Key Factors That Affect Odoo V13 Accounting's Productivity & Performance

This Week's Top Stories About Odoo V13 Accounting Features

Bank Reconciliation Threshold added in odoo 13

The payments which have not been matched with a bank statement will not be shown in bank reconciliation data if they were made before this date. 

Odoo text and image block
Odoo image and text block

Winbooks data import added in configuration panel in an enterprise.

This is used to import data into Odoo 13 from winbooks. Its integration with importing the data from winbooks.

Belgium and Mexico reporting added in an enterprise

Odoo CMS - a big picture

 

Odoo CMS - a big picture


Journals are added in accounting menu and update it.

Odoo - Sample 1 for three columns


When we click on any Journal it will display entries in detail.

Odoo - Sample 2 for three columns


Accounting ➤ Accounting ➤ Ledger ➤ General Ledger

Odoo image and text block

Accounting ➤ Accounting ➤ Ledger ➤ Partner Ledger

Accounting solution from better reconciliation, better usability everywhere, on Journal, Journal entries, but also new reports, consolidation, asset refactoring, more straightforward tax configuration, deferred expenses, and many more in Odoo 13

Modules

Dynamic reports are available for all countries :

  • Balance Sheet

  • Profit and Loss

  • Chart of Account

  • Executive Summary

  • General Ledger

  • Aged Payable

  • Aged Receivable

  • Cash Flow Statement

  • Tax Report

  • Bank Reconciliation

Other Features

Bank reconciliation is a process that matches your bank statement lines to your accounting transactions in the general ledger. Odoo ERP makes bank reconciliation easy by frequently importing bank statement lines from your bank directly into your Odoo account.

Technical Changes

Model Merge

  • account.invoice ➤ account.move

  • account.invoice.line ➤ account.move.line

  • account.invoice.tax ➤ account.move.line

  • account.voucher ➤ account.move

  • Account.voucher.line ➤ account.move.line

Other Changes

  • Technical improvements and QR code vendor bill payment allowed for SEPA regions.

  • The models of customer invoicesSet default values for your analytic accounts on your HR expenses.

  • Allows to automatically select analytic accounts based on product, vendor bill and journal entry have been merged, allowing more flexibility in the edition of those documents.

  • Prevent duplicate of partners based on VAT number.

  • Import Belgian e-Invoices. Prevent account error on Balance Sheet and P&L Reports.

  • Set default values for your analytic accounts on your HR expenses.

Chart of Accounts

Odoo CMS - a big picture

Chart of accounts includes all the accounts, whether they are balance sheet accounts or P&L accounts. Every financial transaction (e.g. a payment, an invoice) impacts accounts by moving value from one account (credit) to another account (debit).


Journal Entries

Accounting ➤ Accounting ➤ Journal Entries 

 
Odoo CMS - a big picture

Odoo CMS - a big picture

The financial documents of the company (e.g. an invoice, a bank statement, a payslip, a capital increase contract) is recorded as a journal entry, impacting several accounts.

Journal entry to be balanced, the sum of all its debits must be equal to the sum of all its credits.


Reconciliation

The purpose is to link payments to their related invoices in order to mark invoices that are paid and clear the customer statement. This is done by doing a reconciliation on the Accounts Receivable account.

An invoice is marked as paid when its Accounts Receivable journal items are reconciled with the related payment journal items.

Reconciliation is performed automatically by the system when:

  • Payment is registered directly on the invoice

  • The payments and the invoices links are detected at the bank matching process

Bank Reconciliation

Odoo CMS- Sample image floating

Bank reconciliation is the matching of bank statement entries with transactions recorded internally.

Previously recorded payment matching  payment is registered when a check is received from a customer, then matched when checking the bank statement

New payment The payment’s journal entry is created and reconciled with the related invoice when processing the bank statement.

Another transaction recorded bank transfer, direct charge, etc.

Odoo should automatically reconcile most transactions, only a few of them should need manual review. When the bank reconciliation process is finished, the bank balance in Odoo should match the bank statement’s balance.

