Odoo Accounting: Benefits, Features, & Customizations


Odoo Accounting is a state-of-the-art accounting software that helps you accurately track your finances. It contains all the features you need for accounting, such as invoices & payments, bank reconciliation, reports, and more, but it also integrates with the rest of Odoo’s modular enterprise software to provide accuracy and ease.

Over our last decade of implementing business software solutions, we heard the same story from our customers again and again. They were using accounting software such as QuickBooks or even paper-and-pencil. It had been working well for them for years, but after hitting a growth spurt, they found that these methods just didn’t scale properly and led to accuracy issues.

This occurred because accounting was siloed off from the rest of the company’s business processes. In this scenario, the more the company grew and the more sales orders came in, the more manual work was needed. For manufacturers, the more work orders they had, the more difficult production costing became.

Enter Odoo ERP. Because Odoo is a suite of interconnected applications, it solves the silo problem. Odoo Accounting is automatically connected to Odoo Invoicing, Expenses, Sales, POS, eCommerce, Subscriptions, Inventory, Manufacturing, and more, saving you labor and providing complete accuracy.

In this post, we’ll talk about:

Basic Features in Odoo Accounting

  1. Invoices and Payments

With Odoo, you can create & send invoices manually from the Invoicing app or directly from the Sales app. You can split an invoice into multiple payments, or split a payment into its multiple invoices.

From the payments side, you can track and pay for supplier invoices, as well as employee expenses.

These different transactions can be made through credit card, payment gateway connectors (PayPal, Authorize.net, etc.), wire transfers, or by printing and mailing checks.

All this data directly integrates with the Odoo Accounting module.

  1. Reconciliation

Odoo Accounting also makes it easy for you to reconcile your invoices with your banks and other systems. You can integrate your banks (more on that further below for Odoo 12) and the system will automate reconciliation for you. When it’s not sure, it will make suggestions, speeding up your reconciliation process.

  1. Reports

Important to any business are accounting reports such as profit and loss, cash flow, tax audit statements, and more. Odoo allows you to easily create such reports from your internal data. You can also customize your dashboard so it shows charts and KPIs important to you.

Accounting Upgrades in Odoo 12

Out of all the changes that came with the release of Odoo 12 last October, perhaps the biggest upgrade was to the Odoo Accounting module. Here are just a few of the latest accounting features:

  1. Bank Synchronization

Odoo 12 upped the number of banks the software automatically integrates with significantly, now standing at above 15,000 banks. This is especially deep in the US, Canada, & New Zealand. You can check to see if your bank is already integrated with Odoo 12.

Odoo 12 benefits 003 - banking integration

  1. Tax localization

Odoo 12 also comes with automatic tax localization in more than 14 countries, including the United States, Canada, Mexico, Colombia, India, China, Singapore, France, Germany, Spain, Belgium, the Netherlands, and Switzerland.

  1. OCR

Finally, Odoo 12 allows you to use OCR (optical character recognition) to scan bills and receipts, making life easier for your accountants. Instead of manually copying all the information from a bill, they can instead scan it and then review the document to ensure it is accurate.

 

Beyond the Standard Odoo Accounting Features

Occasionally, your business will have specific requirements that the standard Odoo Accounting does not cover. Because Odoo is easily customizable, Bista Solutions can tailor the software for your particular needs.

Here are just a few of the accounting customizations we’ve helped our customers with:

  1. Real-time WIP Journal Entries

Accountants would like to have an accurate count of where the value is in their business at any time. For manufacturing companies, it’s useful to know how much is in inventory, work-in-progress (WIP), finished goods, etc.

Odoo Accounting does offer WIP journal entries for manufacturing orders, but it processes these after production is over. As such, accountants only have accuracy based on the length of the manufacturing cycle.

Bista customized this to make it real-time so that as soon as the manufacturing order goes into progress, the journal entry changes from raw materials to WIP. This helped increase accounting accuracy and visibility.

  1. Automatic batch scheduler

When you’re batch processing checks, you eventually need to reconcile the multiple invoices on your system with your bank records. Though Odoo does batch deposits, we automated it so that the system would automatically reconcile those payments based on user-defined rules to create automatic batches. The system would run every 24 hours.

  1. Gift card accounting

Gift cards present some unique challenges from an accounting perspective. When you sell a gift card because the end consumer hasn’t actually spent the payment on a product, that creates a liability. When the consumer redeems the gift card, only then does it turn into revenue. At Bista, we customized Odoo Accounting for a client so that their gift card processes would work properly within their accounting system.

If you want to read some of our other customizations/integrations, continue reading:

 

Conclusion

At the end of the day, it’s important that your business has accurate accounting, but it’s also important that this comes with ease. Your accountants shouldn’t have to rummage through multiple software to try to tie things together.

Instead, with Odoo Accounting, your accounting processes are integrated with the rest of your business processes in Odoo’s application suite. Data flows from one module to another, and your workload is decreased.

If you’d like to improve your accounting systems, give us a call. We have years of experience implementing accounting and ERP solutions. Our accounting subject-matter-experts can consult with you and design a solution for your individual needs.

Contact using our contact form or email us on sales@bistasolutions.com.

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1 Comment on "Odoo Accounting: Benefits, Features, & Customizations"

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Rakesh Dadhich
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8 months 1 day ago

Hi,Great Blog of accounting, to guide proper way to manage their account system, this is important part of business.

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