Odoo Accounting – Why it’s time for you to change your accounting software


The times of managing your accounts from single worksheets or notebooks are now long gone. As your business grows, so do its requirements. While the decision to change your accounting software might seem like a big one, software like Odoo accounting are not complicated or time consuming at all. Odoo Accounting is a state-of-the-art accounting software that tracks your finances with utmost accuracy. It helps you fulfill all your accounting needs like payments and invoices, bank reconciliations, reports and much more.

The standard accounting functionality built into an out-of-box application from Odoo accounting covers all areas of accounting. It can handle a variety of complexities of accounting as well. The best part is the ease of use and recording of transactions in the ledger is simple to understand. Standard application covers end-to-end Order-to-Cash and Procure-to-Pay process. The accounting application easily integrates with other modules to gather data and allows accurate reporting with a variety of parameters.

Analytic accounts 

To integrate your company’s processes effectively, you need a common way of referring to each user, service, or document. Such standardization is provided by analytic accounts (or management accounts, or cost accounts, as they are also called) in Odoo.

Analytic accounts are often presented as a foundation for strategic enterprise decisions. Odoo’s analytic accounts can be a useful management tool, at the center of most system processes. It allows users to run ad-hoc reports and in-depth data analysis to increase efficiency and reduce time consumption for business activities. This results in a better understanding of clients, improved business processes and reduces risks.

Path: Accounting → Configurations → Analytic Accounts & Analytic Tags

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You may get a wealth of information on standard accounting features from the below website.

https://www.odoo.com/documentation/user/12.0/accounting.html 

Customization of Partner Credit Limit

Partner Credit limit module allows you to set a credit limit on your customer. Once a customer is assigned Credit Limit, the user will be able to create a sales order / Invoice for this partner until the total open amount of receivables do no cross the Credit Limit. If a new order puts the customer in a situation where they are crossing their credit limit, then approval from the accountant will be required.

Company: Fulton

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Early Bird Discount 

Standard Odoo accounting doesn’t support Early Bird discounts. We at Bista, have designed this functionality in a way that makes it possible to offer early-bird discounts and record accounting entries seamlessly. This customization splits the invoice into multiple lines which allows your business to easily understand and track their improvement in cash flows. 

Tax Cloud 

The Tax Cloud integration allows you to calculate the sales tax for every address in the United States and keeps track of which product types are exempt from sales tax and in which states each exemption applies.

Tax Cloud can also calculate sales tax in real-time for every state, city, and special jurisdiction in the United States.

Company: Atlanta Waterjet

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NFS (Not Sufficient Fund) 

When your customer pays you by check and if it gets bounced for Not sufficient fund, you can charge your customer with bank charges and penalty.

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Real-Time WIP Journal Entries 

Odoo accounting Maintains WIP journal entries, but they only get posted once the manufacturing orders are completed. If our client requires real-time WIP journal entries for their accounting needs, we create end of the month account that can analyze WIP journal entries and this is much required for financial control and decision-making process.

Company: 180 Smoke

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WIP Valuation Report 

WIP Valuation report is important to know the status of RM which is in the production unit. At any given point, the account would like to review WIP valuation. This will again be an out of box customized feature. This will be based on real-time WIP journal entries customization.

Gift Card Program and it’s Accounting Treatment 

Gift card sale and its redemption is very popular in western countries. It is not readily available in Odoo. So, we customized this feature for one of the projects. It enables revenue recognition functionality for selling a gift card. At the time of selling a gift card, it is the liability for the company as a product is not being handed over to the customer. Only token money is being received. When the gift card will be redeemed, it will be considered as actual sale and liability needs to be written off.

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Payment Currency Freeze 

The payment currency freeze module allows you to process payments in the selected currency. Standard Odoo enforces to pay with company currency and if you select the journal with a different currency it will calculate exchange difference. This module eliminates unnecessary foreign exchange when you can pay the amount with selected currency.

Company: Linhaw

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