Manage Accounts with Odoo15 Accounting Module

Manage Accounts with Odoo Accounting Module

The Odoo 15 Accounting module is the greatest tool for managing the financial elements of your business. The module makes data management easier because it is interconnected with the system's other important modules. You may save time and bring methodical management to your organization with its comprehensive features and tools.
Because the module is automated, double-entry bookkeeping can be completed quickly. During each transaction, entries are made automatically into the journals based on data obtained from other modules. As new actions occur, the entries are immediately updated. The module allows you to track and manage the company's revenues and expenses. The Odoo Accounting module manages the accounts and operations connected to vendors and customers in a methodical manner. 
The Journal Entries option is located under the Miscellaneous menu and may be accessed by selecting the Accounting tab from the Odoo Accounting module. This option displays the journal entries made at the time of the transaction. The date, number, partner, reference, name of the journal, company name, total amount, and status of the entry are displayed in a list of journal entries. The Group By option can be used to group the journal entries by Partner, Journal, Status, Date, and Company. At the bottom, the total amount of all journal entries is indicated. 

Odoo Accounting Module


Odoo Accounting Module Manage Accounts

Simply click on the journal entry from the list to see additional information about it. The Journal Items and Other Information are among these details. The Account name, Partner name, Label, Analytic Tags, Currency utilized, Debit amount, and Tax Grids can all be found under the Journal Items menu. Details such as whether the entry should be posted automatically or not, whether the entry should be checked again or not owing to inadequate data during entering, and the Fiscal Position are all listed under the Other Info option. The RESET TO DRAFT button can be used to reset the status of a journal entry from POSTED to DRAFT. Select the Reconciled Entries option to see the reconciled entries. 
By selecting the REVERSE ENTRY button, you can reverse the journal entry. On the screen, the Reverse window will appear. The Reversal Date can then be set to either Specific or Journal Entry Date. After that, fill in the Use Specific Journal and Reversal Date fields. To reverse the entry, click the REVERSE button after entering the information. 

Journal Entries
You may access the journals pertaining to Sales, Purchases, Miscellaneous, Bank, and Cash in the Odoo Accounting module.
Let's take a look at each one separately.

Manage Accounts

Sales
You can view a list of journal entries produced during Sales operations by selecting the Sales option from the Accounting menu. Account, Label, Amount, Debit, Credit, Matching, Taxes, and Tax Grids information is listed. 
Purchases 
Select the Purchases option from the Accounting page to see the journal entries connected to purchase purposes. Account, Label, Amount in Currency, Debit, Credit, Matching, Taxes, and Tax Grids are displayed similarly to the Sales journal. The entries can be viewed in List, Pivot, Graph, and Kanban views. 
Bank and Cash

(Odoo Accouting Module)

You may read the journal entries for Banks and Cash in the same way that you can for Sales and Purchases. 
Miscellaneous 
Select the Miscellaneous option from the Accounting menu to view the journal entries relating to the company's Miscellaneous operations. 

Ledgers

The ledgers contain accounts for inventories, accounts receivable, accounts payable, investments, deposits, and many other things. In a nutshell, it is the record that is utilized to keep track of the bookkeeping entries for the balance sheet and income statement. Both General Ledger and the Partner Ledger can be viewed in the Odoo 15 Accounting module. 

General Ledger 
In General Ledger, you may see more information about the Company, Journal, Account, Partner, Reference, Due Date, Analytic Account, Analytic Tags, Original Currency, Taxes, Tax Grids, and Product. List, Pivot, and Graph views are available for the ledger. Analyzing the ledgers will assist you in making more informed decisions and determining the amount spent on various procedures. 
You can view the company's ledger by selecting the General Ledger option from the Accounting menu, which includes details like Date, Journal Entry, Label, Amount in Currency, Debit amount, Credit amount, Balance, Cumulated Balance, and Matching. 
  
Partner Ledger
Select Partner Ledger from the Accounting tab to see the ledger for the company's partners. Date, Journal Entry, Account, Label, Due Date, Amount in Currency, Debit amount, Credit amount, Balance, Cumulated Balance, and Matching are all included in the ledger. 
Automatic Transfers
You may establish and manage automated transfers in the Odoo 15 Accounting module. The existing setup automatic transfers can be viewed by selecting the Automatic Transfers option from the Accounting tab. The list shows the information of the transfer, including the Name of the automatic transfer, the Company's name, the Start Date, Stop Date, and Frequency. You can make a new Automatic Transfer by pressing the CREATE button. 
Budgets
Budget management is critical in determining the financial health of an organization. You can build multiple budgets in the Odoo Accounting module. Select the Budgets option from the Accounting menu to see a list of budgets with details such as the Budget Name, Start Date, End Date, Company Name, Responsible Name, and Budget Status. You can view the details of the Planned Amount, Practical Amount, Theoretical Amount, and other elements of the budget lines by selecting the specific budget from the list. The Establish button can be used to create new budgets. 
Assets 
Assets assist in both making a profit and keeping the firm going. By keeping an accurate record of assets, the Odoo Accounting module supports you in establishing the financial state of your firm. The list of assets owned by the company can be viewed by selecting the Assets option from the Accounting tab. Asset Name, Acquisition Date, Original Asset Value, First Depreciation Date, Book Value, Depreciable Asset Value, and Status are some of the data. You may view assets with the current and closed states by using filters like Current and Closed. You can also examine assets based on the Date and Asset Model using the Group By option. By clicking the CREATE button and inputting the appropriate information, new assets can be added to the record. 
Deferred Revenues
The Odoo Accounting module allows you to manage unearned revenue and delayed revenue. These are the revenues received in advance for the company's products and services. The deferred revenue is recorded as a liability on the balance sheet. You may access details about the company's delayed revenue by selecting the Deferred Revenue option from the Accounting menu. The Revenue Name, First Depreciation Date, Book Value, Depreciable Value, Currency, Company Name, and Revenue Status are among the information provided. By pressing the CREATE button, you can add new deferred revenue items to the record. 
  
Deferred Expenses
In the Odoo 15 Accounting module, you can manage deferred expenses in the same way that you can manage deferred revenue. You can also use the Deferred Expenses to calculate the expenses. You may see information like the expense's name, first depreciation date, book value, depreciable value, currency, company name, and expense status. Click the CREATE button to start a new deferred expense item. 
Reconciliation
You may check the specifics of the reconciliation process by selecting the Reconciliation option from the Accounting menu. This allows you to compare the bank statements to the accounting of the company. By following this procedure, you may ensure that the two accounts are identical. You can see the name of the Partner as well as the Amount Receivable in the Reconciliation pane. You can match with entries that aren't from receivable or payable accounts under Miscellaneous Matching. Account, label, partner, and amount filters are also available. You can add Account, Taxes, Journal, Label, Amount, and Write Off Date to Manual Operations. If you're not sure about something, turn on the To Check option, which will prompt you to double-check the information. Click the RECONCILE button to reconcile the statement. 
  
Lock Date
You can lock certain journal entries or all journal entries according to their dates using the Odoo Accounting module. You can lock Journal Entries, Tax Returns, and All Users by entering the dates in the area provided. After pressing the SAVE button, the changes will be stored.
The Odoo 15 Accounting module makes account management a breeze. The module allows you to handle your accounts, journals, and ledgers. Budgets can be created and tracked to improve corporate efficiency. 
Manage Accounts with Odoo15 Accounting Module
Ismail Harake 17 November, 2021
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