How to Manage Accounts of Your Business with Odoo

How to Manage Accounts of your Business with Odoo

The Odoo accounting services are the best tool for handling your company’s monetary needs. Integrating this module with other crucial system modules streamlines data management.

Your business could gain efficiency and order from its many useful features and tools. The module’s automated structure makes double-entry accounting easy to implement.

Entries are entered into the journals automatically during each transaction based on data gathered from other modules. The logs are automatically updated as soon as new actions are taken.

Revenues and expenditures may be managed and tracked with the help of this module. The Odoo accounting services provide for systematically managing supplier and consumer financial records and related activities.

From the Odoo bookkeeping service Miscellaneous menu, choose the Journal Entries option. To see the relevant journal entries recorded at the time of the transaction, choose this option.

Each journal entry shows the date, Partner, Reference, Journal Name, Company Name, Amount, Status, and entry number. The journal entries may be grouped by Partner, Journal, Status, Date, and Company using the Group By menu option.

Journals

The Odoo bookkeeping service section may see the journals in Sales, Purchase, Miscellaneous, Bank, and Cash. One by one, let’s have a look at them.

• Sales

Choose the Sales sub-tab under Accounting to retrieve sales-related journal entries. A breakdown of the Account, Label, Amount, Debit, Credit, Matching, Taxes, and Tax Grids is provided for your reference.

• Purchases

It is possible to see the journal entries connected to purchases by selecting the Purchases subtab under the Accounting menu. In the same way, that information is supplied for the Sales journal entry, and the Debit journal entry also includes the Account, Label, Amount in Currency, Debit, Credit, Matching, Taxes, and Tax Grids. List, Pivot, Graph, and Kanban views may be used to peruse the data.

• Bank and Cash

The options for Bank and Cash diary entries are the same as those for Sales and Purchases.

• Miscellaneous

Choose Miscellaneous from the Accounting menu to see the miscellaneous journal entries for the company’s many divisions.

Ledgers

All financial transactions, such as purchases, sales, payments, investments, and deposits, are recorded in these books. In a word, it’s the file where all the financial dealings are recorded so that they may be reflected in the income statement and balance sheet. The Odoo accounting services provide access to both General Ledger and the Partner Ledger.

• General Ledger

Go to the Accounting menu and choose General Ledger. You will be able to see the company’s ledger along with its associated data, including the Date, Journal Entry, Label, Amount in Currency, Debit Amount, Credit Amount, Balance, Cumulative Balance, and Matching fields.

General Ledger contains supplementary data such as Company, Journal, Account, Partner, Reference, Due Date, Analytic Account, Analytic Tags, Original Currency, Taxes, Tax Grids, and Product. The ledger is available in many formats, including a list, pivot, and graph. By reviewing the books, you may see how much was spent on different activities and form further evaluations.

• Joint Accounting Record

To see the ledger for the company’s partners, go to the Accounting menu and choose Partner Ledger. Date, journal entry, account, label, due date, currency amount, debit amount, credit amount, balance, cumulative balance, and matching are some information that may be found in a ledger.