Cash Discount

Cash discounts are incentives you can offer to customers to motivate them to pay within a specific time frame. For instance, you offer a 5% discount if the customer pays you within the first 10 days of the invoice when it is due in 15 days.

Odoo CMS - a big picture
Odoo CMS - a big picture

Accounting ➤ Configuration ➤ Management ➤ Payment Terms

Journal Entry after post invoice

Odoo CMS - a big picture

Cash Roundings in Odoo

Cash roundings mostly used In some currencies, the smallest coins do not exist. User have to round their total amount to the smallest coin that exist in the currency. For the CHF, the smallest coin is 0.05 CHF.

There are two Rounding Strategy:

  1.  Add a line on the invoice for the rounding, Odoo will add a line on your customer invoice to take this rounding into account. You also have to define the account in which the rounding will go.

  2.  Modify Tax amount, Odoo will add the rounding to the amount of the highest tax.

Odoo CMS - a big picture
Odoo CMS - a big picture

Accounting ➤ Configuration ➤ Settings

Create Asset

Odoo CMS - a big picture
Odoo CMS - a big picture

Accounting ➤ Accounting ➤ Assets

Accounting ➤ Vendor ➤ Bills

Deferred Revenue

Deferred Revenue account is a current liability account, it contains revenue that has been earned. an advance payment received by a company. It is not yet revenues so cannot be reported on the income statement. 

Deferred Revenue Model

Accounting ➤ Configuration ➤ Deferred Revenue Model
Deferred/unearned revenue is an advance payment recorded on the recipient's balance sheet as a liability account until either the services have been rendered or the products have been delivered.

Deferred Revenue from Customer Invoice.

In some countries B2C prices are tax-included.

When enabling this option price set on the product form includes the tax. Suppose, we have a product with a sales tax of 10%. The sales price on the product form is $10.

  • If the tax is not included in the price

    • Price without tax: 100 $

    • Taxes: 10$

    • Total to pay: 110 $

  • If the tax is included in the price

    • Price without tax: 90.91 $

    • Taxes : 9.09 $

    • Total to pay: 100 $

Odoo text and image block
Odoo image and text blockAccounting ➤ Journal ➤ Bank Journal

Paid with SEPA

SEPA is supported by the banks of the 28 EU member states as well as Iceland, Norway, Switzerland, Andorra, Monaco, and San Marino.

Once you decide to pay a vendor, you can select to pay the bill with SEPA. Then, at the end of the day, the manager can generate the SEPA file containing all bank wire transfers and send it to the bank. Once the payments are processed by the bank, the User can directly import the account statement inside Odoo.

Budget

Budget Management in Odoo. Budget management is a very important thing for any business organization. Budget is used for our company by comparing the actual amount we spent and the planned expenditure.

Accounting ➤ Configuration ➤ Settings ➤ Budgetary Positions

Odoo text and image block
        Accounting ➤ Budget
Odoo image and text block

Create a Budget

Confirm and approve the budget, check the status of the budget at any time and take appropriate measures for proper budget management.

Planned Amount: The amount planned for the budget.

Practical Amount: The amount which Spends in the budget.

Theoretical Amount: It represents the money you theoretically could have spent / should have received to date. For example, your budget is 12000 for 12 months (Starting from January) and today is 31 of January, then the theoretical amount will be 1000.

Achievement: percentage of the practical amount with respect to the theoretical amount.

Get more information about Odoo Accounting and accounting features from us. Caret IT is always ready to help you guys for all your issues related to Odoo.

We serve our clients with Odoo implementation, Odoo integration, Odoo Customization and much more.

We own a team of talented Odoo experts, who are available 24X7 to guide with all your Odoo and business management issues.


Schedule Meeting

Odoo text and image block

Contact us to Implement most Trending Open source Odoo ERP with High quality and reasonable cost, For more details write to us.

Ask for a Quote

Want to speak to us about Odoo ERP
Drop us a mail on: sales@caretit.com
Skype: caretsoftware

Let's talk

+91 9714141841