automatic Transfer functionality menu available in the Accounting menu of the module will help you to define the Transfer operations which will automate the function of transfer of funds from one account to another within a specified set of intervals. For example, if you need to transfer the amount of one account to any other account in a particular interval and should repeat the process after each interval the Automatic Transfers can be set. Suppose for every year a particular percentage amount from the company bank account is to be transferred to shareholders, this methodology can be used or if we use a certain percentage of an amount for any kind of company project and the required amounts should be transferred within a specific interval of time set as monthly, or quarterly or yearly continuously until there is a manual stoppage of the process.

In the menu all the Automatic Transfer which have been Created has been defined along with the Name, Start Date, Stop Date, and Frequency of operations. There is Filter as well Group by options that are available helping you to sort out the requested Transfer information.

The Accounting Management Tools in the Odoo Accounting Module

You can Create New Automatic Transfer operations by selecting the Create option that is available which will direct you to the Transfer creations window as depicted in the following screenshot. Here, you have to initially define the Name of the Automatic Transfer then the Period of operations should also be defined from the Start Date to the End Date of operation. Further then the Journal of operations has been defined where the respective Journal in regards to the Automatic Transfer can be selected for the drop-down menu or a new one can be created.

The Accounting Management Tools in the Odoo Accounting Module

Furthermore, the Automatic Transfer details can be defined by selecting the Add a line option that is available where you can define the Analytical Filter, Partner Filter, Percentage of the Account as well as the Destination Account can be defined. You can add multiple Automatic Transfer to a Transfer operation that you are about to create and execute in operations.

In addition, the Origin Accounts for the respective Automatic Transfer can be defined as well in the respective tab by selecting the Add an available line option. Upon selecting to add an Origin Account you will be depicted with the pop-up window as shown in the following screenshot. Here all the Account of operations in the company concerning the Accounting operations will be defined. The Accounts will be defined with the Code, Account Name, Type, Account Currency as well as a Setup option available. Moreover, there is a slider option available helping you to enable the Allow Reconciliation options that will Auto Reconcile the account.

The Accounting Management Tools in the Odoo Accounting Module

Once the configuration aspect of the Automatic Transfer is completed by defining the Origin Accounts as well as the other configuration aspects you need to save the respective Automatic Transfer window. After adding the Origin Account, you have to mention the Destination Account under the Automated Transfer. Additionally, you can specify the percentage amount to be transferred to the Destination Account. So at each interval monthly or yearly that is set the respective percentage of the amount from the Origin Account will be automatically transferred to the Destination Account. Further, then you need to only Activate & Confirm the Automatic Transfer. Next, you will be depicted with Activate options available which can be selected for the respective Automatic Transfer to be active and running.

The Accounting Management Tools in the Odoo Accounting Module

As the respective Automatic Transfer is Activated and running and you need to Compute the Transfer details in the long run you can select the Compute Transfer operations which will provide you all the information regarding the Transfer that has been activated to be in operation. All the generated transfers can be seen in the smart tab Transfers in Draft Entry, which can be posted manually or automatically. If the Post Automatically is enabled the respective Journal Entries will be automatically posted on the Accounting Date. The Transfer operations will continue from the defined accounts until the defined period of operations and will be stopped automatically. In addition, there is also a Disable option that is available which can be chosen to stop the respective Automatic Transfer operations that are being conducted.

The Accounting Management Tools in the Odoo Accounting Module

The Automatic Transfer management tool that is available in the Odoo Accounting module is an advanced options menu where the transfer operations which should be conditioned on a routine basis can be operated automatically for the distinctive period of duration. Let's now move on to the next section where the Budget management menu of the Odoo Accounting module is being described.



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