Chart of accounts

The Odoo Accounting chart of accounts is the list of accounts used to record every financial transaction in the general ledger. It sits behind every invoice, bill and payment, so setting it up correctly matters for accurate reporting.

Where to find it

Go to Accounting > Configuration > Chart of Accounts to browse the list, sorted by Code, Account Name or Type.

How accounts are set up

The country chosen when the database (or an additional company) is created determines which fiscal localisation package is installed, and this includes a standard chart of accounts already configured to that country’s regulations. It can be used as is or adjusted to suit the business.

Creating an account

1. Go to Accounting > Configuration > Chart of Accounts and click Create.
2. Fill in the required fields: Code, Account Name and Type.

The fiscal localisation of a company cannot be changed once a journal entry has been posted, so it is worth confirming this is correct before recording transactions.

Why account Type matters

The Type field controls how an account behaves, which country-specific legal and financial reports it feeds into, the rules for closing a fiscal year, and how opening entries are generated. Types cover balance sheet categories such as Receivable, Payable, Bank and Cash, and Fixed Assets, as well as profit and loss categories such as Income and Expense.

Other useful settings

• Default taxes can be set on an account so the right tax is applied automatically when it is used on a sale or purchase.
• Allow Reconciliation must be enabled on an account before it can be matched during bank reconciliation.
• Account groups let several accounts be consolidated as sub-accounts of a bigger account for reports such as the Trial Balance.
• An account with transactions cannot be deleted, but can be marked Deprecated to stop it being used further.

Frequently asked questions

Does Odoo set up a chart of accounts automatically?

Yes, the country chosen when creating a database installs a fiscal localisation package with a standard chart of accounts already configured.

Can I delete an account once it has transactions?

No, an account with recorded transactions cannot be deleted. Tick Deprecated instead to make it unusable.

What does the account Type control?

It determines the account’s behaviour, which legal and financial reports it appears on, and the rules for closing a fiscal year.

Need help?

Need help setting up your chart of accounts in Odoo? Contact support@thoughtlogik.com or see our Odoo implementation services.