Lebanese Accounting

Odoo 17 brings a suite of updates that enhance the core functionalities of the accounting module and integrate seamlessly with other applications within Odoo. These improvements are geared towards providing a more cohesive, efficient ensuring that businesses can manage their financial operations more effectively.

Odoo Accounting offers a seamless integration with other business operations, such as inventory management, sales, expenses, payroll entries and purchasing.

Integration with Odoo for example: Qoyod API. This allows the authentication between the 2 systems and allocate the needed resources for this kind of integration. This integration allows us to create/edit/get invoices, payments, receipts, and journal entries.

Enhanced Operational Efficiency

With features like automated bank feeds, recurring invoices, and integrated expense management, Odoo Accounting significantly reduces the manual workload associated with traditional accounting practices. Automation speeds up transactions and financial processes, allowing businesses to allocate more time to strategic activities and growth.

ERP Cloud add multi currencies (2nd and 3rd): default Odoo give transactions on main currency for debit/credit, we have added debit/credit amounts in 2nd & 3rd currencies.


 


This multi currencies option shows on all accounting transactions such as journal entries, invoices, bills




Manual currency rate at accounting transaction level: manual journal entry, invoice, bill.  


ERP Cloud add currency filter for accounting reports that contains main currency of the company, 2nd and 3rd currencies, if they’re set

 

 

 

 

 

ERP Cloud add another filter for currency of amount in currency that filters the transactions with this currency.

 

 

 



Choose the currency from predefined list.




 


example of entries related to this line in report






ERP Cloud add new customized report named "Combined Trial Balance" where we have added column's amounts for 2nd and 3rd currencies


 


Real-Time Financial Analysis and Reporting

Odoo provides powerful reporting tools that generate insightful financial reports and analysis. These tools help businesses monitor their financial health, track key performance indicators, and make informed decisions based on up-to-date data.

ERP Cloud can provide Customers with new updates for the accounting reports, adding new filters such as filter by currency (currency of the amount in currency).

The ability to access real-time insights into profit margins, expenses, and revenue streams is invaluable for staying competitive in a dynamic market.

Scalability And Flexibility

As businesses grow, their financial management needs to be evolved. Odoo Accounting's modular design allows companies to add more features or integrate new applications as their requirements change. This scalability ensures that the accounting system grows with the business, accommodating new financial complexities without the need for costly system upgrades or replacements.

Improved Compliance and Audit-Readiness

Odoo Accounting helps businesses comply with various financial regulations and standards by providing tools to manage taxes, generate detailed financial reports, and maintain accurate records. The audit trail functionality, which tracks every action within the system, also aids in ensuring transparency and accountability, making audits more straightforward and less stressful.

 

Rasha Al Haj Hassan May 11, 2024
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